Hi Folks! It’s been some time since we have updated any news pertaining to MSC Status application cases. As all of you are aware of, the approval process has stopped since May 2018. Now, while most of you were lost in the strong current of chaos, we tried our best to answer you guys with what we know.
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The team at MDEC too had their roadshows and workshops informing applicants on why this is happening and when the estimated timeline of the stoppage may be lifted. Now, we shall not dwell into that as I believe by now, we have gone past that stage.
Many have asked us – So guys, what’s next?
To answer you, while the relevant Government Ministries and Bodies are reviewing the structural changes to the compliance criteria for all applying company and the review criteria for the relevance of companies benefitting from BoG No.5, we believe that all companies who sees themselves confidently owning valuable technology IPs and Shared Services models, you can always start your engagement process now.
Yes, the application process may have stopped temporarily. I have no answers to some of you as to why – even for GBS, when there’s no requirement for IP ownership, MDEC has halted the application on their portal. You may call them directly to inquire.
For us, we have been in this business for so many years. We know that the process does not just resides with the approval. Majority of the time is taken up by the numerous brainstorming sessions between the consultants and the clients when reviewing their solutions, products or services. Even more so with the business plans and expansion plans. That process itself takes up almost 2/3 of the entire time.
So, our advice is – proceed with the engagement process with your own internal team. Draft the business plans and financial plans. Make sure you run the figures correctly and make sure that your solution is a solid one. Should you choose to outsource it to folks like us, you can (a bit of a reverse psychology here, actually, please do engage folks like us as if you do it in-house, the total cost incurred is actually higher than what you all pay us).
When you choose the path of engaging consultants – make sure you have proper documentations to safeguard the process. This is a MUST to ensure that legally, your investment into the consultancy fees are protected.
On top of that, more often than not, upon engaging a consultant, they are left in the dark to do what they are deemed ‘paid to do’. Please bear in mind, consultants play no part in constructing your solution or services.
They are merely there to fine tune your solutions and services to accentuate the positive, the compliance and ensure that everything is in order, NOT by any means, doing the blue prints for you. Thus, please assign a dedicated person to oversee the consultants to ensure everything is in line with what you guys have and ensure that the progress is in accordance to the agreed timeline / milestones.
With that, as and when the stoppage is lifted, in goes officially your COMPLETE set of required information and data. Now, yes, it may be abit different from the previous application processes but it would not differ far.
At least you’d have 100% of the previous befitting into perhaps 80%-90% of what the new structure / compliance requires. The additional steps will take u 10%-20% work rather than to start off with needing 120% of work.
Hope that helps. Feel free to drop us a note via firstname.lastname@example.org or call us at 03.5624.0066