Thursday, 16 May 2013

Limited Liability Partnership (LLP)

LLP is a new business vehicle in Malaysia. A very good news for all Malaysians and foreign investors who wish to form a partnership in Malaysia. It has some of the features like that of a limited company (sdn bhd) but less complicated to form. It is also a separate legal entity and has limited liability.
I have just started a new partnership with my husband and has formed an LLP recently.
However, we encountered some problems when applying our trading license in DBKK as they say LLP only  applies in West Malaysia and doesn't apply in Sabah. We have filed a complaint to SSM and the misunderstanding has been sorted out.

Steps in registering an LLP in Kota Kinabalu, Sabah:
1. Register online at www.ssm.com.my and make payment of MYR 500.
2. Print out the online notification and go to DBKK to apply for your trading license.

To protect the right of Sabahan, it seemed that one of the partner should be Sabahan. The foreign partners are required to apply for work permit before their names could appear in the trading license.

LLP is required to make annual declaration to SSM whether it is operational or not. The form can be downloaded from the website http://www.ssm.com.my/en/LLP-FormEn. The current fee is MYR 200.

It is fairly simple and easy to understand.




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14 comments:

  1. Lorn Austin16 May 2013 at 05:16

    This is a nice brief post about LLP that is Limited Liability Partnership which is a new business vehicle in Malaysia it is beneficial as it has features like limited company with less complication.

    Lorn Austin

    ReplyDelete
    Replies
    1. YY16 May 2013 at 06:41

      Yes, it is indeed very beneficial esp.to small business owners and foreigners like me. ;-)

      Delete
  2. Unknown31 October 2013 at 18:34

    Hi! nice post. Well what can I say is that these is an interesting and very informative topic. Thanks for sharing.Cheers!

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    ReplyDelete
  3. Anonymous25 November 2014 at 23:59

    Nice blog. i loved this a lot.

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    ReplyDelete
  4. Anonymous8 December 2014 at 01:25

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  5. Anonymous8 December 2014 at 22:16

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    ReplyDelete
  6. Anonymous9 December 2014 at 22:21

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    ReplyDelete
  7. Anonymous9 April 2015 at 05:09

    Thanks for the info. We want to start an LLP in Sabah. One partner is a foreigner (has work pass with different company) and one partner is Sabahan, is that ok? Thanks for your help

    ReplyDelete
    Replies
    1. YY3 July 2015 at 00:53

      Sorry for late response. Yes, it is possible to form LLP when one of the partner is Sabahan. However, the foreigner will have to have a work pass under the PLT. All the requirements to apply for the work pass should be similar to how you apply for the work pass in your current company including copy of the vacancy and application letter (which is kinda weird, since technically it will be your company). Once the application for work pass approved, you have to apply for the EPF and then you can get your trading license from DBKK. Hope it helps. Wish you all the best.

      Delete
  8. YY3 July 2015 at 00:51

    Thank you all for the encouraging comments. :) Sorry for late response. Yes, it is possible to form LLP when one of the partner is Sabahan. However, the foreigner will have to have a work pass under the PLT. All the requirements to apply for the work pass should be similar to how you apply for the work pass in your current company including copy of the vacancy and application letter (which is kinda weird, since technically it will be your company). Once the application for work pass approved, you have to apply for the EPF and then you can get your trading license from DBKK. Hope it helps. Wish you all the best.

    ReplyDelete
  9. rimma rai27 January 2017 at 02:55

    This post will be very useful to us.I like your blog and helpful to me.nice thoughts for your great work.

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    ReplyDelete
  10. Anonymous30 March 2017 at 14:21

    I wanted to thank you for this great read!! I definitely enjoying every little bit of it Smile I have you bookmarked to check out new stuff you post.Territori sotto licenza

    ReplyDelete
  11. Unknown1 March 2018 at 07:52

    I would like to ask is it posssible that i open a cafe with my sabahan friend in sabah and register under LLP? I an not clear how to apply work pass under this case.

    ReplyDelete
  12. Unknown16 March 2018 at 05:25


    One of the best blog for online LLP registration, Thanks for share it.

    ReplyDelete

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