Company Striking Off

Description

• Company Striking Off is the process of legally dissolving a company that is no longer active or has ceased operations. This process removes the company’s name from the register maintained by the Companies Commission of Malaysia (SSM).

GOV Department

• Suruhanjaya Syarikat Malaysia (SSM) / Companies Commission of Malaysia

License Name (Malay)

• Penggulungan Syarikat

Details

• Applicable to private limited companies (Sdn Bhd) that meet the criteria for voluntary dissolution.
• The company must have ceased operations, settled all debts, and have no outstanding liabilities.
• Requires submission of Form e-SSM Strike Off Application along with supporting documents, such as board resolutions and financial statements.
• The process is governed by Section 550 of the Companies Act 2016.

Important Rules

• The company must not have any ongoing legal proceedings or unsettled disputes.
• All directors and shareholders must unanimously agree to the striking-off application.
• The company must ensure all statutory obligations, such as tax returns and employee contributions (e.g., KWSP and SOCSO), are fulfilled.
• Notices will be issued to creditors, stakeholders, and relevant authorities to allow objections before the company is struck off

Compound & Punishment

• Submitting false information or failing to disclose material facts may result in:
  • Fines of up to RM50,000, imprisonment of up to 5 years, or both.
• Attempting to strike off a company with unresolved liabilities can lead to rejection of the application and potential legal action.
• Directors may face disqualification for future directorships if found in breach of the Companies Act 2016.

Advisor