As one of the leading loan & finance based comparison portals

Eligibility Criteria

Local Company:

• Incorporated in Malaysia under Companies Act 1965 or the Companies Act 2016 

• Minimum issued share capital of at least RM50,000.00

• Active and minimum of 51% equity held by Malaysian(s) as per shareholding structure in the SSM; and

Majority Foreign owned:

• Incorporated in Malaysia under Companies Act 1965 or the Companies Act 2016;
  Active and minimum issued share capital of RM500,000.00;
  Headquartered in Malaysia.

1. In operation for at least one (1) year as of the date of submission.

2. Not the subject of liquidation/winding up/bankruptcy order and has no going concern issue*. [*If the Applicant/Recipient has going concern issue (as reported in their latest audited account), the Applicant/Recipient is to provide a letter of undertaking by the shareholder and/or authorised director (whichever applicable as per the Applicant/Recipient’s level of authority) to undertake that in the event that their application is approved, the Applicant/Recipient shall perform its obligations under the terms and conditions to be issued by MDEC and the said shareholder and/or authorised director to provide financial support to the Applicant/Recipient to enable the Applicant/Recipient to meet its obligations and/or liabilities under the terms and conditions.]

3. Director(s) and shareholder(s) of the eligible Applicant/Recipient to declare and disclose if there is any business relationship/family relationship with any of MDEC’s director or employee.

4. Director(s) and shareholder(s) of the eligible Applicant/Recipient to declare if they are under any litigation or legal proceeding i.e. litigation/legal proceeding relating to criminal offences, offences under any applicable laws, insolvency, or cases related to MDEC.

5. The Director(s) and shareholder(s) of the Applicant/Recipient shall not owe any amounts to MDEC due to clawback issues from previous grants.

6. Director(s) and shareholder(s) of the eligible Applicant/Recipient to declare if they are blacklisted by Malaysian authorities (MACC, Bank Negara Malaysia, Securities Commissions Malaysia and MDEC. In the event, the Director(s) and shareholder(s) are blacklisted, the said Applicant/Recipient shall be disqualified

7. The Applicant/Recipient with common shareholder(s) can only apply for one (1) grant per one (1) project administered by MDEC at any one time (this requirement is not applicable to registered and active venture capital investors, accredited angel investor, registered market operator and government agencies e.g.: Equity Crowdfunding Platforms).

Requirements for Venture Capitals:The venture capitals are(is) required to invest its funds actively within a 10-year timeframe and/or be officially registered with local regulatory authorities.

Requirements for Angel Investors:The angel investor(s) MUST be registered, accredited by local association/body (Malaysian Business Angel Network) and hold less than 20% of equity ownership; or
Individual Angel Investors MUST fully fit into these three (3) criteria:

-Hold less than 20% of equity ownership
-Does(do) not hold any directorship of the company; and
-Non-related party(ies) to the Applicant/Recipient.

8. If Applicant/Recipient previously has received any *MDEC/government grant, the Applicant/Recipient must

• Demonstrate the completion of the funded project(s);

• Declare any notice of non-compliance/breach being recorded during the period of the funded project(s); and
  Past MDEC Grant Recipients can only reapply after one (1) year from the project completion date (grant closure email date) or duration may be determined by the Approval Authority only if required (internal information).

If the Applicant/Recipient currently has an on-going grant with other government agencies, Applicant/Recipient to prove that the project is different (not overlap with the proposed project under MDEC’s grant) and has no non-compliance/breach issues being recorded during the period of the funded project(s) (via a letter from grant awarding entity or equivalent).

*Limited to five (5) years records from the of approval of the respective grant.

10. The Applicant/Recipient must be a Malaysia Digital (MD) or MSC Malaysia status company.