A 20% rebate on the total platform fee to each respective successful SIM Grant applicant. The 20% rebate however will only be applicable for the first RM1 million cumulatively raised on the platform and matched upon approval of SIM grant application; and
Additional crowdfunding support through information sharing sessions and promotional campaigns assistance
Step 1
Write to penjanasegrant@mymagic.my and submit the list of donors (individual and/or organisation) who have requested for tax receipts, together with the details required by MOF, to MaGIC
Details required from the applicant, MOF:
- Identification number (IC) of the applicant (if an individual) or registration number of organisation applying
- A full list of your donor details: Full Name of donors (as per IC), Identification number (IC) for individual donors or Registration Number for Organisation donors, Date of donations (per donor) received and Amount of donations (per donor) received
Step 2
MaGIC will then submit the documents on behalf of the applicant to MOF for processing.
Step 3
After the documents have been processed, SIM Grant applicants can issue tax receipts to individuals or organisations who donated to their initiative/campaign.
The tax receipt issued to the donor must* contain:
- Full name of the donor (as per IC)
- Identification number (IC) of the donor (if an individual) or Registration Number of Organisation donors
- Date of each donation receivedReference approval number provided by MOF - (MaGIC will pass this to the applicant)
- Amount of donation received Date of approval received from MOF
Note: The receipt issued must contain all the info above for donors to collect and claim the rebate from MOF, otherwise MOF will not entertain.
Step 4
SIM Grant donors can claim their tax receipt
Please note, the following terms and conditions apply:
Only cash donations received from 1 August 2020 to 31 July 2021 are eligible
The value of the tax rebate is limited to 10% of the donor's aggregate income as stipulated under Section 44(11C) (a)(b) of the Income Tax Act 1967.
All tax rebates are available only for the year of assessment when the donation is made.
The tax incentive is only available to successful SIM applicants, whose application has been approved by the Joint Approval Committee.
Promote inclusive and responsible businesses that create a positive impact on Malaysian society;
Stimulate the private sector and general public participation in seeding and scaling social innovation to deliver impact to society, and in doing so, cultivate ‘Doing Good’ as the new norm; and
Help rebuild the livelihood of communities while cultivating and scaling new innovative solutions for social good.
Innovative solutions in the following impact areas:
Community livelihood
Food security
Health and social wellbeing
Environmental protection
Heritage preservation
Provide direct and/or indirect benefits to target beneficiary groups
Increase the capacity of beneficiaries and/or the social impact businesses themselves
Sustain and support social innovation/solutions and increase the potential to unlock further opportunities, where possible.
Donations, defined as philanthropic or voluntary charity proceeds received without recourse; and/or
Contributions, defined as capital received without recourse to be channeled exclusively to seed and/or scale innovation solutions for the social impact which can include but not limited to:
Direct grant; and/or
Other grant or funds received from validated capacity building programmes
Donations and contributions in-kind are acceptable only for those with measurable value, corroborated with evidence of a transaction. Applicants will be required to submit the relevant documentation during the eligibility check.
Registered corporations in and/or outside of Malaysia;
Registered not-for-profit organisations in and/or outside of Malaysia; and/or
Verified individuals in and/or outside of Malaysia
Step 1 - Eligibility screening process
Step 2 - Due diligence process, followed by the Technical Review Meeting for evaluation, and approval of the applicant by JAC;
Step 3 - Documentation and grant disbursement
Crowdfunded at least 80% of the amount of grant to be applied for; and
Has eligible sources of capital, raised effectively from 1 July 2020 onwards, defined as those received from private registered entities, which includes:
Registered corporations in and/or outside of Malaysia;
Registered not-for-profit organisations in and/or outside of Malaysia; and/or
Verified individuals in and/or outside of Malaysia
However, excludes those sources of capital received directly and/or indirectly from Government and/or Government-related entities such as Government agencies and regulatory bodies funded directly by the Government of Malaysia
Provides innovative solutions in following impact areas: (i) community livelihood, (ii) food security, (iii) health and social wellbeing, (iv) environmental protection and (v) heritage preservation
Provide direct and/or indirect benefits to target beneficiary groups
SE accredited under the SE Accreditation programme
There shall be a maximum allocation of 30% of the overall SIM Grant, i.e. RM3 million, available for accredited SEs.
Required to register as a SE Basic with MaGIC, under the SE.Accreditation Programme;
Has a clear social or environmental goal;
Is equipped with a sustainable business model for long term impact, e.g. more than 30% of the total annual revenue is earned as opposed to contributions or grants
Allocates a significant amount of resources towards achieving their social or environmental goal by fulfilling one of the following:
At least a 30% workforce from the target beneficiary group
Minimum 15% of business costs is spent on achieving an environmental mission or channeled towards providing income, training and/or subsidised goods/services to target beneficiaries group
At least 30% of profits distributed back to business operation to achieve social/environmental mission
A clear plan to address social and/or environmental issues;
Clear target beneficiaries; and
Established a minimum viable product/structure.
Intended project or business plan
A cash flow projection (for grants above RM50,000 - minimum 3 years), with details of costs to be incurred and other relevant information for satisfactory evaluation. For grant above RM50,000 a minimum of 3 years is required;
A detailed breakdown of the utilisation of proceeds (both crowdfunded portion and SIM Grant), with details of tranches for application above RM50,000
A list of impact indicators to track the progress of the intended project
A detailed implementation plan including but not limited to timeline, tracking mechanism of impact and milestones
Historical track record (where available)
Credentials of the management team and/or promoter.
Significance of the impact area in relation to SIM Grant’s target impact areas
Level of originality, disruptiveness and/or extent of incremental change the solution provides relative to the impact area.
At least 70% spent and/or invested in creating a clear and measurable impact for the target beneficiaries - to show evidence of how each RM1 will create impact and how it leads to impact indicators
At least 5% on marketing and/or promotional activities for the initiative
The extent of viability with key milestones in the proposed business plan/solutions to address challenges identified within the impact area
Reasonableness in financial projection, including assumptions adopted and clear timeline in achieving milestones identified
At least 2 indicators in measuring impact created
The relevance of indicators to impact area and utilisation spending
Potential to scale the solution, considering the sustainability of the business model
Level of performance via historical track record, credentials and/or reference from independent and verified parties
The eligibility check will be completed within 5 working days. Applicants will be notified of the results via email.
The applicant will submit their proposal via an online platform within 5 working days, containing: (i) their project/business plan; (ii) a cash flow projection (for grants above RM50,000 - minimum 3 years); (iii) breakdown of the utilisation of proceeds (of both funds crowdfunded and grant amount); (iv) impact indicators to track progress; (v) detailed implementation plan; (vi) historical track record (where available) and (vii) team credentials;
Upon submission, due diligence will commence, lasting approximately 14 working days*;
As part of the due diligence process a TRM is held where the applicant will present their proposal to experts followed by a Q&A session;
The TRM and JAC will convene at predetermined dates to review applications** based on the following criteria: (i) novelty of innovation; (ii) effectiveness of proceeds utilisation; (iii) feasibility of proposal; (iv) scalability of impact and (v) capability of management team/promoter.
Applicants will be informed of the JAC’s decision via email within 5 working days.
Applicants will provide evidence of crowdfunded amount received
Sign an agreement with MaGIC outlining the required deliverable and/or milestones (if any), as well as terms and conditions attached to the SIM Grant
Wilful misrepresentation of information during application;
Involvement of fraud or money laundering activities; and/or
Massive drift or significant changes from the intended objectives and outcome as represented during application.
2 tranches for matching grant amount between up to RM200,000
3 tranches for matching grant amount more than RM200,000 and up to RM500,000