KUALA LUMPUR: From March 1 to June 30, the Companies Commission of Malaysia (SSM) will slash compounds by 90% for all offences under the abolished Companies Act 1965, said the Domestic Trade and Consumer Affairs Ministry (KPDNHEP).
Its minister, Datuk Seri Alexander Nanta Linggi, said the discount offer was an initiative to help ease the burden of corporate entities in the midst of the Covid-19 pandemic and boost economic recovery in line with the aspiration of Keluarga Malaysia.
He said the ministry through agencies like SSM would continue with five initiatives introduced last year but with certain improvements.
"SSM will continue implementing initiatives introduced last year like the Prihatin Business Registration Scheme (SPPP) which offers free registration to entrepreneurs in the B40 group and full-time students of IPT (institutions of higher learning)," he said in a statement on Sunday (Feb 27).
He said it was hoped that the implementation of the free Skim 1 OKU 1 Perniagaan (S1O1P) would encourage persons with disabilities (OKU) to venture into business.
Nanta said SSM would extend until Dec 31, 2022 the free registration of SSM BizTrust for entities registered with SSM and improve certain provisions under the Companies Act 2016 relating to the corporate rescue mechanism.
"These proposed improvements and amendments will enable companies facing financial problems to apply for the suitable corporate rehabilitation process so that they can stay afloat,” he added.
He said this would also involve provisions on the corporate rescue mechanism under the Limited Liability Partnerships Act 2012.
"KPDNHEP and SSM hope that these initiatives can help in the country's economic recovery in line with various initiatives implemented by the government,” he said.
The public can contact the SSM Call Centre at 03-77214000 or email to firstname.lastname@example.org for further information.