FAQ | Suruhanjaya Syarikat Malaysia (SSM)

FAQ

No.	Question	Answer
1	Where can complaints on companies/businesses be made?	Any complaints on companies or businesses can be made at the Surveillance Section, Level 10, Putra Place, Kuala Lumpur (SSM Head Office) or any nearest SSM state office.
2	How can a complaint be made?	A complaint can be made in person at a SSM office, in writing or via E-Complaints on the SSM website.
3	Does a company/business need to display its signage and registration number?	Each company needs to display its company name on the exterior of each office or location where business is conducted. For a registered office, the words ‘Registered Office’ must be displayed on the exterior of the registered office as per the requirements of section 121(3) of the Companies Act 1965. All registered businesses must display a signage with the name and registration number of the business on the exterior of each location of business pursuant to Rule 13A(1) of the Registration of Businesses Act 1956.
4	Does the Business Registration Certificate need to be displayed?	Yes, the Business Registration Certificate needs to be displayed at a place where it is easily seen at the main office of the business and each branch office of the business as per the requirements of section 11A of the Registration of Businesses Act 1956.
5	Where can an application to obtain a company auditor license be made?	The application has to be made at the Ministry of Finance Malaysia.
6	How to register a new audit firm?	To register a new audit firm, Form 5 (Return of Partners of Firm of Auditors) has to be filled in completely and lodged with SSM together with the following support documents: A copy of the letter of approval for the name of audit firm from the Malaysian Institute of Accountants (MIA). A copy of the letter of approval in relation to the approved licence from the Ministry of Finance Malaysia. Registration fees for a new audit firm is RM500.00 and RM5.00 for each certified copy of Form 5.
7	What is the time period allowed for submission of Form 5 from the date a change was made?	Pursuant to Regulation 8A of the Companies Regulations 1966, Form 5 must be lodged within 30 days from the date of a change was made.
8	What are the applicable fees for lodgement of Form 5?	No fees are applicable.
9	Can lodgement of Form 5 be done at state offices?	Yes, but direct lodgement with the Auditor Monitoring Unit at the SSM head office is encouraged to avoid delay in processing.
10	Does official notice need to be lodged with SSM for resignation of a company auditor?	No, notice only needs to be lodged when a company auditor has been dismissed.
11	Who can apply to obtain company and business information?	Anyone can apply provided that the prescribed fee is paid beforehand to: Check any document that has been filed or registered with SSM, except for documents that have been disposed according to provisions under the Companies Act 1965. Apply for a copy or excerpt of any document that is allowed to be checked.
12	How to make an application for information?	Application for information can be made by: An official search at the counter of any SSM office. Applications to check files, print computer and business information, search documents (via the IDAMAN system) and copy documents can be made by completing the relevant forms that are available at the counter. Services to supply certified or uncertified copies of documents are available. Written application Letters applying for information must clearly state the documents required and the full name of the company or companies. To make purchases via post, please forward applications to the following address: Companies Commission of Malaysia Level 2, 10-18, Putra Place, 100 Jalan Putra, 50622 Kuala Lumpur (Attention: Information Services Section) Payment for purchases of information via post can be made using money order or bank draft payable to the Companies Commission of Malaysia (or Suruhanjaya Syarikat Malaysia). E-info. Visit SSM’s website (www.ssm.com.my). Click on “SSM e-Info” service and register as a user. Conduct transactions according to information preferences. Payment can be made via prepaid or credit card.
13	What information is available in company and business information complete printouts?	Details of information contained in the computer printouts are as follows: A. Printout of Company Information Company Details Name of company Company number and ‘check digit’ Old name of company Date of name change Type of company Date of incorporation Status of company Registered address Nature of business Capital Details Authorised capital Issued capital Director and Officer Details Name and address IC or passport number Position Date of appointment Shareholder Details IC, passport or company number Name Number of shares B. Printout of Business Information Business Details Name of business Main business address Business registration number and “check digit” Date of commencement of business Date of registration Date of termination of business Date of change (details) Expiry date of current Business Registration Certificate Nature of business Branch Details Number of branch offices Address of branch offices Current Owner Details Name Residential address IC number Date of birth Race Sex Position Nationality Date of entry Past Owner Details Same as Current Owner Details and additional: Date of withdrawal Reason for withdrawal
14		Payment counters on Level 13 of SSM’s head office are open for transactions relating to company services. For transactions relating to business services, registration can be done on Level 2, purchase of business information on Level 13, and obtaining business information by government agencies on level 12. Other than the head office, customers can also conduct transactions at any counter of the nearest SSM state office. Schedule of Counter Services Payment transactions Payment can be made in cash, bank draft, money order and postal order. Please refer to Public Announcement No. 1 Year 2003 (Supplement). The contents include: Payment has to be made payable to the Companies Commission of Malaysia (or Suruhanjaya Syarikat Malaysia) / Registrar of Companies Malaysia / Registrar of Businesses Malaysia. Payment made payable to the Office of the Registrar of Companies / Office of the Registrar of Businesses will not be accepted. Cheques will only be accepted if issued by a management company/firm, audit firm, law firm, accounting firm, secretarial company/firm (secretariat) or other such companies/firms that are approved by SSM (Public Announcement No. 1 Year 2003 (Supplement)). Conditions:- Details of the address of the company/firm, telephone number and name of the officer/firm to contact must be written on the back of the cheque. A cheque that is issued by the said company/firm. Personal cheques will not be accepted. Companies/Firms that issue a non-valid cheque will be blacklisted. The system can only accept up to a maximum of 5 postal orders. Cheques will not be accepted as payment for the following transactions: Any payment transactions under the Registration of Businesses Act 1956 and the Registration of Businesses Rules 1957. Incorporation of a local company or registration of a foreign company. Increase in authorised capital for a local or foreign company. Payment for compounds A maximum of 5 transactions is allowed for each instrument of payment. Payment must be made by a separate instrument of payment for each type of document lodged. Late payment of lodgement fees must be made by using a separate instrument of payment. Payment for company name change and incorporation of a company must be made by using a separate instrument of payment.
15	What is the required paid-up capital?	The required paid-up capital is RM5 million for golf clubs and RM1 million for other clubs or schemes.
16	When does the process of a company’s voluntary winding-up commence?	Pursuant to section 255(6) of the Companies Act 1965, the date of the voluntary winding-up commences: On the date the statutory declaration (Form 65A) is lodged with the Registrar where a provisional liquidator is appointed before the resolution for the voluntary winding-up is approved; Where no provisional liquidator is appointed, the date of winding-up commences on the date the winding-up resolution is approved.
17	In the process of a voluntary winding-up, must the liquidator be appointed from a group of approved persons?	Pursuant to section 255(6) of the Companies Act 1965, a provisional liquidator must be an approved liquidator. Apart from that, pursuant to section 10(2) of the Companies Act 1965, any person may also be appointed with the approval of the members of the company or the majority of the creditors.
18	What is the primary function of the liquidator?	The primary function of the liquidator is to wind-up the company by distributing the assets to the creditors and the balance assets, if any, to the members of the company. The powers of the directors of the company cease and all matters are taken over by the liquidator immediately upon the commencement date of the company’s winding-up. It is the duty of the liquidator to ensure that the company is completely dissolved.
19	If a company that is being voluntarily wound-up has been dissolved, will the Registrar issue a certificate of dissolution?	There is no provision in the Companies Act that stipulates that the Registrar must issue the said certificate. Pursuant to section 272(5) of the Companies Act 1965, the company will be dissolved three months after the date the statement (B.69) is lodged with the Registrar.
20	In what circumstances can the company be wound-up by the Court?	Section 218 of the Companies Act 1965 sets out the circumstances in which a company may be wound-up by the Court. Amongst them are: a. The company has by special resolution resolved that it be wound up by the Court. b. Where the company is unable to pay its debts. c. Where the directors have acted in the affairs of the company in their own interests rather than in the interests of the members as a whole or which appears to be unfair to other members. d. The Court is of the opinion that it is just and equitable that the company be wound-up. e. The number of members is reduced to one (other than a wholly owned company). f. The company does not commence business within one year from its incorporation or suspends its business for a whole year. g. Where it is provided in the Memorandum and Articles that the period for the expiry of the company is fixed or the occurrence of the event that is fixed. h. The company is used for unlawful purposes or any purpose prejudicial to national security or public interest.
21	Who can be appointed as a liquidator for a winding-up by the Court?	Only an approved liquidator or the Official Receiver may be appointed as the liquidator.
22	What are the conditions that the name of a company may be struck off from the Register under section 308?	The Registrar will exercise his powers to remove a company if: The company is not operating or carrying on business. The company is not involved in any other Court proceedings. There are no assets and liabilities. There are no penalties owing to the SSM. There are no debts owing to any government departments. There are no charges that have not been satisfied.
23	How is the application made and is there any application fee involved?	The application can be made by filling in the application form which can be downloadable from the SSM’s website at ssm.com.my and the application form must be typed-written. Every application must be accompanied by a fee of RM120.00.
24	What is the mode of payment?	Payment can be made via cash, bank draft, postal order or money order.
25	Who can apply for striking-off?	The application must be made by either the director or the shareholder of the company.
26	Will SSM consider applications for striking-off from subsidiary companies?	Yes, subsidiary companies may submit applications for striking-off upon fulfilling the following requirements: in case of a wholly-owned subsidiary, a letter of consent from the holding company is required to be attached with the application. This letter of consent must be signed by the director of the holding company. In addition, the letter of consent must also be printed on the holding company’s letterhead; in case where the company is co-owned by other shareholders, letters of consent from all shareholders are required to be attached to the application. The letters of consent must be signed, dated and bear the signature of the shareholders. Where any of the shareholders is a company, the letter of consent must be printed on the company’s letterhead; and the holding and subsidiary company must declare that it is not subject to or involved in any investigation or prosecution by any authority to the best knowledge of the director/shareholder signing the application for striking-off or the director/shareholder signing the consent letter.
27	How do I know whether my application for striking-off has been processed/ approved?	The applicant may check the application status through SSM’s website at www.ssm.com.my
28	What is the difference between winding up and striking off company processes?	The main difference between winding up and striking off processes is that when a company is wound up, a liquidator is appointed to be in charge of the winding up process and manage the affairs of the wound up company. The liquidator takes full control of the company and is responsible to collect and realize all assets of the company, sttle all the creditors’ claims and distribute the surplus asset (if any) to the company’s shareholders according to their entitlements. On the other hand, the striking off process entitles the Registrar to exercise his power under section 308 to strike, the name of a defunct company, off the register if he is satisfied that the company is dormant in accordance with the requirements under section 308(1) and (3) of the CA 1965.
29	When does the process of a company’s voluntary winding-up commence?	Pursuant to section 255(6) of the CA 1965, a voluntary winding-up commences: on the date of the lodgment of the statutory declaration (Form 65A) with the Registrar where a provisional liquidator is appointed before the resolution for the voluntary winding-up is approved; or where no provisional liquidator is appointed, the date of winding-up commences on the date the winding-up resolution is approved.
30	In the process of a voluntary winding-up, must the liquidator be appointed from a group of approved persons?	Section 10)2) of the CA 11965 states that any person may be appointed as a liquidator in a voluntary winding up provided that his or her appointment must be approved by members of the company or the majority of creditors of the company. However, if a person is appointed as a provisional liquidator, section 256(6) of the CA 1965 requires such person to be an approved liquidator before he or she is qualified to act as the provisional liquidator.
31	What is the primary function of a liquidator?	The primary function of a liquidator is to wind-up the company by collecting and realizing all the assets of the company, settle all creditors’ claims and distributes the surplus assets (if any) to the shareholders in accordance with their respective entitlements. It is the duty of the liquidator to ensure that at the end of the process, the company is dissolved completely. Once a winding up commences, directors of the company cease to have any power to manage the affairs of the company and all matters are taken over by the liquidator immediately upon the commencement of the winding up.
32	If a voluntarily wound-up has been dissolved, will the Registrar issue a certificate of dissolution?	There is no provision in the Companies Act that requires the Registrar to issue a certificate of dissolution. Section 272(5) of the CA1965 provides that, a company shall be dissolved on the expiration of the period of three months from the date of the lodgement of the return (Form 69) with the Registrar.
33	In a creditors’ voluntary winding, is a provisional liquidator required to lodge Form 74 and Form 75 when he is subsequently appointed as liquidator?	Yes, section 280(3) of the CA 1965 requires the provisional liquidator to lodge the Form 74 within 14 days after he ceases to act as a provisional liquidator and section 281(1) requires any liquidator including the provisional liquidator to lodge Form75 within one month after he ceases to act as a liquidator.
34	Under what circumstances can a company be wound-up by the Court?	Section 218 of the CA 1965 sets out the circumstances in which a company may be wound-up by the Court: The company has by special resolution resolved that it be wound up by the Court. Where the company is unable to pay its debts. Where the directors have acted in the affairs of the company in their own interests rather than in the interests of the members as a whole or which appears to be unfair to other members. The Court is of the opinion that it is just and equitable that the company be wound-up. The number of members is reduced to one (other than a wholly owned company). The company does not commence business within one year from its incorporation or suspends its business for a whole year. Where it is provided in the Memorandum and Articles that the period for the expiry of the company is fixed or the occurrence of the event that is fixed. The company is used for unlawful purposes or any purpose prejudicial to national security or public interest.
35	Who can be appointed as a liquidator in a winding-up by the Court?	Only an approved liquidator or the Official Receiver may be appointed as a liquidator in a Court winding up.
36	When is the time that the Registrar may exercise his power under this section 309 of the CA 1965r?	The Registrar of Companies may exercise his power to act as a representative of a dissolved company when there is an application by a dissolved company to request the Registrar to be the representative of a dissolved company in a case where the dissolved company still has an incomplete transaction prior to its dissolution. If the transaction remains incomplete, it may cause injustice to the other party. In this respect, the interested party may lodge an application under section 309 to request the Registrar to be the representative of the dissolved company to ensure completion of the incomplete transaction.
37	How does it work?	The Registrar of Companies under his representative power under section 309(2) of the CA 1965 may execute or sign any relevant instrument or document to complete the transaction. Documents executed by the Registrar will have the which has the same force validity and effect as if it was executed by the company the company if still existing.
38	Who may apply?	Any interested party may apply to Registrar of Companies by submitting the application letter together with any relevant documents that has been determined in our Guidelines.
39	Is there any fees involved?	Yes, there is a prescribed fees that the applicant must pay and the amount is as follows:- RM 200 for processing fee must be paid upon submitting the application pursuant to Item 24 of the Second Schedule of the CA 1965; and RM 500 is payable once the application is approved and the Registrar has executed the document – Item 25 of the Second Schedule of the CA 1965.
40	What happen if the dissolved company has remaining cash deposited in its bank account and how does the Registrar of Companies deal with this situation?	Once the status of the company is confirmed that it is dissolved, the respective bank must will surrender the amount to Registrar of Companies in pursuance to section 310 of the CA 1965 and the amount will be kept by Registrar for one year and upon expiration of one year,the Registrar will submit the amount to the Unclaimed Money Department at the Accountant General Department.
41	How to register a business?	a. If the applicant is using his own name as per identity card as the business name: there is no need to apply for approval of the business name. Complete Form A (Registration of a New Business) together with copy his identity card. Registration fee RM30.00. b. If the applicant is using a trade name as the business name: The applicant needs to submit an application for approval of the business name (Form PNA.42). Once the business name approved, complete Form A (Registration of a New Business). Attached a copy of his identity card and letter of approval from Government Agency (if applicable). Registration fee RM60.00.
42	Can an old company name be used again?	The company can change back to it’s old name after 12 months.
43	How to incorporate a local company?	To incorporate a local company, applicant has to submit Form 13A together with fees of RM30.00. If the name is approved, the applicant is required to file the following documents within 3 months from the approval date: Form 6 –Declaration of Compliance by the Company Secretary Form 48A – Statutory Declaration by a Person Before Appointment as Director, or by a Promoter Before Incorporation of Corporation (minimum of 2 persons) Memorandum and Articles of Association. Fees as per the Second Schedule of the Companies Act 1965.
44	Are all clubs required to be registered with SSM?	Not all clubs are required to be registered with SSM. Only clubs falling within the definition of section 84 of the Companies Act 1965 and unlisted recreational clubs must be registered with SSM.
45	What is the procedure to register a charge?	Pursuant to section 108(1) of the Companies Act 1965, a charge needs to be lodged with the Registrar’s office within 30 days after the date of creation. On the other hand, under section 110(1) of the Companies Act 1965, a charge has to be registered within 30 days after the date of an acquisition of property subject to charges. The forms involved include Forms 34 (Registration of Charges), 35 and 36 (Registration of a Series of Debentures) together with fees of RM300.00 each.
46	Enquiries relating to the Registrar of Companies’ directive(s) on the appointment and removal of company directors, secretaries and managers:	a. Does a newly incorporated company with the first directors/founders also need to forward a resolution for the appointment of the first directors and secretary? The company did not required to attach resolution for appointment of the first directors and secretary named in Articles of Association. b. Can the copy of the board of directors’ resolution for the appointment of directors, secretary and manager be certified by the secretary only, without the verification by another director as stated in SSM Public Announcement No.3/2002? Resolution for appointment and removal directors, managers and secretary has to be certified by the director and secretary. c. Is a copy of the board of directors’ resolution required for the resignation of directors, secretary and manager? Extract resolution for resignation of the directors, managers and secretary is not required to be attached with Form 49
47	Apakah Pakej Insentif Pendaftaran dan Pembaharuan Pendaftaran Perniagaan SSM 2012 yang ditawarkan oleh Suruhanjaya Syarikat Malaysia?	Pakej insentif perniagaan yang ditawarkan adalah seperti berikut: (i) Bayaran fi pendaftaran baru (Borang A) dan pembaharuan perakuan pendaftaran perniagaan (Borang A1) untuk pemilik tunggal (nama persendirian & nama tred) dan perkongsian dikenakan bayaran RM50 untuk tempoh pendaftaran dan pembaharuan pendaftaran selama 5 tahun secara sekaligus. (ii) Bayaran kompaun lewat mendaftarkan perniagaan dan lewat memperbaharui perniagaan dikurangkan sebanyak 50% sama ada kompaun tertunggak atau semasa.
48	What is the purpose of CPE for licensed company secretary?	The purpose is to ensure licensed company secretaries possess / attain a high level of skills and competency in discharging their duties. The requirement of mandatory CPE is an additional licensing condition.
49	What is a Limited Liability Partnership (LLP)?	LLP is an alternative business vehicle offering a hybrid of characteristics between conventional partnership and a company. Its special features are that of a conventional partnership in terms of the flexibility in its administration and a company in terms of the limited liability status conferred to its partners.
50	How to renew a Business Registration Certificate?	Complete Form A1 together with the prescribed fee: Business (name per IC) – RM30.00 per year Trade name – RM60.00 per year
51	Can a company use an old name to incorporate a new company?	A company cannot use the old name of another to incorporate a new company.
52	How long does it take to process a certificate of incorporation for a company?	Upon compliance, certificate of incorporation will be issued within 1 working day.
53	How long does it take to register an interest scheme?	It takes 14 days from the date of receipt of a complete application to register an interest scheme.
54	What if Forms 34, 35 and 36 are lodged after the prescribed time period?	If these forms are lodged after 30 days from the prescribed date, the company needs to apply for an extension of time via a Court Order pursuant to section 114 of the Companies Act 1965 to authorise the Registrar to register the said charges. Fees for the Court Order are RM50.00. Nevertheless, a compound will still be issued under section 109 or 110 of the Companies Act 1965.
55	What needs to be done when the company secretary fails to communicate to all the directors?	When a company secretary fails to communicate to all the directors at their last known residential address, the company secretary can lodge Form 48E to vacate his office. The vacation takes effect one month from the date of the notice.
56	Bilakah pakej ini berkuatkuasa?	Berkuatkuasa mulai 1 Jun 2012 sehingga 31 Disember 2012.
57	How will CPE benefits me?	Improving and extending professional knowledge, technical know-how, skills and competence of the company secretaries. Enhancing the standard of professionalism and corporate governance amongst the company secretaries. Assisting the company secretaries in keeping abreast with the latest development of the Companies Act 1965. Raising and upgrading the ability of company secretaries in applying technical knowledge and skills in meeting the needs of business communities.
58	Why LLP in Malaysia?	To provide the business community with an alternative business vehicle to complement the traditional choices of sole proprietorships, partnerships and companies (local and foreign) To provide access to limited liability status for partnership type businesses More affordable business vehicle
59	What are the form to be used for changes of business particulars such as business address, nature of business, branch address and particular of partner?	Notify SSM within 30 days from the date of changes with the submission of Forms: (a) Form B1 – Changes in address of the place of business (b) Form B2 – Changes in the nature of business (c) Form B3 – Changes in the branch address (d) Form B4 – Changes in the particulars of ownership Registration fee – RM20.00
60	Should Form 13A be used if a company wishes to change its status?	For the purpose of change in status, Form 13A does not need to be forwarded. The company needs to forward: Form 11 together with fees of RM50.00 to change its status from a public company to a private limited company. Form 11, Form 18 and Statement in Lieu of Prospectus together with fees of RM300.00 to change its status from a private limited company to a public company.
61	What condition must be met if a foreigner wishes to be form a company ?	A foreigner who wishes to be form a company must be above 18 years of age and have a principal or only place of residence within Malaysia (Section 122 of the Company Act 1965).
62	Can the club memberships be transferred?	Club memberships can be transferred depending on the conditions set by the operator company.
63	What needs to be done if there is a mistake in Forms 34, 35 or 36 lodged by the company?	Pursuant to section 114 of the Companies Act 1965, any rectification in case of omission or misstatement in Forms 34, 35 or 36 which have been lodged must be done via a Court Order. The company has to lodge amendment forms for Forms 34, 35 and 36 together with the Court Order. A fee of RM50.00 will be charged for the Court Order but no fees is applicable for the amendment forms for Forms 34, 35 and 36.
64	How to update Annual Returns which have not been filed for several years? What is the applicable penalty or fees for late lodgement?	The directors of a company are responsible for ensuring that all such annual returns are lodged together with the accounts for each calendar year pursuant to sections 143, 165 and 169 of the Companies Act 1965. Rate of compound is based on prescribed schedule by Registrar. Fee for late lodgement can be referred to Item 26 of Second Schedule of the Companies Act 1965.
65	Adakah pakej ini terpakai untuk semua bentuk perniagaan?	Ya, milikan tunggal dan perkongsian.
66	What is SSM Continuing Professional Education (SSM CPE) points?	SSM CPE points are collected from courses or seminars conducted by Companies Commission of Malaysia Training Academy (COMTRAC), courses or seminars jointly organized by COMTRAC with external parties or/and solely conducted by Prescribed Bodies or other organizations.
67	What is the difference between an LLP and a general partnership?	The LLP offers limited liability to its partners whereby any debts and obligations of the LLP will be borne by the assets of the LLP. In the case of a conventional partnership the partners has unlimited liability jointly and severally in the partnership.
68	Can a company registered under the Companies Act 1965 start a business under the Registration of Businesses Act 1956?	Pursuant to section 4 of the Registration of Businesses Act 1956, this Act is not applicable for a business which is exclusively owned and carried on by any company registered under the Companies Act 1965.
69	Why is a trade name not approved when the said name has been long used as a partnership or enterprise?	The applicant owned a business and wish to use the name to incorporate a company, the approval of name under Companies Act is not automatic. The applicant is still subject to provisions of the Companies Act.
70	What are the necessary action to be taken by a company if the company having more than one company secretary name in its Articles of Association?	If a company has more than one named company secretary in its Articles of Association, each secretary has to fill in Form 6 separately.
71	Who can be appointed as Trustees of clubs?	Only Trust Companies registered under the Trust Companies Act 1949 which have obtained prior approval for appointment from the Minister of Domestic Trade and Consumer Affairs can be appointed as Trustees.
72	Release of Charges What is the procedure to release a charge?	Pursuant to section 113 of the Companies Act 1965, the form to release charges must be lodged within 14 days from the date of release of charges. The forms that need to be lodged include Forms 41, 42B and 43 to release undertaking charged in part or in whole. On the other hand, Forms 42, 42B and 43 need to be lodged to release property charged in part or in whole. The fee for lodgement of the said forms is RM50.00.
73	A reminder notice of compound has been issued and the company given 14 days from the date of notice to settle the compound. If the company still wishes to make a payment although the timeframe has expired, will action be taken?	Person responsible needs to check with the Enforcement Section whether prosecution action has been taken before payment for that compound can be made. If prosecution action has already been taken against the company, the payment for the compound cannot be accepted by SSM.
74	Adakah pakej ini terpakai untuk semua jenis perkhidmatan perniagaan?	Tidak. Hanya untuk Pendaftaran Perniagaan Baru (Borang A) dan Pembaharuan Perakuan Pendaftaran Perniagaan (Borang A1).
75	When is the SSM CPE requirement made mandatory?	It was made mandatory on 4 January 2010.
76	What is the difference between an LLP and a Company?	There are many fundamental differences between an LLP and a company. Amongst others, the differences are:- No issuance of shares Flexibility in making decisions No formal requirement for Annual General Meetings No requirement to submit financial statements to SSM Accounts need not be audited.
77	Can a partnership change its status to sole proprietorship?	A partnership can change its status to sole proprietorship by registering such a change using Form B4 and registration fee is RM20.00.
78	Where can I obtain Form 13A?	SSM does not supply Form 13A. The applicant can obtain this form from Companies Regulations 1966.
79	Who determines the membership fees?	The operator company determines the membership fees.
80	Is any payment required for lodgement of the Trust Deed?	Before the Trust Deed is lodged, a draft must be submitted for perusal and approval. The perusal fee for the said draft is RM250.00.
81	What if Forms 41, 42B and 43 or 42, 42B and 43 are lodged after the prescribed time period?	If the said forms are lodged late, fees for late lodgement will be charged according to the Second Schedule of Article 26A.
82	Can a company submit Form 48A before submitting Form 49 for the appointment of a director? What happens if Form 49 is not lodged with SSM?	Form 48A can be lodged without Form 49. The appointment of the director deem to be effective once the Form 49 been lodged.
83	Di manakah perkhidmatan menerusi pakej ini boleh diperolehi?	Permohonan bagi pakej insentif boleh dilakukan di : (i) Kaunter SSM - aktiviti pendaftaran perniagaan, pembaharuan perakuan dan pembayaran diskaun kompaun. (ii) Perkhidmatan e-Lodgement SSM – aktiviti pendaftaran perniagaan dan pembaharuan perakuan. (iii) Semua Cawangan Bank Simpanan Nasional - aktiviti pembaharuan perakuan
84	What courses/seminars accorded with CPE points?	Courses/seminars that are related to Company Secretarial Practice, Corporate Affairs, Company Law, Accountancy, Finance or other courses that are relevant to the work of company secretaries. It is mandatory for license secretary to attend all three levels of Licensed Secretaries Training Programme (LSTP) organized by COMTRAC once; for their first renewal of licencse after the implementation of SSM CPE requirements
85	What types of organisations are likely to be users or beneficiaries of LLP?	Small businesses (Start Ups) Professionals Groups (e.g. Lawyers, Accountants or Company Secretaries) Joint ventures Venture capitals
86	For a name that has already been approved, how does an applicant change the name of the promoter stated in Item 8 of Section C in Form 13 A?	If only one promoter that is need to be changed, there is no need to submit a new Form 13A. The applicant can proceed with the incorporation of a company. If all the names of the promoter are to be changed, the applicant needs to submit a new Form 13A together with new fees, and state the reason for this re-application.
87	What is the registration fee for a prospectus of an interest scheme?	The registration fee is RM1,300.00.
88	What is Companies Regulation 6(1)h, Companies Regulation 18(2) and Companies Regulation 18(3) of the Companies Regulations 1966?	Regulation 6(1)h of the Companies Regulations 1966, the name, address and telephone number of the company lodging the documents have to be stated at the end of each document. Regulation 18(2) of the Companies Regulations 1966 requires the company to state the full name under each signature. Regulation 18(3) of the Companies Regulations 1966 requires the company to state the licence number of the company secretary.
89	Can a director who is a foreigner make a Statutory Declaration (prior to appointment to that position) abroad?	Foreigners can made declaration outside Malaysia by stating the relevant Act at their respective country.
90	What is the type of business can be registered?	Sole proprietorship (one owner) Partnership (2 to 20 owners)
91	Adakah perniagaan baru dan/atau pembaharuan yang didaftarkan untuk tempoh pendaftaran kurang dari 5 tahun boleh menikmati pakej pengurangan fi?	Tidak. Fi seperti kadar biasa dikenakan.
92	How many SSM CPE points do I need to collect for each renewal of a license?	All license secretaries are required to satisfy a minimum of 60 CPE points over for every rolling years renewal period. The composition of 60 CPE points are to be made up as follows: Minimum of 40% or 24 CPE points from attending courses organized by COMTRAC or jointly organized by COMTRAC with external parties ; and Maximum of 60% or 36 CPE points from attending courses organized by Prescribed Bodies or other organizations.
93	What is the legal status of an LLP?	An LLP is a separate entity with the legal status of a body corporate.
94	How to apply for a name search for a foreign company?	The applicant needs to submit Form 13A together with fee and a certified copy of the certificate of incorporation or registration of the foreign company.
95	Are there any guidelines issued by SSM for interest schemes?	The two guidelines issued by SSM are: Policy Guidelines and Requirements for Timesharing Arrangements; Policy Guidelines and Requirements for Sales of Club Memberships.
96	Does Form 44 need to be submitted if there is a change in the name of building or road where the company’s registered office is located?	The company has to lodge to SSM for any changes on the address by using Form 44.
97	What are the fees applicable for a sole proprietorship or partnership?	(a) Registration fee for a sole proprietorship using own name as per identity card is RM30.00. (b) Registration fee for a sole proprietorship using a trade name is RM60.00. (c) Registration fee for a partnership is RM60.00.
98	Adakah pendaftaran cawangan perniagaan juga boleh menikmati pengurangan fi ?	Tidak. Pendaftaran cawangan kepada perniagaan yang berdaftar tidak termasuk di dalam pakej insentif ini. Fi yang dikenakan adalah sama sebanyak RM 5.00 setahun bagi setiap pendaftaran cawangan.
99	What is the definition of “external parties” ?	Any organizations other than SSM.
100	Why would one choose to register an LLP as opposed to registering a business or incorporating a company?	The LLP provides the flexibility of organizational arrangement through the partnership agreement whereas a company is subject to a more stringent compliance requirement. On the other hand, registering LLP provides the limited liability status as compared to registering a business which exposes the owner to unlimited liability.
101	Why is an applied name rejected when the applicant wishes to incorporate a subsidiary company for an existing company?	The applicant has to attach a consent letter from the holding company for the purpose of incorporating a subsidiary company. Approval of name is still subject to the similarity of the existing companies.
102	I have been informed that the number of object clauses for a company is limited to three. Is this true?	This is applicable for companies incorporated on or after 12 May 2000 (pursuant to the Registrar of Companies’ letter of directive dated 12 May 2000).
103	Can a business change the business name?	There is no provision under Registration of Businesses Act 1956 allows a business to change name. Need to register a new business.
104	Bolehkah pembaharuan pendaftaran perniagaan yang telah tamat tempoh diperbaharui di BSN atau melalui sistem (online) e-Lodgement SSM.	Tidak.
105	What is the definition of “Prescribed Bodies” ?	The Prescribed Bodies are the bodies that have been prescribed by the Minister through notification published in the gazette under section 139A(a), Companies Act 1965. For the time being the prescribed bodies that have been given such prescribed status are as follow: The Malaysian Institute of Chartered Secretaries and Administrators (MAICSA); The Malaysian Institute of Accountants (MIA); The Malaysian Bar; The Malaysian Institute of Certified Public Accountants (MICPA); The Sabah Law Association; The Advocates’ Association of Sarawak; and The Malaysian Association of Company Secretaries (MACS).
106	Is there any restriction as to what kind of business can use LLP as a business vehicle?	No. It is for all kind of lawful businesses with a view to make profit.
107	Why is Form 13A, which has been submitted with a consent letter, still being queried by SSM?	Form 13A has been queried because the consent letter is not complete and did not comply with the regulations.
108	Can the business that had expired more than 12 months be renewed?	It is not allowed. Need to re-register the business.
109	Bolehkah pembaharuan dibuat lebih awal untuk menikmati pakej insentif ini sekiranya tempoh pendaftaran belum tamat untuk diperbaharui?	Boleh. Mulai 1 Jun 2012, pemilik perniagaan berdaftar boleh melakukan pembaharuan perakuan pendaftaran perniagaan pada bila-bila masa sebelum tarikh luput pendaftaran tetapi tidak melebihi 12 bulan selepas tarikh luput pendaftaran.
110	What is the definition of “other organizations”?	Any organizations other than SSM or Prescribed Bodies.
111	Can a charity organisation register as LLP?	No. LLP is intended only for businesses with a view to make profit.
112	Can an approved name be transferred to another party?	An approved name can be transferred to another party by re-filing Form 13A together with the fees and the consent letter from the previous applicant.
113	What is the period of new registration or renewal for a business?	The business can be register or renew for a period not exceeding five (5) years.
114	Jika pendaftaran baru atau pembaharuan telah dibuat sebelum tempoh pakej insentif ini, bolehkah pihak SSM mengembalikan bayaran bagi menikmati pakej insentif tersebut?	Tidak. Bagaimanapun pelanggan boleh membuat pembaharuan sekali lagi semasa tempoh pakej insentif berkuatkuasa.
115	How many CPE points are required when my license expiry date is less than 3 years from the implementation of SSM CPE requirement?	For license which expires in 2010, license secretaries are exempted from CPE points requirement. They are however encouraged to attend the relevant courses/seminars. For license which expires in 2011, license secretaries are required to attend courses/seminars, to earn a minimum of 20 CPE points. (Note: A maximum of 20 excess CPE points accumulated during the period 2011 are allowed to be carried forward to the next renewal cycle.) For license which expires in 2012, license secretaries are required to attend courses/seminars to earn a minimum of 40 CPE points. (Note: A maximum of 20 excess CPE points accumulated in the period 2011 to 2012 are allowed to be carried forward for the next renewal cycle.) For the license which expires in 2013 and after, license secretaries are required to attend courses/seminars to earn a minimum of 60 CPE points. (Note: A maximum of 20 excess CPE points accumulated in the period 2011 to 2013 are allowed to be carried forward to the next renewal cycle) The CPE points will be calculated based on the points awarded to courses / seminars attended. However SSM reserves the right to decide on the accreditation of CPE points awarded for the courses/seminars organized by Prescribed Bodies and other organizations. SSM will award 8 CPE points for one-day course/seminar organized by Prescribed Bodies and other organizations.
116	How to register an LLP?	An LLP can be registered by way of an application made to the Registrar by providing the following information:- proposed name of the LLP nature of business address of registered office name and details of partners name and details of compliance officer approval letter (in cases of professional practice)
117	Where can the Business Registration Form be obtained?	Business Registration Form can be obtained at any SSM counter either SSM Headquarter or State Office excluded Sabah and Sarawak. Form also can be download from website SSM www.ssm.com.my
118	Where to submit the Business Registration application?	The application can be submitted at any SSM counter either Headquarter or State Office excluded Sabah and Sarawak. Application can also be submitted via online using SSM e-Lodgement services by browsing website SSM www.ssm.com.my or website Portal MAMPU www.malaysia.gov.my
119	Bolehkah pendaftaran baru yang telah menikmati pakej insentif ini membuat pembaharuan bagi mendapat insentif pembaharuan pula?	Tidak. Pakej insentif ini hanya boleh dinikmati sekali sahaja bagi setiap perniagaan sama ada pendaftaran baru atau pembaharuan sahaja.
120	Can I attend courses/seminars organized by COMTRAC without attending courses/seminars organized by other organizations?	Yes, you can attend courses/seminars organized by COMTRAC to earn all the required CPE points.
121	Can a registration of an LLP be rejected or refused? If yes, on what grounds?	Yes. On grounds where the Registrar is satisfied that:- (a) the registration of the LLP would be contrary to the national security or interests; or (b) the proposed business is likely to be used for : a charitable purpose; an unlawful purpose; or purposes prejudicial to public peace, welfare or good order or morality in Malaysia.
122	Bolehkah perniagaan yang telah menikmati pakej diskaun dalam tempoh 1 Jun 2012 sehingga 31 Disember 2012 memajukan permohonan pembaharuan dalam tempoh yang sama?	Tidak. Sebuah perniagaan hanya boleh menikmati pakej diskaun sekali sahaja sepanjang tempoh pakej dilaksanakan.
123	Can I attend courses/seminars organized by Prescribed Bodies or other organizations to earn the CPE points without attending the courses/seminars organized by COMTRAC?	You may collect to a maximum of 60% or 36 CPE points from courses / seminars organized by Prescribed Bodies or other organizations.
124	Is there any limit to the number of partners?	There must be minimum 2 partners and no limit for maximum number of partners.
125	Bolehkah pembaharuan dan pendaftaran baru dibuat melalui pos?	Boleh. Borang yang lengkap dan bayaran secukupnya perlu disertakan untuk pakej insentif ini. Sekiranya bayaran yang diterima kurang atau lebih, pihak SSM akan menghubungi pelanggan untuk tindakan selanjutnya.
126	Can the CPE points of courses/seminars organized by my company be considered?	Yes.You may collect to a maximum of 60% or 36 CPE points from courses / seminars organized by Prescribed Bodies or other organizations.
127	Who can be the partners in an LLP?	Individuals (natural persons) or bodies corporate or a combination of both.
128	Bagaimana jika permohonan yang dihantar melalui pos dalam tempoh pakej insentif tetapi pihak SSM hanya menerima permohonan berkenaan selepas tamat tempoh pakej insentif?	Permohonan yang diterima oleh SSM selepas tarikh tamat tempoh tidak dapat menikmati pakej insentif ini. Pihak SSM akan menghubungi pelanggan untuk tindakan selanjutnya dan meminta bayaran secukupnya dengan kadar biasa.
129	If I have earned more than the required CPE points for a particular CPE cycle, can the excess CPE points be carried forward to the next CPE cycle?	Yes, for each renewal cycle, a licensed secretary is allowed to carry forward a maximum of 20 excess CPE points.
130	Is there any need for a partnership agreement?	Yes. However, in the absence of agreement as to any matter set out in the Second Schedule of the LLP Act 2012, provision of the Second Schedule relating to that matter shall apply.
131	Adakah pengurangan kompaun sebanyak 50% terpakai kepada semua jenis kompaun yang ditawarkan di bawah Akta Pendaftaran Perniagaan 1956 (APP 1956)?	Tidak. Pengurangan hanya terpakai kepada kompaun kesalahan Seksyen 12(1)(a) APP 1956 - menjalankan perniagaan tanpa mendaftarkan perniagaan itu dan 12(1)(b) APP 1956 – menjalankan perniagaan selepas tamat tempoh pendaftaran.
132	What happens if licensed secretaries fail to meet CPE obligations?	Their applications for renewal of license will not be considered under section 139B(3), Companies Act 1965.
133	Can two companies form LLP?	Yes. These are the most common form of joint ventures.
134	Adakah kompaun Seksyen 12(1)(a) dan 12(1)(b) yang belum berbayar layak mendapat pengurangan 50%?	Ya, sekiranya pembayaran kompaun dibuat dalam tempoh pakej insentif ini.
135	How does SSM check on the courses/seminars which I have attended?	The application for renewal of the secretary’s license shall be made not later than 30 days before the expiry date. The application is made by lodging Form 48C with attachment of the certificates of courses/seminars; and a prescribed fee. This application for renewal can also be made via SSM’s e-Lodgment.
136	How long will SSM take to process the registration application?	A notice of registration will be issued immediately upon submission of the application through MyLLP system provided all registration requirements are satisfied.
137	Dimanakah pemilik perniagaan boleh mendapatkan pengurangan kompaun?	Di semua pejabat SSM seluruh Malaysia termasuk kaunter perkhidmatan, kaunter litar dan kaunter bergerak kecuali pejabat SSM di Negeri Sabah dan Sarawak.
138	Where can I find courses / seminars offerred by COMTRAC?	Visit SSM’s website at www.ssm.com,my or send email to comtract@ssm.com.my.
139	Is there any requirement for a minimum number of partners to have principal or only place of residence in Malaysia?	No. The requirement to be ordinarily residing in Malaysia is applicable only when a partner is also acting as the compliance officer of the LLP.
140	Perlukah rayuan kompaun kesalahan lewat mendaftar dan lewat memperbaharui pendaftaran dimajukan?	Tidak perlu. Sistem akan membuat pengurangan secara automatik.
141	If I conduct training or I am a lecturer in the field of corporate affairs field field, can I be exempted from the SSM CPE requirements?	The Registrar of Companies may consider your request based on the following criteria: The applicant has no adverse record of any offence/misconduct under the Companies Act 1965; and The applicant is able to produce documentary evidence to support his application. In such case, a written application is required to be submitted to the Registrar of Companies at least 3 months before the expiry of the license.
142	Will the partners of the LLP be held personally liable for the debts incurred by the LLP?	No. It is the LLP that will be liable. However, a partner will be jointly and severally liable for his own wrongful act or omission in the course of the business of the LLP. The LLP however is not bound by what the partner has done in dealing with a person if:- the partner acted without authority; or the person with whom the partner was dealing knows that the partner acted without authority or does not know that he is a partner of the LLP.
143	Bolehkah pembayaran diskaun kompaun sahaja dibuat tanpa permohonan pembaharuan atau pendaftaran baru di bawah pakej insentif ini?	Boleh.
144	I have attended LSTP before the implementation of SSM CPE on 4 January 2010. Can the CPE points be submitted for the renewal of my license?	Yes, because it is mandatory to attend once for all the three (3) levels of LSTP.
145	Under the LLP Act 2012 there is a requirement for an LLP to appoint at least one compliance officer. What are the requirements for a person to be appointed as a compliance officer of an LLP?	The compliance officer has to be either from amongst the partners of the LLP or a person qualified to act as a secretary under the Companies Act 1965 who :- (a) is a citizen or permanent resident of Malaysia; and (b) ordinarily resides in Malaysia.
146	I have attended courses/seminars on corporate affairs before the implementation of the SSM CPE on 4 January 2010. Can the CPE points be submitted for the renewal of my license?	No, only the CPE points from LSTP are accepted.
147	What are the responsibilities and liabilities of a compliance officer?	The main responsibilities of a compliance officer are such as:- Registering any changes in registered particulars of the LLP; Keeping and maintaining registers and records of the LLP; and Ensuring publication of names of the LLP in accordance with the provisions of the Act. A compliance officer is personally liable to all penalties including administrative penalty imposed on the LLP unless if he can prove that he is not liable.
148	When is LSTP changed the name to Companies Secretaries Training Programme (CSTP) Essential?	Since 1.1.2013, LSTP is known as CSTP Essential.
149	Can there be more than one compliance officer?	Yes.
150	Can I attend CSTP Essential (formerly known as LSTP) more than once in each renewal (within 3-year cycle)?	With effect from 1.1.2014 you are allowed to attend once only in each renewal ( within 3-year cycle).
151	If the LLP has two partners and one of them ceased to be a partner for any reason, is the remaining partner required to appoint another partner? Is there any time frame to do so?	Yes. The remaining partner is required to appoint another partner within six months or a longer period which may be determined by the Registrar (which shall not exceed one year) upon an application made by the remaining partner.
152	I come from a rural area. Do I have to comply with the SSM CPE requirement?	Yes, you have to comply with the SSM CPE’s requirement.
153	Can a partner who is declared a bankrupt continue to act as a partner?	Yes, a partner who is declared a bankrupt can continue to be a partner of an LLP. However, he is prohibited from taking part in the management of the LLP unless he has obtained leave from :- The Director General of Insolvency(DGI); or The court provided that a notice of intention to apply for leave has been served on the DGI and the DGI is heard on the application.
154	If I have any enquiries on SSM CPE requirements whom should I contact?	You may contact SSM Corporate Intermediary Section: Fax : 603-22995336 or 5335 Email : khtoh@ssm.com.my or mahanum@ssm.com.my or roslaili@ssm.com.my
155	Can an existing business vehicle such as a company or a partnership firm convert into an LLP?	Yes. In the case of a company, only a private company incorporated under the Companies Act 1965 is allowed. In the case of a partnership, only firms which are registered under the Registration of Business Act 1956 or any firms carrying on professional practices are allowed.
156	How to convert a private company or a conventional partnership firm into an LLP? Procedure?	A private company may apply to convert to an LLP by lodging with the Registrar a statement signed by all of its shareholders containing the following particulars: (i) the name and registration number of the private company; (ii) the date on which the private company was incorporated under the Companies Act 1965; (iii) that as at the application date, the private company appears to be able to pay its debts as they become due in the normal course of business; (iv) that as at the application date, all outstanding statutory fees or any amount owing to any government agency has been settled; (v) that the private company has placed an advertisement in at least one widely circulated newspaper in Malaysia and published a notification in the Gazette of its intention to convert to a limited liability partnership; and (vi) that all of its creditors have agreed with the application to convert to a limited liability partnership; and (vii) all other information required for the registration of a new LLP such as proposed name, nature of business, address of registered office, name and details of partners and name and details of compliance officer A conventional partnership may apply to convert to an LLP by lodging with the Registrar a statement signed by all of its partners containing the following particulars: (i) the name and registration number of the conventional partnership; (ii) the date on which the conventional partnership was registered under the Registration of Business Act 1956 or any other written law; (iii) that as at the application date, the conventional partnership appears to be able to pay its debts as they become due in the normal course of business; (iv) all other information required for the registration of a new LLP such as proposed name, nature of business, address of registered office, name and details of partners, name and details of compliance officer and an approval letter from the relevant governing body.
157	What will be the position of a private company which converts to an LLP?	After a conversion, the private company shall be deemed to have been dissolved.
158	Can a sole-proprietorship convert into an LLP?	A sole proprietorship cannot convert into an LLP as it only has 1 member. The sole proprietor must find at least one more person to be a partner before he can register an LLP.
159	Is there a requirement for a converted LLP to notify its conversion to any party which the LLP was dealing with prior to the conversion?	A converted LLP is required to ensure for a period of twelve months commencing fourteen days after the date of registration to state the following on every invoice or correspondence:- A statement that it was, as from the date of registration, converted from a conventional partnership or private company, as the case may be, to a limited liability partnership; and The name and registration number, if applicable, of the conventional partnership or private company from which it was converted.
160	Can an LLP re-convert to a private company?	No. The LLP will have to be voluntarily wound up first and then incorporate as a new company.
161	It is unfair to creditors as the current partnerships can evade liability by just converting to LLP. What is the rationale/remedy for this?	Under the LLP Act 2012 it is provided that all rights and liabilities are vested into the LLP upon conversion from a conventional partnership or a private company. Further, partners of a conventional partnership that has converted to an LLP shall continue to be personally liable, jointly and severally with the LLP for the liabilities and obligations incurred prior to the conversion. Under the LLP legal framework, creditors of a private company are further protected as the company must get the agreement of the creditors for such conversion.
162	Who are considered as Professionals under the LLP Act 2012?	Under the first schedule of the LLP Act 2012 the following groups are defined as professionals:- Chartered Accountants Advocate and Solicitors Company Secretaries
163	Can two different professionals (e.g. a lawyer and an accountant) form and be partners of an LLP?	No. An LLP formed for the purpose of carrying on professional practice shall consist of natural persons who are practising the same profession only. This is to ensure that integrity and ethical issues are addressed and observed.
164	The LLP Act 2012 requires professionals to obtain an approval letter from their respective governing bodies before an LLP is formed for professional practice. Is this requirement extended to foreign professionals who wish to form an LLP in Malaysia?	The LLP Act 2012 does not prohibit foreign professionals to carry out professional practice in Malaysia. However, this is subject to the relevant governing bodies’ approval in accordance with the laws that governs the respective professions in Malaysia.
165	Can a foreign LLP carry on business in Malaysia?	A foreign LLP can carry on business in Malaysia by registering with SSM and lodge the following document:- Certified copy of the certificate of registration in its place of incorporation, establishment or origin; and Certified copy of its charter or instrument defining its constitution, if any.
166	Is it a requirement for each partner of an LLP to be "resident" in Malaysia?	There is no need for partners to be resident in Malaysia but there is a requirement for the compliance officer to be resident in Malaysia.
167	How can an LLP be dissolved?	An LLP can be dissolved by way of: Court Ordered Winding Up Voluntary Winding Up; and Striking
168	Under what circumstances can an LLP be wound up by Court?	An LLP can be wound up by court under the same circumstances a Company can be wound up by court as provided under the Companies Act 1965. The LLP Act 2012 provides that the relevant provisions of the Companies Act 1965 related to winding up by Court will be applicable to LLPs.
169	How can an LLP be dissolved by voluntary winding up?	Where an LLP has ceased to operate and has discharged all its debts and liabilities, a partner of the LLP can apply to the Registrar for a voluntary winding up of the LLP provided all the conditions required under the LLP Act 2012 for voluntary winding up application are met.
170	Under what circumstances can an LLP be struck-off the register?	An LLP can be struck-off the register if the Registrar has reason to believe that:- a. The LLP no longer carrying on business; b. The LLP contravened the Act; c. The LLP is prejudicial to national interests; d. No liquidator acting in cases of court ordered winding up; or e. Affairs of the LLP have been fully wound up but no sufficient assets to pay the costs to obtain court order to dissolve the LLP.
171	Is an LLP required to maintain accounts?	Yes. All accounting records that give a true and fair view of the state of affairs of the LLP shall be retained for 7 years.
172	Is there an approved accounting standard imposed on LLP in preparing its accounting records similar to the requirement imposed on Companies under the Companies Act 1965?	One of the main objectives for introducing the LLP business vehicle is to give businessmen the flexibility of internal arrangement in conducting business similar to a Conventional Partnership which is not required to adopt any particular accounting standard. As such, there is no approved accounting standard imposed on LLP. However an LLP is required and expected to prepare from time to time its accounting records which will give a true and fair view of the state of affairs of the LLP.
173	Is an audit of the accounting required?	Unless provided in the agreement, there is no mandatory auditing requirement for LLPs.
174	Is the LLP required to submit Annual Returns?	No. However, an LLP is required to lodge an Annual Declaration with the Registrar stating whether the LLP is able or unable to pay its debts.
175	Is there a requirement for LLP to hold AGM?	There is no requirement for an LLP to convene AGM.

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