Kuala lumpur: The Companies Commission of Malaysia (SSM) signed a memorandum of understanding (MoU) with the Terengganu Entrepreneur Development Foundation (YPU) to strengthen business registration and entrepreneurial development in the state.

According to BERNAMA News Agency, the collaboration aims to raise public awareness of the importance of business registration, limited liability partnerships (LLPs), and company incorporation among entrepreneurs and the business community in the state. SSM chief executive officer (CEO) Datuk Nor Azimah Abdul Aziz signed the MoU on behalf of SSM while YPU Terengganu was represented by CEO Afnida Aini Alwi.

Nor Azimah stated that the SSM-YPU collaboration will impact the state's entrepreneurial development, particularly in enhancing compliance awareness, strengthening confidence in the business ecosystem, supporting the development of micro, small, and medium enterprises, and encouraging more entrepreneurs to register and expand their businesses legally and in a structured manner. "SSM hopes the implementation of this collaboration will significantly benefit the business community, companies, and LLPs, especially in raising awareness and compliance with business registration requirements," the statement said.

Afnida Aini expressed that the collaboration is expected to increase the number of entrepreneurs registered with SSM, particularly among micro-entrepreneurs, hawkers, small traders, and those among youth, women, and Terengganu's rural areas. "At the same time, we also hope that awareness and compliance with the legal requirements set by SSM can be enhanced so that entrepreneurs will succeed in generating income and also be able to manage their businesses in a more professional, transparent, and ethical manner," she said.

SSM statistics indicate that 15,491 companies had been incorporated, 417,981 businesses registered, and 542 LLPs registered as of May 31 in the state. The statement noted that 6,003 companies, 71,768 businesses, and 491 LLPs are currently active.