2022 National Economic Recovery Is Underway with SSM New Initiatives Announcement
SSM (Suruhanjaya Syarikat Malaysia), also known as The Companies Commission of Malaysia, announced several new initiatives that will boost national economic recovery in 2022.
SSM announced several new initiatives, as well as the continuation of the existing five initiatives that were introduced in 2021. This is in line with Keluarga Malaysia’s aspirations to help ease the burden of corporations. Many corporations have been badly affected by the Covid-19 pandemic and it is time to turn things around.
The New Initiatives
A new initiative to reduce 90% of the original compound value has been implemented. This was originally repealed under the Companies Act 1965. The new initiative will take effect from 1 March until 30 June 2022.
With this initiative, businesses will find it helpful during this challenging time. More details are available under the SSM’s FAQs on Compound Reduction Incentive under the Companies Act 1965.
Initiative 5, which was introduced in 2021, will continue. This will carry on along with several other initiatives that were brought on in 2021. The initiatives that are set to move forward in 2022 will be:
- The One OKU 1 Business Scheme (S1O1P) – A scheme that encourages OKUs to delve into the business world by offering free registration and renewal.
- The Caring Business Registration Scheme (SPPP) – Entrepreneurs that fall into the B40 group will now benefit from free business registration. Full-time students are also eligible for this benefit if they are enrolled in a higher learning institution.
- SSM BizTrust Registration Extension – Businesses can register for free with the SSM until 31 December 2022.
- Corporate Rescue Mechanism Bill – Under the Limited Liability Partnership (LLP) and Liability Partnership Act 2012, businesses undergoing financial difficulty will be eligible for provisions. The bill is seeking to enhance the current legal framework that is in place to rehabilitate LLPs. This bill will also help to strengthen the framework for beneficial ownership reporting.
- Improving Provisions – SSM is also promising that there be an improvement for provisions that are related to corporate rescue mechanisms under the Companies Act 2016.
The Government is hoping that these initiatives will help with the country’s economic recovery this year.