One of the government initiatives announced was the Special Grant of RM3,000 for each micro company, which will benefit almost 700,000 micro SMEs nationwide. Among the compulsory requirements for this application is that micro SMEs must register with the Inland Revenue Board (IRB) to enjoy this facility. The Government will obtain a list of eligible micro SMEs from the Local Authorities and Companies Commission of Malaysia.
Qualifications to apply:
1. Company needs to be registered with the state of State (Lhdn)
2. Micro SME mean annual sales not more then 300k and full time worker does not exceed 5 people (sme-definition)
3. Micro SME have valid business license with Local Authorities and Companies Commission of Malaysia.
According to the interpretation of the word Grants is fund or money that you can apply to fund your project. Unlike loans, grant you do not have to repay back.
How to apply for this grant? The Government will obtain a list of eligible micro SMEs from the Local Authorities and Companies Commission of Malaysia. The above paragraphs indicate that this grant will most likely be granted only to SMEs registered with SSM and the local authority (business license) and also registered with the Inland Revenue Board. If you are registered with this agency, you may be listed. There are two possibilities here: 1. Micro SMEs will be selected by government agencies and SMEs will not need to apply. 2. SMEs may apply but most likely SMEs who are listed in the eligible category will be approved. Recent Updates: A special FREE grant for Micro SMEs is expected to take effect from May 1, 2020 However, We are still waiting for feedback from the authorities and the government, We will update after receiving the information. So, Follow us and like our page so you can get the latest info here.