SSM INTRODUCES FOUR INITIATIVES TO STRENGTHEN BUSINESS ECOSYSTEM - ARMIZAN

KUALA LUMPUR, April 15 (Bernama) -- The Ministry of Domestic Trade and Cost of Living (KPDN), through the Companies Commission of Malaysia (SSM), has introduced four new initiatives aimed at strengthening the nation’s business ecosystem and enhancing corporate compliance standards.

Minister Datuk Armizan Mohd Ali said the initiatives, introduced in conjunction with SSM’s 23rd anniversary this year, are also designed to ease the burden on the business community, particularly micro, small, and medium enterprises (MSMEs).

“The first initiative involves the launch of SSM’s e-Advertisement service under Section 76A of the Limited Liability Partnership (LLP) (Amendment) Act 2024. This platform enables LLPs that wish to voluntarily wind up their operations to publish statutory notices via SSM’s e-Advertisement service for a fee of RM500,” he explained.

bootstrap slideshow

“This service provides an alternative to the traditional method of publishing statutory information through print media. By offering a more cost-effective and accessible digital platform, it not only lowers operational costs for businesses but also addresses the limitations of physical newspaper distribution, which may not reach all regions across the country,” he added.

He said this after launching the new initiatives at the SSM Aidilfitri Open House and 23rd Anniversary celebration held today.

Armizan said the second initiative involves a compound reduction of up to 95 per cent of the original value, along with a reduction in the e-Advertisement fee to RM100 for eligible LLPs. This offer is applicable for voluntary winding-up applications submitted on or before Sept 30, 2025.

“This initiative is targeted specifically at LLPs that are no longer operating and have been issued with compound for non-compliance - such as the failure to lodge annual certificates - under Section 50 of the LLP Act 2012,” he explained.

The third initiative, he said, provides for a 90 per cent reduction in compound fines for common offences under the Companies Act 1965 or 2016, as well as the LLP Act 2012. This offer is also available until Sept 30, 2025.

The fourth initiative focuses on encouraging companies that are no longer in operation to regularise their status. Under this initiative, a 95 per cent reduction in compound fines is offered to eligible companies applying for name deletion under Section 550 of the Companies Act 2016.

“Companies that have ceased operations or no longer intend to conduct business - and have been penalised for non-compliance such as failure to lodge annual returns, financial statements, or other statutory documents - are now encouraged to come forward voluntarily to apply for removal from the SSM register. This incentive is also valid until Sept 30, 2025,” he added.

He added that beyond the four newly introduced initiatives, the SSM - which was established on April 16, 2002 - will continue to implement previously announced programmes in support of efforts to empower and uplift the Malaysian business community.

“SSM will maintain the implementation of the Free Business Registration Scheme (SPPP), which grants a one-year registration fee exemption to eligible entrepreneurs from the B40 income group, full-time students of higher education institutions, and spouses of B40 entrepreneurs,” he said.

Additionally, the 1 OKU 1 Business (S101P) Scheme will also continue. This initiative offers a full waiver of business registration and renewal fees for persons with disabilities (PwDs), enabling them to legally participate in business activities under the Registration of Business Act 1956.

He also urged entrepreneurs and members of the corporate sector to fully leverage these incentives, which are designed to promote greater compliance with existing laws and contribute to a more competitive, inclusive, and sustainable domestic business environment.

-- BERNAMA