Closing Your Company: Strike-Off Services in Malaysia

To qualify for a strike-off, your company must meet the following SSM criteria:

1. Shareholder Approval Directors must obtain a formal resolution from the shareholders. This document confirms that the majority of shareholders agree to close the company.

2. No Assets or Liabilities The company must have zero assets and liabilities at the time of application. You must provide management accounts certified by a Director. If the company never commenced operations, you must provide proof that no bank account was opened (or that any existing account is closed).

3. Clear Regulatory Record

• No Outstanding Charges: The company must have no active charges in the Register of Charges.

• No Penalties: All outstanding compounds or fines under the Companies Act must be settled.

• Tax Clearance: The company must settle all tax obligations and obtain a clearance letter from LHDN.

4. Up-to-Date Information Company records (such as Director particulars) held by the Registrar must be current before the application is filed.

5. Legal Status The company must not be involved in any current or pending legal proceedings, either inside or outside Malaysia.

6. Corporate Structure & Capital

• The company must not be a “Guarantor Corporation.”

• The company must not be a holding company or a subsidiary of another active entity (these should generally follow winding-up procedures).

• No capital can be returned to shareholders via this process; this requires a formal winding-up or capital reduction.

Timeline: The strike-off process typically takes 6 to 12 months, depending on SSM approval speeds.