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May 5, 2021 · A simple, cost-effective method to close down an Sdn Bhd or private limited company or business is to request that the Companies Commission of Malaysia (“CCM”) strike it off from the register pursuant to Section 550 of the Companies Act 2016 (the “Act”). This will effectively dissolve a company.
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The owner (s) of a Sdn Bhd company in Malaysia who wants to shut down the business must understand how to do so. In this article, we will explain the processes and costs involved to formally close a Sdn Bhd company in Malaysia.
Initiating Company Strike-Off Process in Malaysia. It is more common for a director, member or liquidator of a company to initiate a company strike-off application in Malaysia. Further, the Registrar of Companies may have the option to strike-off a company in Malaysia on his own motion by looking into the company’s records in the register. 2.
Business closure is the term used to refer to when a business ceases operations. While the term is often associated with the failure of a commercial enterprise, businesses may also close because the owners have sold it at a higher value than what they invested in it.
When a company in Malaysia is closing down, they can do it in two ways: winding up the company. striking-off the company name from Suruhanjaya Syarikat Malaysia’s register. Because the law on closing a business is complex, it would be impossible to discuss everything in one article.
Company closures are an unfortunate reality of the business world. Whether due to financial struggles, changes in the market, or other circumstances, understanding and navigating through the process of closing a company is essential for business owners and employees alike.
Refer to Guidelines on Termination for Business . Business may be terminated for the following reasons: Cessation of the business. Bankrupt. Death of the owner. Pursuant to Court Order. Registered business that has not expired is allowed to submit Notice for Termination of Registered Business.
