Youth, single mothers to benefit from free business registration scheme

KUALA LUMPUR: The Companies Commission of Malaysia (SSM) will formulate a suitable method to enable youth and single mother entrepreneurs to benefit from free business registration scheme, the Dewan Rakyat was told.

Domestic Trade and Consumer Affairs Minister Datuk Seri Alexander Nanta Linggi said the effort would spark business interest and encourage more participation from the groups.

“(This can) generate additional income that can support their daily lives and in turn, boosting the growth of the business sector in the country,” he said during the Minister’s Question Time.

He said this in reply to Cha Kee Chin (PH-Rasah) who wanted to know if SSM has provided any assistance for persons with disabilities (PwD), women, youth and students who have just started their business.

For the PwD, Nanta said they could take advantage of the 1 PwD 1 Business Scheme (S1OKU1P) which has been made available by SSM since Oct 23, 2012, to register new businesses and renewing business registration for free.

The minister said the SSM also encouraged full-time students at public and private higher education institutions to register their businesses for free via the 1 Student 1 Business Scheme which was introduced on Jan 1, 2017.

Meanwhile, Nanta said the ministry through SSM has implemented eight inclusive initiatives to reduce the burden and pressure faced by traders and corporate sectors due to the Covid-19 pandemic.

These include implementing 30-day moratorium period from the last date of the Movement Control Order for submission of SSM statutory documents, fee waiver for late filing of statutory documents and time extension for filing financial statements to SSM, he added.