Kuala Lumpur: 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 stated that these initiatives, unveiled during SSM’s 23rd anniversary celebrations, are specifically designed to assist the business community, with a focus on micro, small, and medium enterprises (MSMEs).
According to BERNAMA News Agency, the first of these initiatives is the launch of SSM’s e-Advertisement service, established under Section 76A of the Limited Liability Partnership (LLP) (Amendment) Act 2024. This digital service allows LLPs wishing to voluntarily wind up operations to publish statutory notices online for a fee of RM500, offering a cost-effective alternative to traditional print media. This initiative aims to reduce operational costs and address the reach limitations of physical newspapers.
The second initiative offers a compound reduction of up to 95 percent for certain LLPs, alongside a reduced e-Advertisement fee of RM100, applicable until September 30, 2025. This is targeted at LLPs no longer in operation and penalized for non-compliance, such as failing to lodge annual certificates under Section 50 of the LLP Act 2012.
Additionally, the third initiative provides a 90 percent reduction in compound fines for common offences under the Companies Act 1965 or 2016 and the LLP Act 2012, valid until the same September 2025 deadline. The fourth initiative encourages companies that have ceased operations to regularize their status, offering a 95 percent reduction in fines for eligible companies applying for name deletion under Section 550 of the Companies Act 2016.
Armizan highlighted that beyond these new measures, SSM will continue existing programs to support the Malaysian business community, including the Free Business Registration Scheme (SPPP) and the 1 OKU 1 Business (S101P) Scheme. These programs provide registration fee exemptions for entrepreneurs from the B40 income group, full-time students, and persons with disabilities, respectively.
He urged the business community to take full advantage of these incentives to enhance compliance and foster a more competitive and sustainable domestic business environment.