Let me share my experience. I decided to open the LLP account at OCBC after researching and considering:
- Requirements (A current account holder to be your introducer who is required to sign the form as well, LLP's official stamp for the application)
- Banks that offer online banking for LLP accounts: CIMB, RHB, Public Bank, HongLeong, UOB, OCBC
- Number and location of branches
- Min deposit amount
- Customer service
My experience:
If you take the package that requires a minimum of RM50k in the account per month, then it is free. Mhmm... now I am thinking of changing bank after 3 months.
- OCBC: Excellent customer service. Just one call, I got all my questions answered. No introducer or company stamp (signature is sufficient) required. It has to be a current account for business. Velocity@ocbc (business internet banking) available (fee: RM21.20 per month). Not many branches. The team that takes care of business banking is mobile, so they will come look for you. Good service comes at a higher price.
- Hong Leong Bank: Email inquiry; the reply I got was they will provide me with the contact no. of my preferred branch for me to ask them directly (🤦). Called many times, either the PIC of LLP was not free or the call was not picked up at all.
- Public Bank: My email inquiries were replied promptly.
- Business Account Application Form
- Minimum Initial deposit RM500. Min monthly avg. balance RM1000 (otherwise, half-yearly service fee of RM10 applies)
- Certified true copies of NRIC / Passport of All Authorised Signatory(ies), Authorised Person(s), and Compliance Officer
- NRIC / Passport of Partners – Original Sighted
- Certified true copy of LLP corporate profile
- Notice of Registration or Certificate of Registration from Registrar of LLP
- Certified Extract of the Resolution for the LLP – certified by Compliance Officer & 1 partner. This is usually in the form provided by the bank.
If you take the package that requires a minimum of RM50k in the account per month, then it is free. Mhmm... now I am thinking of changing bank after 3 months.
- Certified True Copy of LLP Agreement (if available) (If this is not available, Second Schedule of the LLP Act applies)
- Practicing Certificate and Letter of Approval from Governing Body – Original Sighted (for a professional practice e.g. lawyers, accountants and secretaries)
- Annual Declaration of LLP (if available)
Public Bank
You can approach any of their branches and furnish the following for the opening of a Limited Liability Partnership (LLP) account (with Cheque Book):-
- Notice of registration of the LLP,
- Register of the name and address of each partner and compliance officer of the LLP,
- Approval letter from the professional governing body to form a LLP and a valid professional indemnity insurance certificate (applicable to Professional Practice LLP only),
- A copy of the LLP agreement, and
- A resolution passed according to the terms stated in the LLP Agreement OR by a majority of the partners of the LLP (as per item 8 the Second Schedule of the LLP Act) resolving the following:
- the opening of the LLP with the Bank;
- the names of the authorised signatories and their specimen signatures; and
- the mandate for the operation of the LLP account.
- At the same time, an introducer, who is a Public Bank Current Account holder is compulsory for the said opening. However, in the event that no introducer is provided to the branch, the customer must have a satisfactory 6 month track record either with the Bank or other banks as follows: An average daily credit balance of RM5,000-00 in either savings or current account, or Fixed deposit of a minimum of RM5,000-00, or Any loan account with good repayment records.
- All the authorised signatories and partners are to be present at the branch for the above opening.
- Original Identity Cards of Partners
- Original Business Reg. Form A or B + D
- Bank’s Partnership Mandate Form
- Initial deposit of RM1,000.
- Introducer who is a current account holder with CIMB Bank.
Hong Leong Bank (Business account procedure and application form)
UOB
Charges for business internet banking here.
Business current account fees here.
Ref: mr-stingy.com,
No comments:
Post a Comment