Effective from the 1st of January,2017; all students from any public or private Institutions of Higher Learning (IPTA / S) will be exempted from all business registration charges (under the Registration of Business Act 1956) should they wish to register their business with the Companies Commission of Malaysia (SSM.
This initiative is a corporate social responsibility (CSR) program by SSM which was designed to promote and raise entrepreneurship participation among youths (in particular IPTA/S students). SSM aims to create awareness that entrepreneurship is an ideal career choi ce among students, and at the same time increase legally-registered student owned businesses.
This initiative is provided through a specially allocated rm10 million grant by SSM. This grant will be dispersed in allocations of RM1 million for each year over a 10 year period.
Through these grants, each student is eligible to apply for a one-time business registration- either under a sole proprietorship (using their personal name as stated in the identity card or a trade name) or a partnership using a trade name for a period of one year only.
Without these grants, students would actually be required to pay the following business registration fees:
- Sole proprietorship (using personal name as stated in the identity card) – RM30 per year;
- Sole proprietorship or partnership using a trade name – RM60 per year; and
- Business information print-out – RM10.
It should be noted that the registration of a business branch to an existing company is not included in this initiative. The conditions for free registration under the 'SKIM 1PELAJAR 1PENDAFTARAN PERNIAGAAN' are as follows:
- The applicant is a Malaysian citizen aged 18 years and above.
- The applicant is currently studying full-time at any IPTA / IPTS / Polytechnic / College / Vocational Institute/ Vocational Centre in Malaysia.
- Applications are for the registration of a new business for a period of one year per applicant (for the duration of the scheme).
- Applicants can choose to register a sole proprietorship or partnership (the business partner must also be a IPTA/S student)
- The renewal of a business registration after the expiry of one year will be charged as usual.
To apply for this scheme, the registration process are as follows:
Applications can be submitted via the SSM business registration service counter in Peninsular Malaysia and the Federal Territory of Labuan or via online at ezbiz.ssm.com.my with the submission of these following documents:
- Identification Card
- Two (2) copies of a current student card still within the validity period
- The original copy of their student confirmation letter from any IPTA / IPTS / Polytechnic / College / Vocational Institute / Vocational Centre.
For further questions, kindly contact the SSM call centre at 03-77214000 or email to enquiry[at] ssm.com.my.
‘YOUR BUSINESS BEGINS AT SSM’