Frequently Asked Questions

The Star Outstanding Business Awards 2023 is established to promote excellence and stimulate positive competition, showcasing achievements attained by outstanding businesses. In addition, SOBA 2023 aims to:

• To recognise the role and contributions of outstanding local businesses towards the nation and the economy;
• To motivate and inspire home-grown businesses to aim for productivity thus excellence in their products and services;
• To celebrate and highlight the achievements of local enterprises that have contributed to the growth of the community; and
• To inspire and encourage local businesses to promote Malaysia and showcase its products and services to the world.

SOBA is unique because the awards are not sectoral in nature and SOBA has unearthed credible trailblazers in the Malaysian business community for the past 13 years.

Since inception, over 600 awards have been presented till date and SOBA has been meticulous in selecting their awardees every year. Particular attention will be given to local businesses that export their products or services, as they help to promote Malaysia as a global centre of commercial excellence. It is envisaged that those who are awarded The Star Outstanding Business Awards 2023 are looking towards listing on Bursa Malaysia in the not too distant future.

The awards are further sub-categorised into companies that have sales turnover of up to or RM25 million & above respectively. This is to recognise the achievements of upcoming small-medium businesses and start-ups as they compete on a level playing field in the awards.

There are eleven (11) awards in two (2) broad categories, but you may apply for more than one category.

Top-Of-The-Class Awards (up to RM25mil turnover & RM25mil & above turnover)

• Best Brand
• Best in CSR
• Best in Customer Service
• Best in e-Retail
• Best Employer
• Best Green Initiative
• Best Halal Product/Service
• Best Innovation
• Best in Marketing
• Best in Retail
• Best Use of Technology

Outstanding Achievement Awards

• Rising Star
• Entrepreneur of the Year (Male / Female / Young )
• Elite Entrepreneur of the Year
• Malaysian Business of the Year

SOBA Mikro Recognition Award*

Eligibility Requirements

In order to qualify as an applicant for any of the award categories, local enterprises 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 10 November 2023;
• Must submit financial summary for past three (3) consecutive years.
• Must submit full audited financial statements for past three (3) consecutive financial years.
• 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 it is under a different tier.

In order to qualify as a candidate for the 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 10 November 2023; and
• Past grand winners of Rising Star are not eligible to apply.

The Malaysian Business of the Year award is the pinnacle award for SOBA and is awarded under both tiers i.e. one, for the enterprise with sales turnover up to RM25 million and another for the organisation with sales turnover of RM 25 million & above.

No separate application is required to be submitted for this award. As mentioned above, the winner of the Malaysian Business of the Year Award will be selected out of three (3) shortlisted participants by the final panel of judges. Shortlisted participants will be identified based on the aggregate of top scores from up to three (3) Top of the Class Awards. Shortlisted participants will be invited to Menara Star (virtually or physically) to present before the panel of judges in English / BM Language.

The winner is generally the best in the market with an exemplary track record in most areas.

Judges are selected from our Strategic partners and are highly reputable business savvy figures or who are esteemed individuals held in high regard. The judges are grouped into several panels to ensure there is an avenue for cross-checking and sharing of views to moderate discussions.

Panel of judges is made up of representatives from Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM), ASEAN Retail-Chains & Franchise Federation (ARFF), Branding Association of Malaysia (BAM), Dewan Perniagaan Melayu Malaysia KL (DPMM), The Federation of Malaysia Chinese Commerce Association (FEMACCA), JCI Malaysia, Malaysian Associated Indian Chambers of Commerce and Industry (MAICCI), Malaysian Digital Association (MDA), Malaysian Employer Federation (MEF), Malaysia Retail Chain Association (MRCA), The National Tech Association of Malaysia (PIKOM), Malaysia Entrepreneurs’ Development Association (PUMM).

Final entries submission ends on 10 November 2023.

For each award category application, a non-refundable processing fee of:

• • RM300 submission fee for company with sales turnover up to RM25 million; or

• • RM500 submission fee for company with sales turnover of RM25 million & above;

• • RM1,100 submission fee and one CEO’s seat at SOBA 2022 Gala Night for company with sales turnover up to RM25 million; or
  • RM1,300 submission fee and one CEO’s seat at SOBA 2022 Gala Night for company with sales turnover of RM25 million & above

Payment medium is only via Online Transfer or Cash Deposit, payable to STAR MEDIA GROUP BERHAD Bank details :

Account name: STAR MEDIA GROUP BERHAD
Account number: 312143597238
Bank name: Standard Chartered Bank

*Apart from the application fee, there are no additional charges. Star will offer tables for sale along with related marketing items like the Supplement Kit. While purchasing dinner tables is not mandatory, participants are encouraged to show support for the company by considering the purchase of tables in the event of their victory.

Participants are given the opportunity to avail themselves of advertising space in the SOBA supplements. These supplements will be distributed during the Awards Night ceremony, and an additional supplement will be published after the event. Both supplements will be made available in both print and digital formats, appearing in the National Edition of The Star newspaper and online portals.*

The announcement of results will exclusively take place during the Gala Night ceremony. The Organiser will not disclose any information beforehand. It is highly encouraged for all participants to attend the Awards Night ceremony.

SOBA Gala Night is scheduled to take place in March 2024, and further details regarding the venue and exact date will be revealed closer to the event.

1. Free advertising space* in Star Media Group platform
   Winners
   Top-of-the-Class Awards
   Platinum winners : RM 50,000 worth of ad space ( print & online)
   Gold winners : RM 30,000 worth of ad space ( print & online)
   Silver winners : RM 20,000 worth of ad space ( print & online)
   Outstanding Achievement Awards
   Grand Winners : RM 50,000 worth of ad space ( print & online)
   *Note: Terms and conditions apply. Free advertisement space is subject to 6% Service Tax. The Service Tax has to be paid in order to activate the prize package.
2. Preferential rates for additional ads in The Star carrying the SOBA logo, 988 or Suria
3. Coveted trophy at the Awards Night
4. Use of SOBA logo/monogram on corporate and A&P collaterals
5. Exposure through publicity (print and online)
6. Opportunity to attend and speak at special workshops/talks aimed at helping companies grow and move forward
7. Opportunity to attend and speak at special workshops / talks aimed at helping companies grow and move forward

• Certificate of Merit (Finalists only)
• Opportunity to self check, network with key business professionals and the business fraternity (All Participants)
• Free 1 year digital access to The Star e-paper and China Daily Asia Weekly upon submission to SOBA 2022 Awards (1 per company)

1. In the event of any disputes arising regarding any aspect of SOBA, the decisions made by the Organiser are considered final and binding.
2. All information collected is kept confidential in a safeguarded place and privy to the Organiser. The submissions will strictly only be used during judging sessions.