Why E-Invoicing Software in Malaysia is a MUST for Businesses
The government of Malaysia has budgeted to assist you to digitalise the process of your business for maximum efficiency, better profitability, and scalability. This is to encourage the private sector to join the digital development happening around the globe and modernize the businesses in Malaysia. This will advance the businesses in Malaysia, help them become more efficient and profitable, and elevate the overall Malaysian economy.
This grant can be claimed to assist in the following 5 areas:
- Digital Marketing
- HR Payroll System / CRM
- ERP / Accounting & Tax
- E-POS
- Procurement
So now you can reap the benefit of digitalizing your business’s processes even if you do not have the money to pay for the digital products and services upfront. Worry no more, with SME Digitalisation Grant now you can avail the best accounting software and payroll software by Million Software. To Gain detailed official knowledge about SME Digitlisation Grant click here.
This article will explain in detail how you can avail this opportunity and claim a grant of up to RM 5000!
Eligibility
The foremost important factor is that you must meet the eligibility criteria that the government has set for a small business to qualify for the grant. This is to ensure that grant money is going to the right businessmen and entrepreneurs and that no scammers or fraudulent are benefiting from the tax money government is using to flourish the overall economy of Malaysia.
The merits are about the citizenship of the business, the functioning, and the profitability of the business. The government will also not be financing a business that is for sure to fail shortly. Therefore to send the money in the right direction, the government has set up eligibility qualifiers for the entrepreneurs who will be granted the money.
- At least the 60% of shareholders in the SME must be Malaysian nationals
- The business must be legally registered in Malaysia as an SME for a minimum of 1 or 2 years.
- For a business registered for 1 year, a minimum annual sales turnover of RM100,000.00 for the first year is required
- For a business registered for r two (2) years or more, for the preceding two (2) consecutive years annual sales turnover of RM50,000.00.
How to Claim the Amount?
Follow the below-given steps to claim the grant money:
- Appoint Million Software as your service provider (for the software you wish to invest in).
- Next complete and submit the application form to any Bank Simpanan Nasional (BSN) or SME Bank branch along with the supporting documents listed below:
- Completed SME Digitalisation Grant Malaysia Initiative Application Form.
- As proof of Nationality, a copy of the Identity Card or Passport of the Director (s) / Partner (s) / Proprietor(s), whichever is applicable.
- Copy of business registration licenses (CCM, Form A/B, Form 24 & 49, and M&A or any similar forms under the Companies Act 2016).
- Past year audited financial statements and the latest management account (if any), or evidence of sales turnover (if any).
- Bank statement of Business for the past two (2) months.
- Company’s profile (if any).
- Invoice/billing and service agreement from the authorized vendor listed by MDEC.
- Bank can also demand any other information or documents if necessary.
- Once the application is approved you will pay the remaining payable amount of the total invoice after deducting the subsidized amount granted from the Initiative.
- After paying the due amount you will be required to submit the proof of payment in any of the bank’s branches. Later, the Bank will make a direct 50% payment of the total invoice amount or up to RM 5,000.00 to the Service Provider. Based on the Bank’s discretion this payment will be made in either one lump sum payment or in installments.
Now that you know how you can claim the SME Digitalisation grant, don’t wait any further and contact Million software to appoint us as the service provider.
Good Luck!
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