KUALA LUMPUR (July 29): A total of 4,542 applications to cease operations were processed by the Companies Commission of Malaysia (SSM) between April 1 and July 19 this year, according to the Ministry of Domestic Trade and Consumer Affairs.
According to Deputy Domestic Trade and Consumer Affairs Minister Datuk Rosol Wahid, a total of 278 businesses ceased operations in April, followed by 1,565 in May, 1,595 in June and 1,107 in July.
However, he pointed out that during the same period, the number of new businesses vastly exceeded the number of those ceasing operations as SSM received a total of 82,555 new business applications.
"Whenever the economy is struggling, there would be many who register their new businesses. They may have lost their jobs, so they would look at other avenues to get income.
"This shows that Malaysians are not lazy. When times get tough, they look for other ways to support themselves," he said, addressing a question from Tan Kok Wai (PH-Cheras).
He added that the new businesses mostly comprised e-commerce and online businesses as physical operations were not allowed during earlier phases of the movement control order (MCO) period.
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