Notes

Company Closure - FIND YOURSELF Or Strike Off?
Closing a company isn't as easy as you think it is: It actually requires more time and effort to de-register an organization than to join up one. We're discussing Sendirian Berhad (Sdn Bhd) entities here. You need to probably disregard the rest. Your company could possibly be dormant due to insolvency (lack of financial resources to pay debts or provide a sustainable business) or maybe your partners couldn't agree and decide to go their very own ways. Either way, there's still one more entity to handle: The Law.

Your visit to your favourite legal consultant could've already paved a string of information for you personally - But it's often hardly ever really enough. Well, if you're scanning this, you're definitely at the right place already.

The big question follows: Should I strike off or find yourself my company? Wait - How are they different anyway? Regarding company legal laws in Malaysia, they are quite different.

If you have dropped by any consulting firms that offer striking off or company find yourself services, they'll probably help you based on your situation. And usually, they'll offer you choices to make before they actually offer you a consulting service. Let KLM offer you some information in order that you make the best decision.

Understanding 'dead' businesses

No, they aren't literally dead. Although dormant companies (companies without more operations and business transactions) have previously stopped its business processes, it generally does not imply that SSM (Suruhanjaya Syarikat Malaysia or Companies Commission of Malaysia) will automatically remove the corporation from its ROC (Registrar of Companies) list.

It's still registered, and holds a license to conduct business in whatever legal form it is capable of. Also, remember that for dormant companies:

* It's directors still hold a legal responsibility to conduct yearly 'reports', in which includes filing annual returns, auditing, keep proper accounts and transactions, taxes, etc. dissolve a company limited company must perform annually.

So in case you forgot about your dormant company, understand that SSM will not.

Striking off a company

In lots of ways, striking off an organization is a considerably faster way when compared with winding up one. When you voluntarily ask SSM to strike your company off under Sectiion 308 of the Companies Act 1965 titled "Power of Registrar to strike defunct company off register, this permits the Registrar to strike off your company, or in another term, dissolve the business that you ask for.
Read More: https://companydoctor.co.uk/solutions/strike-off-a-company/