MaGIC publishes legal handbook for social enterprises

  • ‘Legal Compass’ to provide guidance on social entrepreneurship practices
  • To help entrepreneurs navigate grey areas pending more structured policies
MaGIC publishes legal handbook for social enterprises

THE Malaysian Global Innovation & Creativity Centre (MaGIC) has launched its Legal Compass for Social Enterprises, which it described as a handbook that provides legal guidance on the practices of social entrepreneurship in the country.
 
The social entrepreneurship sector in Malaysia is still in the early development phase and one of the challenges it faces is the lack of legal recognition and proper policy structure for running a social enterprise, MaGIC said in a statement.
 
While the agency’s Social Enterprise unit MaGIC SE is working with policy-makers and the Government to affect systemic changes, social entrepreneurs must familiarise themselves and comply with the existing legal framework for establishing and running a social enterprise, it said.
 
Such entrepreneurs should also familiarise themselves with working with specific groups of people such as underserved communities, people with disabilities, and refugees, it added.
 
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“There is no legal recognition for social enterprises right now, and information such as the legal structure relevant for social enterprises is fragmented,” said MaGIC chief executive officer Ashran Ghazi.
 
“We hope this publication will provide social entrepreneurs with the information they need to navigate the legal system and highlight the need for policies to support social enterprises,” he added.
 
The Legal Compass covers seven subjects, including choosing a legal structure, employer obligations, minimum wage policy, and others.
 
The launch of the handbook is in line with the three-year plan outlined in the Malaysian Social Enterprise Blueprint 2015-2018, which was launched in 2015.
 
The blueprint identified three main building blocks in social entrepreneurship: Social enterprises and social entrepreneurs; the ecosystem itself; and institutions including public and private players.
 
The four legal firms involved in putting together the Legal Compass are MahWengKwai & Associates, Zain & Co, Chooi & Company and Zaid Ibrahim & Co.
 
Five social enterprises that contributed to the steering committee are Biji-biji Designs, 100% Project, Kakiseni, Mangochilli and The Nasi Lemak Project.
 
To request a copy of the Legal Compass, go here.
 
Related Stories:
 
Malaysia unveils social enterprise blueprint
 
Sustainable social start-ups and the ecosystem
 
Goodtizens acquires social enterprise startup Start Now for US$380K
 
 
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