According to Visa’s SMB Digital Banking Study, close to seven in 10 Malaysian Small and Medium Enterprises (SMEs) expressed interest to bank with digital banks, which is extremely timely given the Bank Negara Malaysia’s recent…
Limited Liability Partnership (LLP) has been introduced back in 2012 by SSM (Companies Commission of Malaysia) – a new form of business entity that is a hybrid of Partnership and Private Limited Company (Sdn Bhd).
However, from our own experience in 2017, there weren’t many banks in Malaysia that can facilitate opening a bank account for Limited Liability Partnership (LLP).
Back then, only RHB and Public Bank were known to be accepting the setting up of an LLP’s bank account. Maybank, being the largest bank in Malaysia, wasn’t ready to accept LLPs.
This is even after SSM had acknowledged this issue and released a statement in 2016:
As such, through several discussions held with Bank Negara Malaysia, The Association of Banks and The Association of Islamic Banks Institutions Malaysia, the problem in respect of banks accepting and recognising LLPs as a new business vehicle has been resolved.
However, we have managed to register a Maybank account for our LLP in 2012. Let’s find out which banks in Malaysia are accepting LLPs!
Which banks accept LLP bank account opening in Malaysia?
As mentioned earlier in the article, we know for sure that you will be able to set up a new bank account for your LLP with RHB, Public Bank, and Maybank.
How about the rest? We have researched online and compiled the list of banks that will be able to register a new bank account for LLPs in Malaysia:
- Affin Bank
- Alliance Bank
- Hong Leong Bank
- Public Bank
At the time of writing, at least 9 banks in Malaysia are able to set up a bank account for your LLP. Do take note that this list is not exhaustive and best to call the bank yourself to confirm.
Most importantly, contact the bank or walk-in to the branch you feel most comfortable dealing with (unfortunately, some branches are still working at a dinosaur speed).
We personally prefer Maybank because of its merchant features like QRPayBiz for you to accept payments via DuitNow QR – pretty useful especially if you are running a retail business.
Affin Bank Basic Current Account for LLP
Alliance Bank Business Current Account for LLP
CIMB Business Current Account for LLP
Hong Leong Bank Business Current Account for LLP
Even though it’s not clearly stated on its website, LLP is recognized as one of the business types in its business account application form.
HSBC Business Account for LLP
Even though it’s not clearly stated on its website, LLP is recognized as one of the business types in its resolution form.
Maybank SME Account for LLP
Even though LLP is not listed as one of the eligible business types on its website, we can confirm that LLP is accepted by Maybank.
OCBC Business Account for LLP
Even though it’s not clearly stated on its website, LLP is recognized as one of the business types in its business account application guidelines.
Public Bank Current Account for LLP
RHB Current Account for LLP
What are the procedures to set up an LLP bank account in Malaysia?
As mentioned earlier, not every bank in Malaysia are accepting LLPs so it’s best to first contact or visit the branch to check the eligibility and requirements.
Most banks require at least the following documents:
- LLP Certificate of Registration
- LLP Profile
- Resolution Letter
- Directors’ (Partners’) IC
Do take note that SSM documents are no longer available within the MyLLP portal but you can now purchase them online via the SSM XCESS portal (login required).
At the SSM XCESS portal (as shown above), search by your LLP company registration number and select the documents to purchase, it will be RM20 each so total will be RM40.
Best to double check with your bank whether the SSM documents are required to be “certified true copy”, it is not required by Maybank from our experience.
A resolution letter is usually required for online banking facilities, you can request the template from the bank or search online for a simple resolution letter template.
Once you are prepared, visit the branch again with the documents and don’t forget to bring your company chop!
Feel free to leave a comment below if we missed out on any bank, or share your experience opening a bank account for your LLP.