Register a Limited Liability Partnership in Malaysia – LLP Malaysia

What is Limited Liability Partnership (LLP)?

Limited Liability Partnership (LLP) is an alternative business vehicle in Malaysia, which has a combination characteristics of a company and conventional partnership. LLP is regulated under the Limited Liability Partnerships Act 2012. The main highlight of LLP is it offering limited liability to LLP partners in Malaysia and have flexibility in internal management.

Who can set up LLP?

The LLP business structure is designed for all lawful business purposes with a view to making a profit. LLP may also be formed by professionals such as Lawyers, Chartered Accountants and Company Secretaries for the purpose of carrying on their professional practice.

The LLP concept will also support start-ups, small and medium enterprises (SMEs) to grow their businesses without having to worry too much about their personal liabilities, personal assets and strict compliance requirements.

Precisely, LLP is suitable for the following business groups to carry on their business:

• Professionals (Lawyers, Accountants & Company Secretaries)
• Small & Medium Enterprises
• Joint ventures
• Venture capitals

Our work scope for LLP setup service includes the following:

• Advise and render assistant on registration of Compliance Officer and your LLP vide MyLLP Portal.
• Give guidance to the Partner who acts as Compliance Office to activate MyLLP account at SSM Office.
• Conduct name check for availability of LLP name. RM30 per name search application.
• Free of charge one (1) name search application.
• File Name Search Application and reserve the approved name.
• Appointment for two (2) LLP partners.
• Registration fee of RM500.00 payable to SSM.
• Prepare and submit Registration documentations for LLP.
• Drafting of standard Partnership Agreement subject to an extra fee of RM800 (optional).
• Stamp duty for two (2) sets of Partnership Agreement payable to Stamping Office (if Partnership Agreement is drafted)
• Prepare resolution to open one LLP bank account.
• Corporate Information Report
• LLP Certificate of Registration from SSM.
• Printing & stationery, traveling expenses, telephone and other out-of-pocket expenses.
• Consultation and advisory services for LLP registration.
• Professional advice on statutory and /accounting matters.
• Ensure compliance on LLP under the LLP Act.
• Keep inform or update via email or call on compliance matters.

Steps to Register a LLP in Malaysia

Registration of LLP will take about 4 working days or less provided no system disruption occur during the submission of registration documents to MyLLP Portal:

• You are required to fill up LLP Registration Form or email the required information to us.
• We will check the availability of the LLP proposed name and revert to you soonest possible.
• We will then assist the partner(s) who is acting as Compliance Officer to register an account with MyLLP Portal upon full payment of LLP setup fee is paid.
• Partner who acted as Compliance Officer is required to present at SSM office to verify and activate the account for accessing MyLLP Portal.
• Upon account activation, we will then submit the name search application for approval via MyLLP Portal.
• Once the approval of proposed name is obtained from SSM, we will proceed to prepare the complete set of registration documents.
• Thereafter arrange documents be signed by all partners and compliance officer. Documents will not be witnessed by us provided it is signed in the presence of us.
• Submission for registration of LLP will then proceed to SSM.
• Arrange LLP agreement to be stamped at Lembaga Hasil Dalam Negeri.
• SSM issue digital LLP Certificate of Registration.
• Upon LLP registered, a complete set document will be emailed to you such as a digital copy of LLP certificate of registration, corporate information report and other documents.

MyLLP Portal Launch and Upgraded - 13 Nov 2015

The Companies Commission of Malaysia (SSM) has recently upgraded the MyLLP customer portal which can be accessed at https://myllp.com.my/.

The new portal enables users to register, maintain and purchase information on Limited Liability Partnership entities. With the introduction of new features – online submission of change of LLP particulars, online purchase of LLP certificates & information and etc., registration and management of LLP will become easier. This will save entrepreneurs more costs and time.

To enjoy the benefits offered by Limited Liability Partnership (LLP), which is an easier and cheaper business vehicle in Malaysia, please contact S & F Group at info@sfconsulting.com.my