Due diligence visits a must to determine Bumiputera status company's eligibility - Ahmad Maslan

KUALA LUMPUR - The Finance Ministry (MoF) has set that due diligence visits must be conducted to determine whether a company is eligible for Bumiputera status and not solely based on documentation to ensure the authenticity of the company’s status.

Deputy Finance Minister Datuk Seri Ahmad Maslan said the applicant company must meet the criteria set by the MoF before Bumiputera status is granted as a control measure thus, supporting the policy of prioritising Bumiputera companies.

"As of Sept 30, 2023, a total of 108,870 companies are registered with the MoF, including 57,316 sole proprietorships.

"Out of the 57,316 registered sole proprietorships, 27,335 companies or 48 per cent have obtained Bumiputera status,” he said during a question and answer session at Dewan Rakyat today.

Ahmad said the MoF is committed to simplify the company registration process in line with the government’s procurement principles -- public accountability, transparency, value for money, open and fair competition and fair dealing. - BERNAMA