There are many reasons why business owners choose to close their companies—financial challenges, business restructuring, completed objectives, or simply a shift in focus. Regardless of the reason, it’s important to follow a proper legal process to avoid future liabilities or compliance issues.
15+
Years of Experience
Ways to Close Down Your Company or LLP
1. Strike-Off
Suitable for companies with no assets, liabilities, or ongoing business activities.
Takes approximately 6 months.
Requires shareholder consent and SSM approval.
2. Members’ Voluntary Liquidation (MVL)
Appropriate when the company has assets or liabilities to settle.
Involves appointing a liquidator to manage the process.
Complies with legal requirements to safeguard all parties involved.
3. Striking Off an LLP (Limited Liability Partnership)
LLPs can be struck off if they are no longer operating.
Requires similar conditions as private companies.
Requirements for Company and LLP Strike-Off Application in Malaysia
To apply for a strike-off, your company or LLP must:
Cease all business operations.
Have no outstanding debts or liabilities.
Have no assets or bank accounts.
Obtain written consent from all shareholders.
Be free of ongoing legal proceedings.
Submit the application to SSM for approval.
Retain records for at least 7 years after dissolution.
HOW IT WORKS
Strike Off Your Company or LLP in 3 Simple Steps with Amaze Advisory
Step 1
Initial Assessment & Eligibility Check
We begin by reviewing your company’s current status to determine if it qualifies for the strike-off process. This includes checking for business activity, outstanding liabilities, and shareholder agreement.
Step 2
Documentation & Compliance Preparation
Our team will prepare and compile all required documents for the strike-off application. We’ll also assist with license cancellations, bank account closures, and final statutory filings to ensure your company is ready for dissolution.
Step 3
Submission to SSM & Monitoring
We will submit the strike-off application to the Companies Commission of Malaysia (SSM) and monitor the process on your behalf. Once approved, we’ll notify you and provide guidance on record-keeping and compliance post-dissolution.
What to Consider Before Winding Up a Company in Malaysia
Tax Compliance: Ensure all taxes are filed and settled with LHDN.
Employees: Settle any employee benefits, EPF, and SOCSO obligations.
Creditors: Notify and resolve outstanding payments or contracts.
Bank Accounts: Close all corporate accounts.
Legal Implications: Be aware that the company can be reinstated within 7 years by court order.
Record-Keeping: All books must be retained for 7 years post-dissolution.
Company & LLP Closure
Ready to Close Your Company or LLP?
Let our teams cover all requirements for closing your company or LLP with finality
Once legally dissolved, the company ceases to exist. However, you must retain records for 7 years, and the company can be reinstated by court within that period.
Strike-off is simpler and less costly, applicable to dormant, debt-free companies. MVL is a formal liquidation process used when the company has assets or liabilities.
