LLP or Limited Liability Partnership company is a popular choice among business entrepreneurs who intend to set a business with their business partners, but at the same time enjoy the LLC facilities. For setting up this type of business in Malaysia, an owner must sign-up for the myLLP portal Malaysia also known as myLLP customer portal.
This portal was specially developed with an aim to ease new business owners when incorporating a Limited Liability Partnership in Malaysia. Before this portal, the LLP registration process was all manual, time consuming and somewhat bothersome. No matter how complicated the procedures were, it has to be obeyed to let a new LLP business started and get going to Malaysia.
The portal was introduced in 2015, which took over the old process and then onward offered applicants with an easier electronic form to carry out LLP company setup process. The portal gives facilities which include LLP particulars, name proposals, online purchases of LLP certificates etc.
Before going straight into the activities of LLP portal, lets first find out the key benefits of LLP company in Malaysia:
- LLP is an individual legal entity similar to the Limited Liability Company (LLC).
- This trade structure in Malaysia keeps owners away from any personal liabilities and withstand all legal obligations by itself.
- The manifesto of LLP undertakes any possible legal obligations. This means the company keeps full right to sue any individual or other businesses if needed.
- Limited Liability partnership company follows perpetual succession.
- If a partner leaves, quits or cause any alteration in his/her personal state in the company, it doesn’t affect the policy attributes, liabilities and rights of the LLP company in Malaysia.
- the company doesn’t necessarily need to go for any drastic changes.
- No company secretary as such is required that saves excess expenditure.
- LLP business formation offers both the benefits and flexibilities of LLC as well as partnership characteristics.
User Guideline of MyLLP portal Malaysia
From here onward in this piece of writing, we will guide you through the detailed steps of limited liability partnership company (LLP) formation process in Malaysia:
- At the very beginning, one has to google to the myLLP customer portal. To get the access of LLP incorporation form, one has to sign up first. By signing up successfully to the registration fields of MYLLP portal, you will gain access to the contents and services of this government portal.
- During the beginning of registration process, you will get a drop-down option that says User Type. It is strongly recommended to select the Verified User instead of General User option. You will not be able to register LLP if general user is chosen.
- Once the registration process is done, a confirmation mail will be sent to your provided email address.
- Copy and print the confirmation mail and bring it along with you during your next visit to the SSM office.
- Visit to your nearest SSM office.
- Take your serial number, and hopefully you will be called at a short time for your tern.
- When called, handover the email confirmation and other recommended papers, for instance IC, to the counter personnel.
- The authorized person will verify your papers and will give you an ID and password, using this you can access to your myLLP portal.
- Once you are finally in, you can first register or reserve your trade name. for reserving the name, you will be charged RM30. The payment can be made through credit card. However, you will get other means of payment as well.
- Once the company name is reserved in MyLLP portal Malaysia, you may need to wait for up to three working days, until next step of registration opens up.
- Once it is active for the next procedure, it asks for company name clarification which was kept at a proposal phase earlier.
- Next the form will lead you to the LLP registration procedures. this generally include the fields for partnership agreement (If any), company address details, and nature of business.
- Next form deals with compliance officer details, which include office name, details, appointment date, address etc.
- Next option is about your LLP partners. This section asks for detail information of partners. You can add as many partners you want and minimum partners has to be at least two.
- Next step is to select the business code the company is undertaking.
- The next step of the portal is the payment procedures.
- An applicant has to pay RM500 as LLP registration charge. The check-out option has multiple payment channels. One can choose any option of his/her preference. The payment gateway is secure and encrypted.
- Once this step is completed, you will get a notification of successful completion.
- A payment confirmation massage will be sent as an email to the applicant’s personal email address.
- Another email is sent to the applicant with a piece of final information that is given during the form fill-up.
- Next, visit to the SSM office for your company registration certificate. You need to fill-up a form for the certificate and submit it accordingly to the counter.
- You again have to wait for at least 3 working days, during which your information will be verified and confirmed.
- The applicant will be notified withing 3 working days for collecting the certificate of incorporation.
- Once notified, the individual has to visit the SSM office one last time and collect the incorporation certificate.
This finalize the whole process of LLP incorporation, where the portal serves the most of the information transections for company registration. It is therefore an appreciable step to introduce a business initiator with the myLLP portal in Malaysia to aid the whole LLP setup process.
It must be noted that, once the ID and password is found from the SSM counter, the SSM has multiple computers. Once can proceed the login and further setup process from those computers if he/she likes. It is however advised to fill up the forms from your home pc if possible. It keeps yourself relaxed and fill up the information without any mistake.
Often there is a complain that filling up forms for MyLLP portal Malaysia from SSM computers often shows lag and payment conformation of name reservation takes longer time to get approvals. So, to avoid such unfortunate latency, it is recommended to complete the form fill-up process using personal computer.
What is MyLLP portal?
It is an online website, also known as MyLLP customer portal, introduced by Malaysian corporate authority to facilitate clients regarding incorporation of LLP business. The portal also enables an applicant to register, maintain and purchase information on LLP Entities. The site also gives regular news & announcements relevant to LLP business terms, conditions and government updates.
What is LLP?
LLP stands for Limited Liability Partnership. A business structure that follows partnership strategy and also have limited liabilities implied on partners. It therefore can exhibit elements of partnerships and flexibility of corporations.
Which business structure is convenient LLP and Sdn Bhd?
LLP is more convenient as unlike SdN Bhd, this business structure is lesser complex, cheaper and less compliance requirements, but has the same flexibility of Sdn Bhd.
What is the charge for company name reservation?
You will be charged RM30 for company name reservation that has to be paid via electronic payment gateways in myLLP portal.
How much I have to pay for LLP registration?
RM500 has to be paid through electronic payment gateway of myLLP portal at the end of the online form registration formalities.
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