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Partnership

What is Partnership?

Partnership registration is the common and legal business structure option in Malaysia. Partnership is governed by Companies Commission of Malaysia (Suruhanjaya Syarikat Malaysia) and Registration of Businesses Act 1956.
A Partnership is a business owned by two or more persons but not exceeding 20 persons. Identity card name can’t be used as business name. To register a Partnership, the business owner must be Malaysian citizen or permanent resident. Foreigner and corporate legal entity are not allowed to register Partnership in Malaysia.
Unique features of a Partnership like fast and easy registration, no corporate tax payments, less formal business requirements, winding up easily and lowest annual maintenance (Compare to other business vehicle such as Private Limited Company (Sdn. Bhd.) or Limited Liability Partnership).
It is suitable for 2 or above newly start-up business partners to try their new business strategy or explore into new market. Business owners may subsequently transform their business into Private Limited Company (Sdn. Bhd.) if they feel their businesses are stable/ aim to do bigger business. Partnership will transform to Sole Proprietor if there is only one partner remain in the business.
 

Procedures for Partnership Registration

All business owners must visit Companies Commission of Malaysia (SSM) personally to register their Partnership. Secretarial firms are not able to register Sole Proprietor / Partnership on behalf of business owners/partners.
Business owners shall personally visit Companies Commission of Malaysia (SSM) too if they wish to change their business details / renew or close their Sole Proprietorship and Partnership (It can be done by any one of the partners). As such, we are not able to help you register your Sole Proprietor or Partnership on behalf in Malaysia.
The following are the procedures to register Partnership in Malaysia:
Complete SSM Form Conduct Name Search Pay Annual Fee Your Company Is Ready
You need to visit nearest SSM with your photocopy IC and fill in the business registration form. It can be obtained at SSM counter SSM officer will check on availability of your proposed business name Once everything confirmed, you need to pay your annual fee as follow:
a)      Trade name – RM60 per year
b) Branch (s) – RM5 per year each
The business registration certificate can be obtained at SSM counter within 1 hour after payment made
START IMMEDIATELY IMMEDIATELY CONGRATULATIONS
 

Information Required for Partnership Registration

  • Copy of business owner identity card (I/C) of all partners
  • Proposed business name
  • Proposed nature of business of the proposed business
  • Proposed business address
 

Advantages of Partnership

There are multiple reasons to choose Partnership:
Share Responsibility No Corporate Tax Payments Lowest Annual Cost
Partners can share the responsibility of the running of the business. This will allow them to make the most of their abilities. Rather than splitting the management and taking an equal share of each business task, they might well split the work according to their skills. Partnership is not a legal entity; all its chargeable income will be taxed at all partners personal income tax. Compare to Private Limited Company (Sdn. Bhd.) and Limited Liability Partnership, Partnership has the lowest annual maintenance cost when you involved 2 or more partners.
Less Formal Business Requirements Winding Up Easily Minimum Entry Requirements
Most of the Partnership are micro or small business owners, there are lesser rules & regulations need to be complied by Partnership (e.g. Exempt from preparing audited report). You can visit SSM to close your Partnership immediately or your Partnership will be closed automatically if you did not pay your annual fee on time. Partnership is the most common and simplest business vehicle in Malaysia when you involved 2 or more partners, any Malaysian citizen or Permanent Resident can register it themselves easily.
 

Factors to Consider in Partnership Name Selection

The name of your company is very important. It is the first impression to your buyers, suppliers and stakeholders. It should, therefore, be relevant, suggestive and attractive. There are various factors that you should keep in mind while naming for your company
Short & Simple
The name should be concise and not be too long. People should be able to pronounce it easily and they should be able to remember your company’s name the first time they hear or read it.
Meaningful
The name of your company should be related to your business. It should fit the company’s branding and corporate identity.
Unique
Name of your company should not be same or identical to an existing company or trademark. You can go to www.ssm-einfo.my to check if your company name is identical to others. You should ideally avoid plural or changing just letter Case, spacing or punctuation marks in an existing company name.
Should not be illegal / offensive
The name of your company should not be against law. It should not be abusive or against the customs and beliefs of any religion.
 

What We Can Help You?

We are one of the recognized accounting firm located at Johor Bahru (Johor) and Penang Island (Penang), Malaysia that provide one-stop financial report compliance services, which includes bookkeeping, accounting, company secretarial services, tax preparation services, business consultancy and etc.
Our group of companies include licensed Secretarial Firm that registered with Chartered Secretaries Malaysia (MAICSA) in Johor Bahru (Johor) and Penang Island (Penang), Malaysia. This allow company (e.g. Sdn. Bhd.) registered in Malaysia engage us as their company secretary to assist them in compliance with Malaysia statutory requirements.
Our experienced staff will assist client with:
  • Act as named company secretary for your company to communicate, prepare, submit of statutory returns with the Companies Commission of Malaysia (SSM) in compliance with statutory requirements under Companies Act 2016.
  • Prepare resolutions required by company board of directors and attend your board meeting if required.
  • Prepare your company financial report compliance with Malaysia rules and regulation, include GST, MPERS, MFRS and etc.
  • Provide professional advice related to your business set up, operation and Malaysia rules compliance, include company incorporation, accounting, payroll and etc.
Talk to Us Now
 
 

L & Co Plt.

Johor
18A & 20, Jalan Sasa 2, Taman Gaya, 81800 Ulu Tiram, Johor, Malaysia.
Tel +607-859 0410
Fax +607-863 1003
Penang
S1-3, 1-21-01, Suntech @ Penang Cybercity (1575), Lintang Mayang Pasir 3, 11950 Bayan Baru, Penang, Malaysia
Tel +604-377 7075
Fax +604-619 2699
 
     

What Our Client Say

     
L & Co always carry their services in professional way – well planning, in time, precise, friendly and professional. While we are stuck with problems, they can always advice us with industrial best practices and their views.
 
YM Tan
ICT Automation (M) Sdn Bhd
www.ict.com.my
 
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