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Company strike off, also referred to as Dissolution, is the process by which a Company is removed from the Registrar.
There are many who would like to dissolve a company after they have completed their business goals, or who do not want to use a company anymore for some reason. Setting up companies seems to be simple, but when you dissolve them, you need to fulfill all your duties with the incorporated jurisdiction. Depending on the jurisdiction which the process can be complex as well as time-consuming.
However, some jurisdictions requiring a tax declaration: Hong Kong, Singapore, the US or the UK, etc the procedure is much more complicated, Accounting and Auditing report and other relevant documents must be submitted to the Registrar before the dissolution. Please refer to the Company Strike Off Processing or you can contact us for more information.
We can apply to get your company restored if it was struck off the register and dissolved by the Companies Registrar.
Our experience ensures you stay ahead of legal requirements that can impact your company. You can apply for a company restoration if you were a director or shareholder of the company.
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In order to deregister a company in Malaysia, the company must comply with Section 549 of the Companies Act 2016 under the regulation of the Companies Commission of Malaysia (SSM). As experienced providers of corporate and offshore services for many years, we assist clients through this process with accuracy and conformity.
The strike-off procedure is for non-trading private companies with no liabilities or assets. The company should have no legal cases against it, tax dues, or outstanding debts before applying. There would need to be a passed board resolution to authorize the intent of striking off the company.
The procedure involves the filing of Form 68 with SSM, along with a statutory declaration confirming that the company is satisfying all the terms laid down under the law. Additional documents like statements of accounts and tax clearance certificates may be asked for in order to establish that the company is fully inactive and solvent.
Once the application is processed, SSM will issue a public notice in the government gazette. Subject to no objections within 30 days, the company will be officially struck off the register. The entire process normally takes three to six months.
Striking off is a good and cost-efficient option for companies looking to exit the Malaysian market. It needs to be done through the right documentation and adherence to the law. Our professionals provide turnkey solutions for a smooth and risk-free company striking off in Malaysia.
A voluntary strike-off in Malaysia refers to the process of formally removing a company from the official register maintained by the Companies Commission of Malaysia (SSM). It is typically where a company has closed, insufficient activity to comply with its daily obligations or when both shareholders and directors resolves to wind up the company voluntarily. Once struck off, the company ceases to exist as a legal entity
This process is governed by the Companies Act 2016 and administered by the Companies Commission of Malaysia (SSM) based on guidelines for company deregistration. Formal liquidation procedures are more expensive and time-consuming than a voluntary strike-off. The main conditions for a voluntary strike are the following:
The company must meet the following conditions before making an application for deregistration/strike off.
Yes. A company is required to file Annual Returns and observe its obligations under the Companies Ordinance until it has been dissolved. Failure to do so will make the company liable to prosecution.
Winding up is the process of settling the accounts and liquidating the assets of a company for the purpose of making distribution of the net assets to members and dissolving the company.
Deregistration is A defunct solvent company, it is a relatively simple, inexpensive and quick procedure for dissolving defunct solvent companies.
As for striking off, the Registrar of Companies may strike the name of a company where the Registrar has reasonable cause to believe that the company is not in operation or carrying on business.The company shall be dissolved when its name is struck off the Companies Register. Striking off is a statutory power conferred on the Registrar, a company cannot apply for striking off.
Depending on the jurisdiction you are incorporated in and the status of your business, it normally it takes 1-2 months, but it may be 5 months for companies incorporated in Hong Kong, Singapore and the UK
Read more: Strike off company
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