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Small and Medium Enterprises Corporation Malaysia Act 1995 (As at 1 November 2021).

Country/Territory
Malaysia
Document type
Legislation
Date
1995 (2021)
Source
FAO, FAOLEX
Long title
An Act to provide for the establishment of the National Small and Medium Enterprises Development Council and the establishment and incorporation of the Small and Medium Enterprises Corporation Malaysia and for connected matters.
Subject
General
Keyword
Business/industry/corporations Capacity building Financing Governance Institution Public participation Special fund
Geographical area
Asia, Asia and the Pacific, East Asian Seas, South-Eastern Asia
Abstract

This Act comprising 34 Articles provides for the establishment of the National Small and Medium Enterprises Development Council to ensure the comprehensive and coordinated development of small and medium enterprises across all sectors of the economy. The Council is tasked with the functions of formulating broad policies for the development of SMEs, reviewing government ministries' roles, enhancing cooperation and coordination, guiding effective implementation of development policies, encouraging private sector involvement, and performing any additional functions assigned by the Act. The Act establishes as well the Small and Medium Enterprises Corporation Malaysia as a body corporate with perpetual succession and legal capacity. It can sue and be sued, enter contracts, and acquire, hold, and manage movable and immovable property, with the authority to dispose of or deal with such property. The Corporation is assigned various functions, including (i) coordinating, monitoring, and evaluating the implementation of policies for SMEs across all sectors; (ii) conducting studies related to SME development; (iii) collaborating with government ministries; (iv) serving as an information hub for SMEs; (v) providing annual reports to the Council; (vi) undertaking promotional activities, promoting cooperation among SMEs, encouraging industrial linkages, and developing human resources within SMEs. Additionally, it has the authority to borrow, grant loans, engage agents and advisers, delegate powers, appoint committees, and establish companies for project management, subject to ministerial and financial approval. Furthermore, the Corporation is mandated to establish and manage the Small and Medium Enterprises Development Fund, which includes contributions from the government, borrowed sums, allocations, earnings from services or projects, donations, and all other funds accruing to the Corporation in relation to its functions and powers.

Full text
English
Website
lom.agc.gov.my