The Companies Commission of Malaysia (SSM) initiates more than just numerous extensions and exemptions as a means to help traders and the corporate community wade through the Covid-19 pandemic.
Seven (7) additional initiatives by SSM:
Introduction of Caring Business Registration Scheme (SPPP): offers free business registration to the B40 group and full-time students (IPTA/IPTS, Colleges, Institutes & Skills Centers).
Increased Company’s Indebtedness Threshold: from RM10,000 to RM50,000 permanently effective 1 April 2021 to reduce the number of company winding-up petitions.
1 OKU 1 Business Scheme (S1OKU1P): offers business registration and renewal to people of all backgrounds.
SSM BizTrust Free Registration Extension: until 31 December 2021. Business entities can get SSM BizTrust automatically under the Business Registration Act 1956 and own an account on the ezBiz Online portal.
20 Continuing Professional Education (CPE) Yearly Points Recognition: points accumulate through online training for the purpose of renewing the Company Secretary’s Certificate of Practice. This initiative facilitates corporate intermediaries, especially company secretaries, to earn CPE points. In addition, it boosts economic opportunities for training industry players who offer training through digital methods.
Finalisation of the Companies (Amendment) Bill: to enable companies with financial difficulties to:
- Expand the application of corporate rescue mechanisms
- Strengthen provisions related to arrangement or compromise schemes
- Enable companies that have applied for judicial management orders or proposing schemes of arrangement or compromise to obtain bailout funding from new financial sources
The Limited Liability Partnership (Amendment) Bill (RUU) 2021: introduce Customer Relationship Management (CRM) to Limited Liability Partnership (LLP) entities that are facing financial difficulties.
This amendment aims to multiply the use of CRM among LLPs. In addition, the corporate rehabilitation process serves as an alternative for LLPs to stay afloat.
CORPSO hopes that these initiatives will ease the burden on the corporate sector while they can meet their obligations under the laws regulated by SSM. For any inquiries, you can send an email to email@example.com.
To read part 1, click here.