THE BENEFITS OF MYCOID ARE:
- To facilitates the members of the public especially the corporate and business community, through the usage of a single corporate identity number for multiple transactions with the Government, the public will no longer be burdened with several different references number by different agencies.
- Enhances the efficiency of transactions between the Rakyat and the relevant Government agencies. The usage of a single reference number will reduce the time taken for Government agencies to do cross referencing, thus enabling Rakyat-Government transactions to be carried out more expeditiously. The increase of efficiency would ultimately translate into the reduction of costs and increase of productivity.
- Enhances inter-agency interactions. The MyCoID will facilitate and enhances the interactions between all Government agencies for the purposes of data verification, data input, data updating, information exchange as well as enforcement.
- Serves as vital basic component towards the development of a fully automated system which enables a company to simultaneously register with the relevant agencies upon incorporation. The usage of a single corporate identity number serves as a foundation and paves the way towards revolutionising the company registration processes with the relevant agencies in Malaysia. In phase 2 of the MyCoID, the Government with SSM as the lead agency will enhance the existing concept beyond mere usage of a single corporate identity number. The potential of MyCoID will be maximised towards consolidating the process of incorporation in SSM and registration with the relevant agencies via automated system, MyCoID system. Incorporation of a company and registration with the relevant agencies will be able to be carried out in a single touch point. The development of MyCoID System possesses strategic implication to the domestic business environment and the country as a whole as an international business destination.
- Elevates the national corporate and public service delivery system in the 21st century corporate environment. The MyCoID system is set to shape the future trend of carrying out business in Malaysia which is based on the concept of facilities, speed, and efficiency with ICT being the catalyst.
- The MyCoID project is also consistent with the 1Malaysia concept propounded by the Honourable Prime Minister which emphasizes on facilitating the citizen and high performance of the public service delivery system.
- To facilitate the World Bank requirement of one day company's registration and incorporation.
- To spearhead the Malaysian economy towards the globalisation and to attract foreign investment as the process of doing business and corporation is at ease and simplified.