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Apply up to RM5000 matching grant now

Apply up to RM5000 matching grant now, under SME Digitalisation Initiative

GREAT NEWS! Flexsoft is now endorsed by MDEC for SME Digitalisation Initiative, and you may now apply for 50% matching grant, up to RM5000 when you purchase a software for your business, here below are the details from BSN website, with links provided at the end of article (Source and credits go to BSN).

Getting tired of doing routine operations manually? Now’s your chance to get your business digitalised! In conjunction with Budget 2020, The Ministry of Finance (MOF) is now giving grants to Small & Medium Enterprises (SME) to adopt Digitalisation in daily operations.

Features of Grant
» Grant amounting up to 50% or a maximum of RM 5,000 from total invoice amount.
» Great deals on digital solutions from a wide list of panels listed by MDEC.
» Wide range of digitalisation areas:
i. Electronic Point of Sale System (e-POS)
ii. Human Resource Payroll System (HR) / Customer Relationship Management (CRM)
iii. Digital Marketing / Sales
iv. Procurement
v. Enterprise Resource Planning (ERP) / Accounting & Taxation

SME Eligibility
» The SME is at least 60% owned by Malaysian individuals;
» The SME is registered under the relevant laws of Malaysia and classified as SME;
» The SME has been in operation for at least one (1) year; and
» For SMEs which has been in operation for one (1) year, the SME is required to have a minimum annual sales turnover of RM100,000.00 for the first year; and
» For SMEs which have been in operation for two (2) years or more, the SME is required to have a minimum annual sales turnover of RM50,000.00 for the preceding two (2) consecutive years.

Years of Operation Min. Annual Sales Turnover
1 Year RM 100,000
More than 1 Year RM 50,000 for two (2) preceding consecutive years.

Required Documents
» Completed SME Digitalisation Initiative Application Form.
» Copy of Identity Card or Passport of 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).
» Audited financial statement for the last financial year and the latest management account. (if any) or evidences of sales turnover (if any).
» Company’s bank statement for the last two (2) months.
» Company’s profile (if any).
» Invoice/billing and service agreement from authorized vendor listed by MDEC.
» Any other information and documents as and when required by the bank.

Application Steps
1. The SME must contact and appoint one or more panel of Service Providers to perform any of the digitalisation services available (maximum of 3 panels).
2. The SME must complete and submit the application form together with the required supporting documents to any of the Bank’s branches.
3. Once the SME’s application is approved, the SME is responsible to pay the difference of the total invoice after deducting the subsidized amount granted from the Initiative and to provide proof of payment to any of the Bank’s branches.
4. After proof of payment is provided, subject to the total invoice amount, the Bank will make a direct 50% payment of the total invoice amount or up to RM 5,000.00 to the Service Provider in one lump sum payment or in stages based on the Bank’s discretion

Source and credits: Bank Simpanan Nasional