ID :
163342
Wed, 02/23/2011 - 11:53
Auther :
Shortlink :
https://oananews.org//node/163342
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Malaysia's ranking on starting a business indicator can be further ımproved
KUALA LUMPUR, Feb 23 (Bernama) -- Malaysia's ranking in the World Bank Doing Business Report 2011 on the Starting a Business Indicator, can be further improved, according to the Companies Commission of Malaysia (CCM).
In the report based on the indicator for the Asian region, Malaysia was in sixth position after Singapore, Hong Kong, Korea, Thailand and Japan.
CCM chief executive officer Azmi Ariffin, said while the organisation has introduced faster and more efficient intiatives on starting businesses, they were not widely used due to a lack of awareness.
CCM has introduced a shorter time frame to incorporate a company to just one day from April 1 last year and also simplified the business
processes.
It has also taken measures to reduce the procedures and time taken to start a business from nine and 11 days to just three and three days.
"Numerous ICT driven initiatives have been introduced to make it easier to conduct business.
"Examples of such initiatives are the MyCoID which uses a sole source of reference for registration or transactions with government agencies,"
Azmi said.
He was speaking during the CCM's awareness campaign on, "Supporting the National Agenda:The SSM's Reform Initiatives in Starting a Business."
Currently, government agencies such as the Inland Revenue Board (IRB),
Employees Provident Fund (EPF), the Social Security Organisation (SOCSO), the Human Resources Development Fund (HRDF) and SME Corp are linked to MyCoID.
To encourage usage of the MyCoID system, particularly by company
secretaries, he said the subscription fee of RM120 will be waived from Feb 16- Dec 31 this year.
"MyCoID is an important initiative as it serves as a catalyst in stimulating the growth of entrepreneurship and private investment within Malaysia," Azmi explained.
"We must not rest on our laurels or be complacent as we need to rapidly change the way we do business in this environment of intense global competition for investment, both domestic and foreign," he stressed.
In this respect, he said, Malaysia's ranking for the starting a business indicator has not been signficant as compared to its other Asian counterparts.
"In order to develop the internal health of the corporate community in Malaysia, CCM and the Malaysia Administrative Modernisation and Management Planning Unit (MAMPU) studied the procedures taken to start a business," he
added.
Following this, from April 1 last year, the procedures for a name search and approval, the lodgement of incorporation documents and the stamping of the
Memorandum and Articles of Association (M&A) is now done simultaneously at the CCM through the single counter interaction and can be completed within a day.
Purchase of post-incorporation items such as the company seal, statutory books and share certificates can also be completed within a day at the CCM.
"The certificate of incorporation will then be issued on the same day," Azmi explained.
He said to date, a total of 9,150 companies had been incorporated via the one-day incorporation process.
He also highlighted that from April 1, upon receiving the certificate of incorporation from CCM, registration with the EPF, the IRB and SOCSO is now available through myForms.
He said the relevant forms are accessible via the government's website.
He also clarified that the cost for the post-incorporation items had been reduced to only RM100 (US$32.25) and not RM350 US$112.90) as reported in World Bank Doing Business Report.
In the report based on the indicator for the Asian region, Malaysia was in sixth position after Singapore, Hong Kong, Korea, Thailand and Japan.
CCM chief executive officer Azmi Ariffin, said while the organisation has introduced faster and more efficient intiatives on starting businesses, they were not widely used due to a lack of awareness.
CCM has introduced a shorter time frame to incorporate a company to just one day from April 1 last year and also simplified the business
processes.
It has also taken measures to reduce the procedures and time taken to start a business from nine and 11 days to just three and three days.
"Numerous ICT driven initiatives have been introduced to make it easier to conduct business.
"Examples of such initiatives are the MyCoID which uses a sole source of reference for registration or transactions with government agencies,"
Azmi said.
He was speaking during the CCM's awareness campaign on, "Supporting the National Agenda:The SSM's Reform Initiatives in Starting a Business."
Currently, government agencies such as the Inland Revenue Board (IRB),
Employees Provident Fund (EPF), the Social Security Organisation (SOCSO), the Human Resources Development Fund (HRDF) and SME Corp are linked to MyCoID.
To encourage usage of the MyCoID system, particularly by company
secretaries, he said the subscription fee of RM120 will be waived from Feb 16- Dec 31 this year.
"MyCoID is an important initiative as it serves as a catalyst in stimulating the growth of entrepreneurship and private investment within Malaysia," Azmi explained.
"We must not rest on our laurels or be complacent as we need to rapidly change the way we do business in this environment of intense global competition for investment, both domestic and foreign," he stressed.
In this respect, he said, Malaysia's ranking for the starting a business indicator has not been signficant as compared to its other Asian counterparts.
"In order to develop the internal health of the corporate community in Malaysia, CCM and the Malaysia Administrative Modernisation and Management Planning Unit (MAMPU) studied the procedures taken to start a business," he
added.
Following this, from April 1 last year, the procedures for a name search and approval, the lodgement of incorporation documents and the stamping of the
Memorandum and Articles of Association (M&A) is now done simultaneously at the CCM through the single counter interaction and can be completed within a day.
Purchase of post-incorporation items such as the company seal, statutory books and share certificates can also be completed within a day at the CCM.
"The certificate of incorporation will then be issued on the same day," Azmi explained.
He said to date, a total of 9,150 companies had been incorporated via the one-day incorporation process.
He also highlighted that from April 1, upon receiving the certificate of incorporation from CCM, registration with the EPF, the IRB and SOCSO is now available through myForms.
He said the relevant forms are accessible via the government's website.
He also clarified that the cost for the post-incorporation items had been reduced to only RM100 (US$32.25) and not RM350 US$112.90) as reported in World Bank Doing Business Report.
