What We Have For Support?
In the recent years, the development of entrepreneurship has been growing in importance among Indian Malaysians. This is evident that the Government places great importance on entrepreneurship in the country with the various supporting mechanisms and policies that exist for entrepreneurs in terms of funding opportunities, physical infrastructure and availability of business advisory services.
The biggest risk of starting a business is the initial capital. Some have it but do not have the business acumen, while others do not have the funds but have great ideas.
To help those who are struggling with their start-up capital, the Government is set to introduce SME
Investment Partner programme to provide financing during the start-up period in the form of loans and/or equity. To serve this purpose, an initial fund of RM375 million will be provided for a period of five years. Furthermore, RM10 million will be allocated for the Business Accelerator Programme.
In addition to that, RM500 million will be allocated to TEKUN and it will be distributed as Soft loans of RM50 million for Indian entrepreneurs Under Malaysian Global Innovation & Creativity Centre (MaGIC), expatriate entrepreneurs will be able to establish a start-up in Malaysia with the paid-up capital set at RM75, 000 and will be provided with a one-year work pass.
In order to help the entrepreneur sector in absorbing GST, the Government will be providing them the following incentives and assistance, RM100 million provided to businesses to send their employees for GST training courses, RM150 million provided to SMEs for the purchase of accounting software, accelerated Capital Allowance provided on purchase of ICT equipment and software and expenses incurred for training in accounting and ICT related to GST is subjected to tax deduction.
Implementing GST can be a major change in a business. With this help, it will make it easier for businesses to adapt. Under the 2016 assessment year, the corporate taxes to be reduced by 1% to 24% and SMEs taxes to be reduced by the same percentage to 19%. This will lessen the burden of the rising cost to run a business, and prevent any increment in cost to be passed down to the consumers.