Meaning of Strike Off
In Malaysia, Strike Off refers to the process of removing a company’s name from the Companies Register, which effectively dissolves the company and terminates its legal existence. This process is also known as deregistration.
The strike off process involves several steps, including a public notice of the intention to strike off the company, a waiting period for objections, and the final removal of the company’s name from the Suruhanjaya Syarikat Malaysia (SSM). Once the company has been struck off, it is no longer considered a legal entity and its assets may be forfeited to the government.
Strike Off VS Winding Up
Strike Off is a simpler and less formal process, but it may result in the loss of the company’s assets to the government.
Winding Up, on the other hand, is a more complex and formal process that can involve court proceedings, but it provides more protection to the company’s creditors and shareholders.
While Strike Off and Winding Up can both result in the dissolution of a company, they differ in terms of the process and legal implications.
By striking off the name of a company from SSM register, requires company secretary (CS) to send an application to SSM.
Criteria needed for strike off:
Submission of Strike Off
The process of submitting a strike off application must be done by a professional service provider, such as a CS. These service providers can assist with the preparation and submission of the required documents to SSM, which is the regulatory body responsible for overseeing company registration and compliance. BP-AST is an all in one service provider offering professional accounting, secretarial, taxation, seminar and business advisory services, making it the perfect partner for entrepreneurs.
How long does it take to strike off a company in Malaysia?
The time it takes to strike off a company in Malaysia can vary depending on factors such as the completeness of the application and whether any objections are raised. Generally, the process takes between 6 to 12 months.
Frequent Ask Question (FAQ)
To ensure a smooth and compliant strike off process, it is advisable for companies to engage a qualified and experienced CS to assist in the process. BP-AST provide guidance on the legal requirements, prepare the necessary documents and resolutions, liaise with the SSM, and manage any queries or issues that may arise during the process.