Step by step on how to register for Limited Liability Partnership (LLP) in Malaysia by yourself
How to register for Limited Liability Partnership (LLP) in Malaysia by yourself
One of the main reason people setup LLP instead of conventional partnership, is because LLP is limited liability, whereby the owners are not personally liable for the company’s debts or liabilities. But it does have some downside. For example, the registration cost is a few hundreds more expensive than conventional partnership, and some compliance requirement (you should still be capable to do it yourself even if you do not hire company secretary).
If you have your mind set on LLP, then just follow the process below to setup yours.
- For LLP, you will need to appoint compliance officer. You can pick one of the partners or a third party company secretary to become the compliance officer. The appointed compliance officer will need to go to https://myllp.com.my, click sign up now. When ask for “User Type,” make sure you select “Verified User”.
- Check email and click on the verification link
- Check your email again, then print the following email and bring it to the nearest SSM office within 14 days. Remember to bring along the documents mentioned in the email. Only the compliance officer need to go.
- When you’re at the SSM office, you will be asked to do some verification. Once done, you will be able to login MyLLP with the login and password you created in step 1 earlier.
- Login the MyLLP and click “Check LLP Name availability”, if you which to check if the name you want has been taken by others.
- Then go to “E-Forms” -> “Register LLP” and fill up the details. (I would recommend you to skip ‘Reserve LLP Name’ part to save RM30.) Prepare to pay RM500 by credit card or online bank transfer as prompted by the system.
- Within the next 2-3 days, you should then receive an email that said the LLP registration was approved.
- Login back to MyLLP and click on “Buy Now!” to purchase to following documents:
- Direct Register LLP – Registration of LLP: RM15 (certified copy)
- Certification of Registration: RM20
- LLP Current Profile: RM20
- Certificate of Good Standing: RM50 (optional)
- Go to “My Orders” and you will see the purchased documents there. If you didn’t see anything there, try calling 03-2299 4744.
- Be sure to download the purchased documents within 7 days before it was erased.
That should be it. You should be now be able register a bank account. Remember to lodge an Annual Declaration and Solvency Statement (The 1st within 18 months from the LLP registration date, and thereafter, 90 days from the end of the LLP’s financial year).
Other things that you may need to consider is to setup tax file (LHDN), and employees file (KSWP and SOCSO). If you need any label sticker or printing material for your newly setup business, contact my partner at 017-259 2266 and ask for a quote.