KUALA LUMPUR, July 6 — Deputy Prime Minister Datuk Seri Ahmad Zahid Hamidi today emphasised the importance of getting informal entrepreneurs in Malaysia to register their business in accordance with the law.
Informal entrepreneurs are those who don’t register their business with the Companies Commission of Malaysia (SSM) or any professional bodies including local authorities.
They are also defined as enterprise units that engage in producing goods and services for sale or barter transactions, with less than 10 employees.
Zahid said by registering their businesses, it will enable them to be identified as legal entities that are eligible for assistance and support by the government and social safety nets.
“Any entrepreneurs, including informal entrepreneurs, who do not register their business with the SSM or an body of similar status, such as professional bodies or district offices in East Malaysia, will not be able to enjoy these facilities.
“We encourage business registration in the informal sector to enable them to get the necessary support such as financing, marketing and legal protection,” he said in his speech when officiating the “Formalising the Informal Entrepreneurs Plan” ceremony at the World Trade Centre here.
Zahid said with sufficient aid, entrepreneurs can enter the global halal market which is currently valued at US$3 trillion (RM13 trillion).
“Malaysia currently contributes about 2 per cent of the global halal market. By 2030, the market is expected to grow to US$5 trillion. We can do more. With support, these entrepreneurs can enter the market and contribute to our gross domestic product.
“There are billions of Muslims globally. We should take this opportunity to grow,” he said.
The Ministry of Entrepreneur Development and Cooperatives (MEDC) said strategies are in place to help informal entrepreneurs to get the necessary business assistance and facilitation.
“MEDC will empower the existing entrepreneurial ecosystem to encourage voluntary business registration and nurture entrepreneurial mindset and informal entrepreneur development potential so as to seriously engage in business.
“Through implementation of six strategies supported by 20 initiatives, this plan also educates entrepreneurs to be more ethical and of high integrity in performing operations business,” said its minister Datuk Ewon Benedick, who was also present at the ceremony.
