How to Do the Online Annual Declaration of LLP in Malaysia
The financial year has ended. It’s time to submit the Online Annual Declaration of LLP to the government of Malaysia. But assuming you’ve just started your own LLP business and you’re wondering, what are the documents you need to prepare? The details and requirements on how to submit your Online Annual Declaration of LLP can be found at the official website of the Companies Commission of Malaysia.
Before you go ahead to the website, make sure that you’re using a Personal Computer or a Laptop as encoding information using a mobile phone or tablet couldn’t be that easy. Also, you must prepare all the data that you need prior to encoding so you don’t have to stand up from your chair.
What Are the Preliminary Steps to Lodging Your Annual Declaration of LLP?
The Limited Liability Partnership 2012 requires every LLP companies in Malaysia to take notes on the following things before submitting their Annual Declaration (SD)1:
- Ensure that you are a registered user of MyLLP system to enable you to fill in the ‘user name’ and ‘password’ for signing-in;
- Know your LLP registration number;
- The Compliance Officer/Partners must ensure that LLP has prepared the financial statement for the current financial year which comprises of the Balance Sheet and Profit & Loss Accounts before filling in the financial indicators;
- The date of financial year-end must be consistent with the date of Balance Sheet and Profit & Loss Accounts are made up;
- AD shall be lodged within 90 days from the end of the financial year;
- If the lodgement is made after 90 days, the LLP shall be subject to compound and a prompt message will appear during the submission of AD; and
- Please refer to SSM’s Practice Note No. 1/2016 at Suruhanjaya Syarikat Malaysia’s (“SSM”) website (www.ssm.com.my) for further information on the Annual Declaration by the LLP.
Steps in Lodging Your Online Annual Declaration of LLP to the Companies Commission of Malaysia
The process of lodging your AD takes a couple of steps going to the website of the Companies Commission of Malaysia. Here are the things you need to do:
- Launch a browser from your computer and go to the website of the Companies Commission of Malaysia at www.ssm.com.my.
- Find the “Quick Links” part of the website and select “MyLLP” or on the web address of your browser, type myllp.com.my and hit enter on your keyboard.
- Sign in with your account by clicking the “Sign In” icon at the upper right corner. Fill it in with your ‘username’ and ‘password.’
- You will be presented with menu tabs at the heading. Select ‘e-Forms,’ then, select ‘Annual Declaration.’
- Enter your LLP ‘Registration Number.’ After that, click ‘Continue.’
- The website will present a different menu now at the left pane. The default tab is ‘My Details’. Review the different tabs for ‘My Details’, ‘Partners’, and ‘Compliance Officers’. Fill in the partners’ capital contributions and financial indicator data. This is the only part where you can make changes. If you found any errors on any other aspects of your record, you have to go to the ‘change of particular modules’ page and you have to do this prior to your lodging.
- Fill in the financial indicator value fields within the ‘My Details’ tab.
- Go to the ‘Partners’ tab and review the details. After this, click ‘Save’, then, ‘Next’.
- Go to the ‘Compliance Officers’’ tab and review the details. After this, click ‘Save’, then, ‘Next’.
- Go to the ‘Capital Contributions’’ tab and click ‘Add’. You are going to encode your Capital contributions that must jive to your Balance Sheet at the financial year-end. Enter ‘0’ if you don’t have any Capital contributions.
- Select the first particular partner at the ‘Partner’ dropdown list. At the ‘Amount’, enter a value, then, click the ‘Add’ tab.
- A message of ‘Shareholding Added’ with a checkmark will be flashed to your screen to let you know that you already added a certain amount.
- Select the second particular partner at the ‘Partner’ dropdown list. At the ‘Amount’, enter a value, then, click the ‘Add’ tab. Repeat this step if there is another third particular partner.
- The total capital contributions information will be displayed after you’re done encoding all the details for all the business partners. Click ‘Save’, then, ‘Next’.
- Go to the ‘Financial Indicators (RM)’ tab. Check if the tabs for ‘Total Assets’, ‘Total Liabilities’, ‘Total Revenue’, and ‘Total Profit/Loss’ are jived with the figure stated in the Balance Sheet and the Profit & Loss Accounts in the last 2 years. Record this information as you are about to encode your latest data. The recording is important as the Companies Commission of Malaysia doesn’t make their past records available on their website.
- Fill in the amount of ‘Total Assets’ while looking at your Balance Sheet.
- The next step in the online annual declaration of LLP is entering the amount of ‘Total Liabilities’ while looking at your Balance Sheet.
- Fill in the amount of ‘Total Revenue’ while looking at your Profit & Loss Account for the Year-End.
- Enter the amount of ‘Total Profit / (Loss)’ while looking at your Profit & Loss Account for the Year-End.
- Go to the ‘Solvency Declaration’ Part and do what it’s asking from you. Click the ‘Save’ tab before proceeding to any further.
- Go to the ‘Summary’ tab at the left pane and do what it’s asking from you. Click the ‘Save’ tab, then, ‘Submit’. The screen will show what particular payments you need to make.
- If the date of your submission is more than 90 days from the end of the financial year, the system will give you a warning. You can either ‘Re-Validate’ the amount or proceed with the submission by bypassing and clicking the ‘Skip Warning’. Keep the check sign in ‘Skip Warning’, and proceed with the tab for ‘Pay & Submit’.
- If the amount of liabilities is more than the total assets, it will give you a warning. You can either ‘Re-Validate’ the amount or proceed with the submission by bypassing and clicking the ‘Skip Warning’. Keep the check sign in ‘Skip Warning’, and proceed with the tab for ‘Re-Validate’.
- The system will go back to ‘Pay & Submit’, then, the procedure for ‘Payment’ will flash on our screen.
- The amount to be paid will be the first to load on your screen. Select your payment mode and complete this task. An image receipt will be generated on your screen to tell you that you have successfully completed the transaction. It will also send a notification to your email address.
- Print a hardcopy of your AD and save both the soft and hardcopy.
The Online Annual Declaration of LLP may seem tedious but once you’ve started doing it yearly, you’ll get more familiar. If you want technical assistance, 3E Accounting services for Limited Liability Partnership would like to help with your Annual Declaration of LLP and also with the Malaysia Annual LLP Services.