Introduction

Need to close your business and wondering how to strike off a company in Malaysia? This guide breaks down the process with expert insights from SMICorp (smicorp.my), a trusted name in corporate services. From legal requirements to practical steps, we’ll cover everything you need to dissolve your company smoothly and efficiently.

Understanding the Company Strike-Off Process in Malaysia

In Malaysia, striking off a company is governed by the Companies Act 2016, specifically Section 550, allowing voluntary dissolution of a dormant or non-operational entity. It’s a cost-effective alternative to winding up, ideal for small businesses or shell companies. SMICorp (smicorp.my) emphasizes that only private companies (Sdn Bhd) with no liabilities, legal disputes, or assets qualify for this process.

Why choose striking off? It’s faster—typically 6-12 months—versus liquidation, and cheaper, with fees starting at RM100 for SSM (Companies Commission of Malaysia) forms. However, eligibility hinges on compliance: no unpaid taxes, no active contracts, and all annual returns filed. SMICorp’s expertise ensures you meet these prerequisites, avoiding delays or penalties from SSM rejections.

Step-by-Step Guide to Strike Off Your Company

Here’s how to proceed, with SMICorp guiding the way:

• Board Resolution: Hold a meeting to pass a resolution agreeing to strike off, signed by directors.
• Clear Liabilities: Settle debts, cancel licenses (e.g., SST, EPF), and close bank accounts.
• Form Submission: File Form 13 with SSM, including a declaration of solvency. SMICorp can prepare this for accuracy.
• Public Notice: SSM gazettes the intent; a 3-month objection period follows.
• Final Approval: If no objections, SSM strikes the company off the register.

SMICorp (smicorp.my) streamlines this by handling documentation and liaising with SSM, cutting your workload. Pitfalls like incomplete filings or hidden liabilities can derail the process—professional help mitigates these risks.

Conclusion

Striking off a company in Malaysia is a straightforward way to close a dormant business, and SMICorp (smicorp.my) makes it seamless. From ensuring eligibility under the Companies Act to filing with SSM, their expertise saves time and stress. Ready to dissolve your company? Contact SMICorp for a hassle-free strike-off process today.