Entry Requirements

To qualify as an applicant for any of the award categories, participants must comply with a set of requirements. Each of the categories listed below have different requirements.

ALL AWARDS

*excluding the awards listed below

In order to qualify as an applicant for any of the award categories other than the one listed below, local companies must meet the following requirements:

Not part of a multinational* group;
Not a listed entity**;
Incorporated in Malaysia in accordance with the Companies Act, 2016^;
Foreign equity holding does not exceed 50%*;
Company has not submitted any proposal for initial public offering (IPO) up to the closing date of SOBA which is 11 November 2024;
Must submit financial summary for past three (3) consecutive years.
Must submit full audited financial statements for past three (3) consecutive financial years^^;
It is mandatory for Halal certificate(s) to be furnished (for Best in Halal Product/Service category only)
Companies that have won the Platinum Award three years in a row in the same category shall observe a one-year cooling off period before applying for that category again.
Immediate past Malaysian Business of The Year Award winners shall observe a 2 years cooling off period by not participating in SOBA unless different tier.

In order to qualify as an applicant for Rising Star Award, local companies must meet the following requirements:

Not part of a multinational* group;
Not a listed** company;
A company duly incorporated in Malaysia in accordance with the Companies Act, 2016;
Foreign equity holding does not exceed 50%*;
Must submit latest full audited financial statements or management accounts;
Have been in business operations [either as sole proprietorship, partnership and/or company] for less than three (3) years at the closing date of the SOBA which is 11 November 2024; and
Past grand winners of Rising Star are not eligible to apply.

ELIGIBILITY REQUIREMENTS FOR RISING STAR AWARD

ELIGIBILITY REQUIREMENTS FOR ENTREPRENEUR OF THE YEAR AWARD

(MALE / FEMALE)

In order to qualify as an applicant for Entrepreneur Of The Year Award (Male or Female), local companies must meet the following requirements:

He/ She must be a Malaysian citizen running the company which is registered in Malaysia in accordance with the Companies Act, 2016.
Individual must be an owner / shareholder who is mainly responsible for the recent performance of the company that is at least three (3) years old.
Must submit financial summary for past three (3) consecutive years.
Must submit full audited financial statements for past three (3) consecutive financial years.
Past winner of Entrepreneur of the Year (Male category) or (Female category) shall observe a one –
year cooling off period before applying for the same category.
He must be at the age of above 35 by 11 November 2024.

In order to qualify as an applicant for Entrepreneur Of The Year Award (Young), local companies must meet the following requirements:

Individual must be a Malaysian citizen running the company which is registered in Malaysia in accordance with the Companies Act, 2016.
Individual must be an owner / shareholder who is mainly responsible for the recent performance of the company that is at least three (3) years old.
Must submit financial summary for past three (3) consecutive years.
Must submit full audited financial statements for past three (3) consecutive financial years.
Past winner of Entrepreneur of the Year (Young) is not eligible to reapply for the sub-category but
may apply for the Entrepreneur of the Year (Male or Female) sub category if the requirements above are met.
Individual must be at the age of 35 and below by 11 November 2024.

ELIGIBILITY REQUIREMENTS FOR ENTREPRENEUR OF THE YEAR AWARD

(YOUNG)

NOTES

* Multinational refers to foreign-owned companies and brands with operations in multiple geographical locations. Malaysian-owned companies operating in multiple geographical locations are eligible to apply.

* Where the business is a franchise, the Franchisor, not the Franchisee, should apply. The Franchisor should be Malaysian.

** Not public-listed companies on Bursa Malaysia Stock Exchange or public interest entities including previously listed companies except where the companies have already been de-listed for more than 5 years. Subsidiaries of listed companies are eligible to participate.

^ Companies that are not part of a group (as defined in the Companies Act, 2016) but wish to submit their entries as a proforma group (i.e. consolidating the financial results of the companies) are only qualified to participate as a proforma group provided that each of the said companies: Operates under 1 (one) similar brand; and Has the same individual shareholder(s) who hold(s) more than 50% shareholding of each of the companies that wishes to participate as a proforma group.

^^ wishes to participate as a proforma group. ^^ Participants who are unable to provide the full audited financial statements may wish to only submit the (i) audited statement of financial position (Balance Sheet), (ii) audited statement of comprehensive income (Income Statement), (iii) Statement of Changes in Equity, (iv) Statement of Cash Flow and (v) Independent Auditors’ Report.

# Sole proprietorship refers to a business wholly owned by a single individual using personal name as per his / her identity card or trade name which is registered with Companies Commission of Malaysia (“CCM”) under the Registration of Business Act 1956. Partnership refers to business owned by two or more persons which is registered with CCM under the Registration of Business Act 1956 or the Limited Liability Partnerships Act 2012.

For example, a sole proprietor has registered a business in year 2018 but commenced its business operation in February 2019. In year 2020, the sole proprietor converted his business into a company in accordance with the Companies Act, 2016.

This company is eligible to participate in the Rising Star Award as it has been involved in business operation for less than three (3) years i.e. from February 2022 to November 2024 as at the closing date of SOBA.

Entry Requirements