Over 39,000 entrepreneurs sign up for free business registration scheme

Azman (centre, red tie), seen here at the Youth Entrepreneurs Programme in Nilai, says proper registration of businesses will boost customer confidence as well as allow entrepreneurs to make use of government incentives. – BERNAMApic

NILAI: A total of 39,315 students from higher education institutions (HEIs) as well as entrepreneurs from B40 families signed up for the Prihatin Business Registration Scheme initiative from January last year until Aug 31 this year.

Domestic Trade and Consumer Affairs Ministry secretary-general Datuk Azman Mohd Yusof said the scheme, introduced in December 2020, allowed them to register their businesses with the Companies Commission of Malaysia (SSM) under the Registration of Businesses Act 1956 without being charged any fees.

"If we look at the statistics, 18,001 of them are HEI students while 21,314 are B40 entrepreneurs.

"This shows the number needs to be expanded because the higher the percentage (who register) to become entrepreneurs, the better. This year alone, we are targeting 20,000 to register.

ALSO READ: Free business registration now extended to all B40 entrepreneurs

"Participants’ awareness of the importance of legally registering their businesses will enable them to enjoy the benefits offered by the government, like financial aid, equipment assistance, training and other entrepreneurial guidance,” he told reporters after launching the state-level Youth Entrepreneurs Programme 2022 here on Monday (Oct 3).

Azman, who is also SSM chairman, said that through legitimate businesses, entrepreneurs can take advantage of various forms of assistance provided by government agencies, including the Tabung Ekonomi Kumpulan Usaha Niaga, Majlis Amanah Rakyat and Amanah Ikhtiar Malaysia.

As such, he urged participants to register their businesses to ensure they are run legally.

Furthermore, their customers will be able to buy their products with confidence, he added.

He said the most registered sectors under the scheme were retail and wholesale, food and beverage, and manufacturing and construction.

As for the youth programme, which is now into its fifth series in Negeri Sembilan, Azman said it was to give participants early exposure to basic skills before they venture into business.

The objective was to produce young entrepreneurs capable of driving the country’s economy in the future.

ALSO READ: Budget 2023: Special scheme sought to help budding entrepreneurs in varsities

He added that participants will also be exposed to the benefits of financial management, digital marketing and consumer rights protection so that they will be more sensitive to consumerism matters.

"So, they have (the opportunity) to register their businesses, in addition to making business their main choice of career after graduation.

"We want entrepreneurs to introduce their products properly, (as we) fear that if they want to get rich quickly they may resort to scams or cheating the public,” he said, adding that a total of 600 participants had joined the youth programme. – Bernama

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