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Business includes every form of trade, commerce, craftsmanship, calling, profession or other activity carried on for the purpose of gain, but does not include any office or employment or any charitable undertaking or any occupation specified in the Schedule of the Registration of Businesses Act 1956 (ROBA 1956) & ROBA Rules 1957.

Two (2) types of businesses;

1. Sole proprietorship: Business wholly owned by a single individual using personal name as per his / her identity card or trade name.

2. Partnership: Business owned by two or more persons but not exceeding 20 persons. Identity card name can't be used as business name.

The incorporation of companies under the Companies Act 2016 may be made by individuals who intend to form a company. The basic requirements are:

• Private company - at least one (1) director who ordinarily resides in Malaysia

• Public company - at least two directors who ordinarily reside in Malaysia

Type of Companies

• A Company limited by shares;
• A Company limited by guarantee; or
• An Unlimited Company

Essential requirements of a Company

• a name;
• One or more members;
• In the case of a limited company with shares, one or more shares; and
• One or more directors

LLP is an alternative business vehicle to carry out business which combines the characteristics of private companies and conventional partnerships. LLP provides limited liability status to its partners and offers the flexibility of internal rules through agreements between partners.

Salient Features of LLP

• The LLP is a body corporate and has the legal personality separate from the partners (separate legal entity).
• LLP is a perpetual succession.
• Any partnership in the partnership will not affect the existence, right or liberty of the LLP.
• LLP has unlimited capability and is capable of suing and be sued for it, acquire, owning, holding and develop or dispose of property.
• LLP may do and suffer such other acts and things as bodies corporate may lawfully do and suffer.

Registration of LLP

• By minimum two (2) persons (in whole or in part, an individual or a body corporate);
• For any lawful business for the purpose of making a profit; and
• In accordance with the terms of the LLP agreement.

Who can register

• Professionals
• Small and medium business
• Joint Venture
• Venture Capital (Venture Capital)

Interest scheme involves the pooling of a financial contribution from the public in exchange for an interest in a particular scheme. While the traditional means of business involve exchanging money with outright ownership of property or rights, by virtue of being dynamic, business continues to evolve. Thus, business creativity has created new classes of assets and this include "interest", which connotes that a right obtained by the purchasing public may be temporary, fractional or not outright. There can be many forms of interest and only limited by the boundary of creative business minds. Driven by the opportunity to get easy credit or funding from the public under the guise of innovative and clever business schemes, some irresponsible business operators actively offer interest to the public to achieve a bigger pool of financial contribution in unregulated environment. If left unchecked, there could be far reaching public implications. The Interest Schemes Act 2016 was introduced to address such potential problems by providing strong regulatory control and investor protection safeguards. For the public intending to diversify their investment portfolios to meet their unique investment goals, interest scheme offers another option to the investing public by participating in a different asset class investment platform subject to careful consideration of the potential benefits against the risks involved. For companies especially the Small and Medium Enterprises (SMEs), depending on their business strategies, interest scheme offers them an alternative method of funding their business growth beyond the traditional financing options.

SSM BizTrust

SSM BizTrust via SSM BizTrust QR Code is a mechanism for verifying identity of business entity and is a benchmark for compliance with the Acts administered by SSM. Other than that, SSM BizTrust serves as a digital identification to business entities in compliance with the Acts administered by SSM in creating consumer confidence to conduct transactions with business entities.

SSM BizTrust enables Malaysian online business entities to capitalize on the rapidly growing industry. SSM BizTrust is a means to build trust and gain consumer confidence in doing online transaction and to create a business community that is secure and adheres to the ethics of online business practices with validation through the SSM BizTrust QR Code.

Corporate and Business Information Data (CBID)

Customisable bulk data for companies, businesses and limited liability partnership that includes listing and/or statistic.
Why Do You Need It?

• For business growth information in a respective location.
• For marketing purposes.
• For networking or collaboration.
• For research and analysis.
• For business expansion analysis either through joint venture or alliances.
• For decision making

Business, Company and LLP Information

A report which contains the information of a business, company or limited liability partnership.

The Malaysian Business Reporting System (MBRS) refer to the submission platform-based o the extensible Business Reporting Language (XBRL) format. MBRS allow for the submission of:

• Annual Return (AR)
• Financial Statements and Report (FS); and
• Exemption Applications (EA) related to the FS and AR.

The guiding principles behind the financial and the non-financial scopes for MBRS is based on the Companies Act 2016, the Companies Act 1965, Malaysian Private Entities Reporting Standards (MPERS) and Malaysian Financial Reporting Standards (MFRS).

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Please be informed that effective 1 August 2022, under the amended Fourth Schedule of the Companies Act 2016 (CA 2016) and First Schedule of the Limited Liability Partnership Act 2012 (LLP Act 2012) the word "Sabah Law Association" will be substituted with the word "Sabah Law Society". ​Therefore, effective 1 August 2022, Sabah Law Association will cease to be an Approved Body under the Fourth Schedule of the CA 2016 and a Governing Body under the First Schedule of the LLP Act 2012. Please click at the links to view the Gazette Orders dated 15 July 2022 HERE and HERE.

​SURUHANJAYA SYARIKAT MALAYSIA
1 August 2022