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What is company deregistration? The company deregistration is mainly due to the company's losses, directors and shareholders who are not willing to continue to operate the company and cancel the company without operating. The cancellation of a Malaysian company requires the company's shareholders or directors to apply to the Malaysian Companies Committee (CCM) for deregistration of the company, and the rights to deregister the company can be obtained through Chapter 549 of the 2016 Companies Act. If a company is in a business-out situation, the company owner has the right to deregister under the company law.
Deregistration of Company Requirements
· No bad or criminal records. The company must resolve all outstanding debts before applying for cancellation;
· The company does not owe taxation and debts to any government department or agency;
· The company does not involve any legal issues, whether local or abroad, and should not apply for cancellation if there are any legal issues involved;
· Must meet the requirements of the Malaysian deregistration company to prepare relevant documents and forms;
· The company no longer has any trading or commercial activities;
· If the company does not have any assets or debts to apply for cancellation, the applicant must first review the company's latest balance sheet. The approved application form must be submitted together with the application form to ensure compliance with the application conditions;
· The company has not violated the provisions of the company's laws or mergers, and must ensure that all debts have been paid off before applying for deregistration;
· All information must be up to date and applicants must ensure that all submitted information is updated and, if not updated, must be updated prior to application.
Malaysian Company Deregistration – Special circumstances not to be deregister
· Recently have business activities;
· Has a large allocation of shares;
· Any legal action involved;
· Maintaining profitability;
· Recently sold some properties;
· Unresolved debt.
If the company is under deregistration, it must submit annual return and audit report in advance to ensure that the company is closed without loss. In addition, the company's bank account must also close the account before deregistration. Directors and shareholders only need to sign the deregistration documents and submit all documents to the Malaysian Business Bureau (SSM). It takes only 14 working days to officially complete the process of deregistration.
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