Business Regulations & Support System

Flashcards about business regulations and support systems for entrepreneurs.

Business Regulations

Laws or rules prescribed by the authority that governs business organizations, ensuring businesses are conducted ethically and serving as a control mechanism by the government.

Three main categories of Business Regulations

Approval & Licensing, Employment Policies & Regulations, and Taxation.

Examples of Licenses and Permits needed for Manufacturing Businesses

Manufacturing License and Trade License

Examples of Licenses and Permits needed for Nursery Businesses

Trade License, Food Handling attendance from Persatuan Tadika Malaysia, and TY2 Injection for Owner and Workers

Key aspects covered under Employment Policies & Regulations

Employment Act 1955, Employer Provident Fund, Social Security Organisation, Occupational Safety and Health, and Employment of Foreign Workers.

Examples of different types of Taxation

Company Tax, Personal Tax, Sales Tax, and Service Tax

Business Support System

Aid or assistance provided by the government and other private agencies to existing and new entrepreneurs to help entrepreneurs to start a new business or to develop an existing one.

Types of support within a Business Support System

Financial Support, Marketing Support, Information Assistance, Advisory Services, Extension Support, Research & Development, Technical & Technological Support, Entrepreneurs & Management Training, and Infrastructure Support.

Role of Tabung Ekonomi Kumpulan Usaha Niaga (TEKUN)

Provides assistance in the form of financing schemes such as small loan and medium loan schemes.

Role of Malaysian External Trade Development Corporation (MATRADE)

Informs entrepreneurs if there are any business opportunities internationally.

Role of Malaysian Industrial Development Authority (MIDA)

Provides information on business opportunities such as investment and trade to manufacturing and service sectors.

Services offered by Malaysian Palm Oil Board (MPOB)

Technical Advisory Services.

Role of Malaysian Palm Oil Board (MPOB) in Research & Development

Develops quality products using the latest technological advancement.

Role of Majlis Amanah Rakyat (MARA)

Provides training and guidance to entrepreneurs i.e. soft skills and technical knowledge.

Services offered at the Malaysian Academy of SME & Entrepreneurship Development (MASMED)

Offers services such as training, education and consultancy to entrepreneurs.