There are several ways in the process of closing down a company; for example if the company is no longer active, no more projects, directors no longer
keen to run the company or unable to pay back to the creditors. Let us compare how strike off vs winding up a company work on:
Process of strike off (de-register) a company in Malaysia and among the the criteria that the directors need to fulfill for the Company:
i. The Company is no longer running on business and no longer interested to run the business in the future;
ii. Not having assets & liabilities during the application process of strike off;
iii. No outstanding charges in the Registrar of Charges and Compounds;
iv. All directors and company are not involved in any legal proceedings in Malaysia or outside Malaysia;
v. The company is not a holding company;
vi. Has not made any return of capital to the members of the Company;
vii. Is not a "Guarantor Corporation" as it is not agreed to guarantee any repayment of any money towards a 3rd party.
How Hills & Cheryl help you with the process with the estimate costing of RM 1,000.00:
Step 1: Preparing of the members' resolution as agreed to strike off the company and close of current bank accounts;
Step 2: To fill in the strike off application forms;
Step 3: Preparation of management accounts in showing no assets, no creditors and no liabilities;
Step 4: Compile and submit to SSM and LHDN in closing the company's tax file.
Winding up a company is a process of closing down or dissolving a company which inclusive of disposing all assets, clearing all creditors and finally to
distribute balance assets to all members according to their shares portion. For winding up, it could be initiated by the director which also know as
voluntary winding up or by creditors which know as compulsory winding-up.
1.Creditors Voluntary Winding-Up (CVW): It is a voluntary process that the business is insolvent and no longer viable;
2.Members Voluntary Winding-Up (MVW): The company is able to cover its liabilities as the members want to wind up the company in a tax efficient