An agency under the Domestic Trade and Consumer Affairs Ministry (KPDNHEP), Companies Commission of Malaysia (SSM), is broadening the benefits of the Prihatin Business Registration Scheme (SPPP) to all entrepreneurs in the bottom 40% (B40) income group.
Datuk Seri Alexander Nanta Linggi, Minister of KPDNHEP said the B40 target group who want to initiate or yet to register their business can now register for free.
Besides, this will allow them to gain access to the various loans and funds introduced by the federal government. Hence, they can continue to operate their businesses in a difficult and challenging environment amid the COVID-19 pandemic.
Alexander added that his ministry welcomes the various initiatives under the Malaysian Economic and Rakyat’s Protection Assistance Package (Permai). For further clarification, Prime Minister Tan Sri Muhyiddin Yassin announced and initiated Permai on Jan 18. In addition, a total of 22 initiatives was announced with an injection of RM15 billion in funds via Permai.
Furthermore, KPDNHEP is dedicated in continuing to help alleviate the burden of traders, especially the B40 entrepreneurs.
Business today Malaysia: Alexander noted that their agencies have always emphasized the importance of ease of operating a business and reducing the cost of business. In fact, this is actually what SPPP stands for.
The government launched the SPPP on Dec 23, 2020. Moreover, it now includes all potential B40 entrepreneurs and is not only eligible to B40 youth entrepreneurs, single mothers and students only.
Among the fee waivers that eligible applicants will benefit from are:
- RM60 for a sole proprietorship or business partners using the trade name
- RM30 for a sole proprietorship business that uses their own name as on the identity card
- RM10 for printing information
In addition, SSM has approved 73 applications from B40 single mothers, 830 applications from B40 youths and 1,066 applications from students. This has accumulated a total of 1,969 entrepreneurs that have benefited from the scheme.
Besides, the expansion of the SPPP target group might explore opportunities for 180,000 individuals to venture into business. SSM is targeting 30,000 entrepreneurs to benefit from this offer this year.
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