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Malaysia is a southeast Asian nation. The country has immense natural resources, huge cultural diversities and strong business opportunities. When we are talking about business, among other business curriculums, starting a Limited Liability partnership in Malaysia remains one of a kind business structure.
Every year thousands of corporate applicants move into Malaysia with a vision of start a company in Malaysia. The country’s authority at the same time allows various business structures so that opportunists never miss their chance of company buildup in this land. Invests therefore have a good number of choices, among which they can choose their company structure.
Following are the popular business structure from where an investor can choose his/her preferred company type during business registration process in Malaysia.
Here in this article we will imply focus on only Limited Liability Partnership company structure in Malaysia. We will try to understand LLP company, its key features, the investors type preferable for this type of company, comparison with partnership company, advantages and limitations and finally some renown LLP company running in Malaysia.
Limited Liability Partnership (LLP) is a business structure which is governed under the Limited Liability Partnerships or LLP Act 2012 in Malaysia. This type of company has both the characteristics of a limited liability company and a traditional partnership business.
As this is a legal business entity, any entrepreneur can choose this business structure in Malaysia. If preferred to make profitable business, this type of business can bring fortune as the company type both includes LLC and partnership company characteristics.
Therefore, professionals from law backgrounds, accounts and finance firms, company secretaries, any types of startups etcetera can consider LLP formation for the purpose of carrying out businesses.
In an addition, with that, this type of setup also goes well with small to mid-size entrepreneurship known as SME businesses. Companies under this particular structure ensures safety of personal assets and business compliance at corporate scenario.
All business personal can choose LLP platform for their company formation. However, the list below listed out target corporate groups which prefers LLP business platform for their business:
LLP company feature has been launched in Malaysia on the month of February 2013. It is an alternative business path that offers flexibility of internal arrangements that company partners carry out through custom agreements.
Limited Liability partnership company comes up with several key features that one must keep in mind before hop into the business. Following are the highlighted features of LLP at a glance:
Following are the mandatory information which you must carry to the SSM in order to proceed for the registration of the LLP in Malaysia:
To register for an LLP company in Malaysia, investors has to meet a list of criteria. Once the criteria are fulfilled, and proper documents are submitted accordingly, it is just a matter of time when SSM in Malaysia approves a particular LLP business. Here are the eligibility criteria of LLP venture in Malaysia:
LLP or Limited Liability Partnership company registration is way cheaper when compared with Private limited business or LLC company registration. When compared it shows that LLP incorporation cost less than half of what a conventional LLC consumes during incorporation process.
At typical condition, LLP formation requires RM 500 as company registration fees. A further RM30has to be paid for company name registration and finally about RM 47.7 has to be submitted to claim for the company certificate.
Therefore, the total registration cost of an LLP should not be more than RM578. Here are the cost evaluation of LLP formation in this country:
To conduct an LLP business in Malaysia owners or partners need to go through some company registration requisitions. Below are the detail steps of limited liability partnership company (LLP) registration process in Malaysia that has to be undertaken first before operating in corporate fields of this nation.
How much I have to pay for opening an LLP in Malaysia?
The cost of LLP company registration is very cheap when compared with other company formation in Malaysia. It should not cross more than RM580 for the whole registration process.
At least how many partners are needed for LLP formation in Malaysia?
Minimum 2 partners have to be available for LLP company formation.
How much fees SSM takes for the company certificate preparation of LLP?
A cash payment of RM 47 has to be paid to the SSM for issuing an LLP company certificate.
Do I need to hire a company secretary for LLP?
Not necessary. As LLP is free of statutory formalities or relevant formalities conducted by the company secretaries in a typical LLC companies, secretary is not needed.
What are the 5 major types of business categories in Malaysia?
Main types of company formation in Malaysia are:
For business setup: