Despite pandemic, new company registrations outpace closures in 2020: Wan Junaidi

KUALA LUMPUR – The number of new registered companies surpassed the number of company closures last year, despite the Covid-19 pandemic, signifying entrepreneurs' ability to keep up with trends and the new norms, as well as adapt to new technology, Entrepreneur Development and Cooperatives Minister Datuk Seri Wan Junaidi Tuanku Jaafar said.

Citing Companies Commission of Malaysia (SSM) statistics, he said 437,769 new companies were registered in 2020, including 131,139 online companies, compared with 78,420 companies that closed.

“This shows that, if one is dynamic, able to adapt to change and use technology, they will succeed. To be a successful entrepreneur, you need to think on your feet and be able to change your plans when it is no longer suitable and be prepared to seize new opportunities.

“Those who embrace technology will flourish and those who don’t will face difficulties,” he said in his speech at the fifth SME and Entrepreneurship Business Awards 2020 ceremony last night.

A total of 55 prestigious awards were presented to small and medium enterprises (SMEs) and entrepreneurs during the presentation gala dinner.

He said his ministry would provide end-to-end solutions for entrepreneurs, from those in the informal and micro categories right up to those in the high-tech, high-capital categories.

The ministry, along with its agencies, will work hard to help establish a conducive ecosystem for entrepreneurship in Malaysia to thrive, Wan Junaidi added.

“Regardless which category you are in, when you come and see us, we will provide you with ‘hand holding’ experience. We make sure when you come to us, we will guide you, monitor your progress and ensure you will attain success."

He said the ministry’s goal to produce 100 millionaires a year from a pool of home-grown entrepreneurs is not just lip service. 

“We have a game plan on how to achieve this,” he said.

At the 2020 SEBA, founder and chief executive officer of Aerodyne Group, Kamarul A. Muhamed, was awarded Entrepreneur of the Year, while Carsome co-founder and group chief executive officer Eric Cheng and Carsome co-founder and Carsome Academy director Teoh Jiun Ee were jointly awarded Technopreneur of the Year. – Bernama, March 26, 2021