Procedure To Strike Off Company In Malaysia

Introduction section 308 of the companies act 1965 provides a procedure for a company to be dissolved without having to undertake the formal process of winding up. In order to close a company in malaysia there are two ways to do so. Introduction section 550 of the companies act 2016 ca 2016 provides a procedure for a company to be dissolved without having to undertake the formal process of.

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Guidelines To Strike Off The Name Of A Company

To strike off the name of a company under section 550 of the companies act 2016 1.

Procedure to strike off company in malaysia. Winding up members liquidation while winding up of a company can easily cost more than rm10 000 the easier way and cost effective way to close down a company is by way of strike off. Requirements for striking off a company under section 308 1 we provide professional services in the closing or strike off of local companies under section 308 10 working with the companies commission of malaysia ssm and other relevant government agencies. As a director you may apply to acra to strike off the company s name from the register. Strike off falls under section 308 of the companies act 1965.

It may be affected when the registrar exercises his power under section 308 1 to strike a. The companies commission of malaysia or ssm in short issued guidelines and procedures that a company need to follow to be qualified for strike off. The sdn bhd company must be inactive for few years and have no outstanding debts or have not commenced any business before. One of the options available is to strike off the name of the company from the register.

1 strike off the company s name at ssm. Acra may approve the application if it has reasonable cause to believe that the company is not carrying on business and the company is able to satisfy the following criteria for striking off. The sdn bhd company may face problems in striking off the name in ssm due to the following reasons. Striking off application cannot be made via express filing.

To strike off the name of a company 1. At the point of. Outside malaysia the company should not make any application for striking off if it is. What is the general timeframe to strike off company in malaysia.

The company has large share base high paid up share capital. Conditions mentioned in the guidelines are as follows. In paragraph 3 of the guidelines on application by directors or members to strike off the name of a company under section 550 of the companies act 2016 2 guidelines published by the companies commission of malaysia the registrar may form his own opinion by looking into the company s records in the register. 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.

The 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 read more about closing down a company strike off or wind upthe strike off process may be completed within 6 12 months subject to the approval from ssm malaysia for further. In this article i will touch on company strike off only.