New company registrations outpace closures

Entrepreneur Development and Cooperatives Minister Datuk Seri Dr Wan Junaidi Tuanku Jaafar.

THE number of new registered companies surpassed the number of company closures last year despite the Covid-19 pandemic, signifying entrepreneurs’ ability to keep up with the trend and new norm as well as adapt technology, says Entrepreneur Development and Cooperatives Minister Datuk Seri Dr Wan Junaidi Tuanku Jaafar.

Citing statistics from the Companies Commission of Malaysia (SSM), he said a total of 437,769 new companies were registered in 2020, including 131,139 new online companies, compared to 78,420 companies that closed.

“This shows that if one is dynamic, able to adapt to change, and use technology, they will succeed. To be a successful entrepreneur, you need to think on your feet and be able to change your plans when it is no longer suitable and be prepared to seize new opportunities.

“Those who embrace technology will flourish and those who don’t, will face difficulties, ” he said. He said the Ministry of Entrepreneur Development and Cooperatives (MEDAC) would provide an end-to-end solution for entrepreneurs, from the informal and micro categories right up to those who were in the high-tech, high-capital categories.

The ministry, together with its agencies, would work hard to help establish a conducive ecosystem for entrepreneurship in Malaysia to thrive, Wan Junaidi said.

“Regardless which category you are in, when you come and see us, we will provide you with ‘hand holding’ experience. We make sure when you come to us, we will guide you, monitor your progress and ensure you will attain success, ” he said.

According to him, MEDAC’s goal to produce 100 millionaires a year from a pool of home grown entrepreneurs is not just ‘lip service’. “We have a game plan on how to achieve this, ” he said. — Bernama

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