How to Strike Off Company in Malaysia?

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When should you Strike Off Company in Malaysia?

 

So you received a reminder from your company secretary that reads:

“RE: IMPORTANT REMINDER – FILING OF ANNUAL RETURN, RETAINER FEE & AUDITED ACCOUNTS

Please be informed that the Annual Return, Retainer Fee and Audited Accounts for your company is due soon. Failure to comply may result in penalty of up to RM50,000.00 may be imposed by the Companies Commission of Malaysia (CCM).”

Right after reading the email you may find yourself in a situation where you feel burdened to maintain and keep your company running by paying monthly secretarial fees and the mandatory filing fees such as filing of annual return, audited accounts, tax filing etc. At the same time you may find yourself in one of the following situation below:

Situation 1: You initially incorporated your company because of one particular project but the project did not go through and there were no activities that have been carried out ever since. You then realize that there is no reason to continue maintaining the company since you are not expecting any projects in the future;

or

Situation 2: Right after you have incorporated the company there were very minor projects carried out and you have completed all those projects and secured payment. Now that all the projects had been completed you are uncertain of what to do with your company;

or

Situation 3: You have completed all of your project but it did not translate into sales. The company remains inactive thus you, together with your partners, decide to close down the company and go your separate ways;

Solution: Apply for the Company to be Strike Off

 

How to Deregister or Strike Off Company in Malaysia?

You have an option to eliminate yourself from the risk of being penalize for failure to comply with the mandatory filing requirement by closing your company down. To deregister your company you will need to fulfil all of the below checklists:

  1. My company has not been carrying on businessor is not in operation and has no intention to carry on business in the future;
  2. My company has  no assets and liabilities at the time when the application is made;
  3. My company has no outstanding chargesin the Registrar of Charges and Compounds;
  4. My company has no outstanding tax or other liabilitieswith any Government Department;
  5. Me in my capacity as the Director and my company are not involved in any legal proceedingswithin or outside Malaysia;
  6. My company is not a holding Company;
  7. My company has not made any return of capital to the shareholders in the company;
  8. My company is not a “Guarantor Corporation”. A “Guarantor Corporation” means a corporation that has guaranteed or has agreed to guarantee the repayment of any money received or to be received by any third party.

 

How to Start with the Strike Off Process?

The following are amongst the documents required to Strike Off Company in Malaysia:

  1. Shareholders Resolution – all shareholders must agree to the striking off application.
  2. Application Forms
  3. Management account – showing the company has no assets and liabilities.

 

What is the General Timeframe to Strike Off Company in Malaysia?

Striking off application CANNOT be made via express filing. All applications have to be submitted over the counter and the timeline for striking off process may take up to 6-12 months depending on the volume of applications made to CCM at the time.

 

How much is the cost?

Cost may vary depending on the amount of work involved and the Company Secretary. So check with your Company Secretary!


We have assisted numerous clients to prepare and process the striking off of their company. Use the following link to:

Request Quotation  Book Consultation   Call Us


Other Relevant Articles:

1) 3 Types of Business Setup in Malaysia

2) How to Setup a Company in Malaysia (i.e. Sdn Bhd Company)?

3) What are the Annual Compliance Requirement of a Private Limited Company (Sdn Bhd)

4) How to Choose the Right Company Secretary for your Private Limited Company (Sdn Bhd)?

5) What are the Issues faced by foreigner to setup a Company in Malaysia?

 

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