Strike Off Company Services in Malaysia
Strike Off Company Services
Striking-off process is a process in which the Registrar exercises his discretion to remove a defunct company’s name from the register if he has good reason to think that:
As of the Companies Act (CA) 1965, the corporation is not operating or is not carrying on business as defined by Section 308 (1);
Despite not having a liquidator in place as required by Section 308(3)(a) of the CA 1965, the corporation has been split;
The liquidator violated Section 308(3)(b) of the CA 1965 by failing to file any return and the liquidator’s account of the liquidation process within the allotted time; or
According to Section 308(3)(c) of the CA 1965, the corporation has no assets or insufficient finances to cover the costs of obtaining a court order closing it.
Requirements for company Strike-off Application in Malaysia
- The application to strike-off the company’s name removed from the register on the basis that it is not doing business or operating in Malaysia has been launched due to a resolution passed by the shareholders. The application may still be submitted if a majority cannot be reached because of untraceable shareholders as long as efforts have been taken to determine the shareholder’s whereabouts (s). These attempts must be made via registered mail, and documentation of all other attempts must be included with the application.
- There are no outstanding charges for the company in the Register of Charges. The applicant must confirm that there are no outstanding charges for the company in the Register of Charges kept by the Registrar of Companies.
- At the period the application is submitted, the company does not have any assets or liabilities.
- There are no unpaid penalties or offers of compounds due to the company under the Companies Act of 1965. Before applying for striking off, the company must make sure that all such liabilities are paid.
- There are no unpaid taxes or other debts owed by the business to any departments or agencies of the government.
- The company’s information on record with the Registrar is accurate. The company’s directors’ contact information as well as any other details that the Registrar considers appropriate must match what is on file with us. Before applying for striking off, the company must first make sure that the Registrar’s records are updated if there are any errors or changes regarding the information of the company’s directors. (The applicant may review the records by printing a copy from the nearest SSM office or through the e-info service.)
- The company is not engaged in any legal disputes either inside or outside of Malaysia.
- The company hasn’t given stockholders any investment back. Any capital return to the shareholders should be done properly through a process of winding up, capital reduction exercise, scheme of arrangement exercise, or reconstruction exercise.
- The business is not a subsidiary or holding company for another corporate entity.
- The holding company has a responsibility to take the appropriate actions to dissolve its subsidiary company.
- The company is not a Guarantor Corporation.
If not, it is highly advised to seek professional advice to ensure that you strike-off your company in Malaysia properly. At B’yoncorpserv, we offer a wide variety of services and advice to make the process of closing a corporation easier for you.