New company registrations outpace closures despite pandemic - 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 the trend and new norm as well as adapt technology, Entrepreneur Development and Cooperatives Minister Datuk Seri Dr Wan Junaidi Tuanku Jaafar said.

Citing statistics from the Companies Commission of Malaysia (SSM), he said a total of 437,769 new companies were registered in 2020, including 131,139 new online companies, compared to 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 (SEBA) 2020 ceremony tonight.

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

He said MEDAC would provide an end-to-end solution for entrepreneurs, from the informal and micro categories right up to those who were in the high-tech, high-capital categories.

The ministry, together with its agencies, would work hard to help establish a conducive ecosystem for entrepreneurship in Malaysia to thrive, Wan Junaidi said.

"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.

According to him, MEDAC's goal to produce 100 millionaires a year from pool of home grown entrepreneurs are 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