Strike Off Company Services

Striking Off Company Services in Malaysia

Striking off a company in Malaysia is always a viable option if you have been operating one in Malaysia and no longer wish to continue to do so. The Companies Act 1965, section 308 provides that companies can be voluntarily wound up by making an application to the CCM. The Registrar is empowered to dissolve a company under the ACT, however, there are some procedures that must be followed when this is done.

It can be challenging and time-consuming to close companies, not to mention that the costs are considerable. We can also assist you with the process which can be tedious, therefore saving you from the stress associated with the closing.

Closing Down A Company – Strike Off or Wind Up- Benefits

Even though the company will be closing, you should take note of the following benefits this process offers: ·

Eliminates the need for the tedious and unnecessary process of filing annual reports with the Companies Registration Office, especially since the company is not operational.
Helps to avoid potential audit fees, secretarial fees, and late filing taxes if the company appears to be in operation but fails to comply with the filing requirements.
Striking off a company voluntarily is less expensive than winding it up or continuing to file annual returns, particularly if you do not intend to operate it again.
A strike-off requires less documentation than a wind-up.

Guidelines of Striking Off a Company

When a company is struck off, there are some requirements that must be met. Before beginning the application process, the following must be in place:

A unanimous resolution of the directors and shareholders in support of the strike-off.
The company must be inactive and not conducting any business.
Has no existing assets or liabilities - All past liabilities must have been waived or settled in full prior to the application and all assets must have been written off. The company must have an adequate amount of cash on hand to equal its share capital on its balance sheet.
The applicant should not have any existing bank accounts, and any that already exist must be closed prior to the application.
Must have settled all penalties and compounds under the Companies Act of 1967
Company must be free of encumbrances, i.e., it must have no outstanding charges in the Register of Charges.
All liabilities and taxes due to government departments or agencies must be paid in full.
Sdn Bhd must not be involved in any legal proceedings in and outside of Malaysia.
A company cannot act as a guarantor for any other third party.
A company must not be a subsidiary or a holding company of any other corporate body.

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Who We Are

JS Partners was established in 2009 by Managing Director Datin Shivajini Seelan and her team of experts.