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Details: Category: Malaysia News; Published: 18 September 2020

Incentive 90

SSM offers 90% reduction on the original value of compounds imposed for those companies who are applying strike off under Section 549 or Section 550 of Companies Act 2016.

Period: 17/08/2020 to 31/12/2020

Details: Category: Malaysia News; Published: 14 September 2020

SME Certificate Malaysia

SME Criteria:
- Manufacturing sector: sales turnover not exceeding RM50 million OR number of full-time employees not exceeding 200.
- Services and other sectors: sales turnover not exceeding RM20 million OR number of full-time employees not exceeding 75
Full time employees: Including all paid workers working for at least 6 hours a day and 20 days a month; or at least 120 hours a month (including foreign and contract workers)
The word ‘OR’ means a business will only need to satisfy either one of the criteria: sales turnover or number of employees
If a business exceeds the threshold for 2 consecutive years (base on financial year) then it is no longer an SME
Similarly, a business that is previously large can become an SME if it fulfils the qualifying criteria for 2 consecutive years
Register as SME: https://smereg.smecorp.gov.my/reg/
SME registration during 01/03/2020 to 31/12/2020 is FREE but the certificate is only valid for ONE year

Details: Category: Malaysia News; Published: 11 September 2020

SME Digitalisation Initiative

Features
- Grant amounting up to 50% or a maximum of RM 5,000 from total invoice amount.
- Great deals on digital solutions from a wide list of panels endorsed by MDEC.
- Wide range of digitalization areas:-
  - Electronic Point of Sales (e-POS) System
  - Human Resource Payroll System (HR) / Customer Relationship Management (CRM)
  - Digital Marketing / Sales
  - Procurement
  - Enterprise Resource Planning (ERP) / Accounting & Tax
  - eCommerce
  - Remote working
Eligibility
- The Company is at least 60% owned by Malaysians
  - The Company is registered under the relevant laws of Malaysia
  - The Company has been in operation for at least one (1) year
  - Company operation in one ( 1 ) year, company required to have a minimum annual sales turnover of RM 100,000
  - Company operation > two (2) years, company required to have a minimum annual sales turnover of RM 50,000 (preceding two (2) consecutive years)
Required Documents
- Completed SME Digitalisation Initiative Application Form
- Copy of Identity Card or Passport of Director (s) / Partner (s) / Proprietor(s), whichever is applicable.
- Copy of business registration licenses (CCM, Form A/B, Form 24 & 49 and M&A or any similar forms under the Companies Act 2016).
- Audited financial statement for the last financial year and the latest management account or evidende of sales turnover (if any).
- Company’s bank statement for the last two (2) months.
- Company’s profile (if any).
- Invoice/billing and service agreement from authorized vendor listed by MDEC.
How to Apply
- The Company must contact and appoint one or more panel of Service Providers to perform any of the digitalisation services available (maximum of 3 panels).
- The Company must complete and submit the application form together with the required supporting documents to any of the Bank's branches.
- Once the application is approved, the Company is responsible to pay the difference of the total invoice after deducting the subsidized amount granted from the Initiative and to provide proof of payment to any of the Bank’s branches.
- After proof of payment is provided, subject to the total invoice amount, the Bank will make a direct 50% payment of the total invoice amount or up to RM 5,000.00 to the Service Provider in one lump sum payment or in stages based on the Bank’s discretion.

Details: Category: Malaysia News; Published: 28 August 2020

Malaysia National Day 2020

On behalf of the management and staff of YCS, we wish Malaysia a Happy Birthday.
Please be informed that our Malaysia office will be closed on 31/08/2020 (Monday) for Malaysia National Day.
Business shall be resumed on 01/09/2020 (Tuesday).

Wishing you Happy National Day and Happy Holiday!