37,732 online firms registered with SSM up to July this year

KUALA LUMPUR: A total of 37,732 online companies have registered with the Companies Commission of Malaysia (SSM) up to July 31.

SSM deputy chief executive officer (Regulatory and Enforcement) Nor Azimah Abdul Aziz said the figure showed a significant increase compared with that of 2015 when only 6,862 online companies registered with the commission.

“We believe that the increase in number is due to the various programmes and seminars organised by SSM including the Online Networking Entrepreneurs (ONE) Carnival to empower online entrepreneurs and to enlighten the public,” she said when appearing as a guest on Bernama Radio’s ‘Dalam Radar’ programme on Tuesday night.

She said that traders who assumed that a business registration is not important, should realise that in addition to compliance with business laws, they can improve consumer confidence as well as simplify loan applications to various financial agencies if registered.

“Small scale online businesses are also not spared from registering their businesses even if sales do not get good returns.Businesses classified as micro-businesses, and following the Business Registration Act 1956, which are conducted for 30 days and above must observe business rules and register the business,” she said.

She said traders can be fined not exceeding RM50,000 or get a jail term not exceeding two years or both for the offence of not registering a business. The public can check the registration status of a business through SSM’s website at www.ssm.com.my.