In a statement, he said a total of 281,781 new business entities had registered under the Companies Commission of Malaysia (SSM) between March and October this year, compared with the 31,190 businesses that have filed for cessation and 35,944 dormant companies revoked in the same period.
Wan Junaidi said the newly-registered businesses mainly comprised sole proprietors and partnerships at 89.3%, followed by companies (9.8%) and limited liability partnerships (0.8%).
“The official statistics highlight the fact that the number of new businesses significantly outweighs the number of business entities that have ceased operations despite the challenges faced by businesses due to the Covid-19 outbreak and the movement control orders (MCO).”
Wan Junaidi added that small and medium enterprises (SMEs) currently make up 98.5% or 907,065 of the cumulative business establishments in the country.
“The government is actively engaging with SMEs to gauge the most current condition and needs,” he said, adding that SMEs were encouraged to take advantage of the consultative approach and to communicate their needs.
“Every party must play their part well in order to revive the economy within the shortest time possible.”
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