Malaysia is an emerging country in SouthEast Asia that is well known and beloved for its exotic beauty and the various landscapes that attract foreigners around the world. As a location that attracts different people in all walks of life, it is no wonder that even foreigners are venturing to open offices and branches in Malaysia. This intention does not only happen because of the beautiful and scenic spots, but they are also the result of the efforts made by various government agencies to keep Malaysia an organized and efficient country. Having said this, one of the main government agencies that attract a lot of attention is SSM or the Suruhanjaya Syarikat Malaysia. In brief, SSM is the government agency that regulates and incorporates new businesses while ensuring the compliance of existing companies to government regulations, memorandum circulars and federal legislation. As the frontline in Malaysia’s business sector, SSM ensures the regulation and compliance of companies registered in their agency. Because of its efficiency and effectiveness of operations here are some of the ways SSM has impacted Malaysia.
1. SSM ensures the regulation of business – For economies to thrive, businesses need to be regulated to ensure that they are running legitimately under the guidance and rule of law. With the scope and mandate of SSM, businesses are monitored in a way that ensures that all compliances and regulatory requirements are abided by. The adherence to requirements is a key indication that businesses are well regulated and are being operated efficiently.
2. SSM ensures that businesses are registered – Business registration is not only a formality for business to run. Registration is required to ensure that businesses are properly accounted for and are part of the country’s overall economy. In addition, registered businesses can help the economy monitor and improve best practices and procedures that will ultimately be geared to improve products and services. In contrast, unregistered businesses are rogue establishments that do not contribute anything to the country and even become a liability. In addition, as non-contributors, they disrupt the economy by using resources that can be instead allocated to duly registered businesses.
3. SSM ensures that customers are protected – SSM’s power to regulate and stipulate registration are not merely there to impress people and businesses alike. These powers also protect customers by keeping a list of registered businesses to ensure that only these businesses are operating. In turn, customers need not worry about their protection if they make sure to only transact with duly registered businesses. Dealing with unregistered entities will leave customers without any legal recourse in case of problems.
4. SSM encourages businesses – Because of the ease of doing business in Malaysia, people are getting more enthusiastic in starting their very own personal ventures. The increase in businesses equates to a more active economy. Thus, in this way, not only does SSM impact the economy but also individuals.
All things considered, these are but just a few impacts of SSM in Malaysia. In a fast-moving economy like Malaysia, it is imperative that businesses operate legally and efficiently. Anywhere in the world, business and their processes reflect the culture and values of a country. In this case, the positive effects of register SSM online or offline do not only affect the economy, but it also reflects Malaysia’s drive to excellence.