What is it, Qualifications & How to apply
2020 has proven to be a tough year for many, to say the least. It has especially been difficult for Small and Medium Enterprises, SMEs. And with the majority of business establishments in Malaysia being SMEs, and who cater to the local market, the burden was certainly felt to keep their businesses afloat. And with COVID-19 taking a turn for the worse, things started to take a dip.
Easing the burden of SMEs
To ease the burden felt by SMEs, a new Digitization Initiative grant was introduced and provided by the Ministry of Finance Malaysia. This was made to hopefully assist Small and Medium Enterprises by adopting digitalization in their business operations.
The government will provide a 50% matching grant of up to RM5,000 per company when you sign up with any approved Technology Solution Provider. The grant is worth RM500 million over 5 years and only limited to the first 100,000 SMEs. Assuming your business meets the government’s requirements.
Are you qualified?
To be qualified for the SME Digitization Initiative grant, your business has to meet certain requirements. Such as:
- Your company is at least 60% owned by a Malaysian(s)
- The company is registered under the relevant laws of Malaysia.
- The SME has been in operation for at least one (1) year.
- For companies operating at least one (1) year, a minimum annual sales turnover of RM100,000 is required.
- And for companies operating for more than 2 years, it is required to have a minimum annual sales turnover of RM50,000/year for the latest 2 years.
It is as simple as that. And if you have the right documentation to back up your qualifications, you are all good to go.
HReasily is an approved Technology Solution Provider
Did you know that HReasily is an approved Technology Solution Provider for the SME Digitization Initiative Grant? And it is very easy to apply too.
All you have to do is contact us to let us know that you would like to subscribe for service under the SME Digitization Initiative Grant. After that is a matter of getting all the required documents in the order submitted to a dedicated BSN team and getting an approval.
Rest assured that a HReasily sales representative will be with you every step of the way. Visit HReasily to know more about the grant and the types of documents needed.
