TaxSavvyMY

Closing a sole proprietorship

I stopped my business. How do I close the SSM registration?

The situation

You terminate the registration with SSM when you stop trading. You must still declare business income up to the stop date in Form B.

The law

  • Sec 5, Registration of Businesses Act 1956: Business must be registered with SSM before or within 30 days of starting
  • Sec 77, Income Tax Act 1967: Individuals furnish a return each year: Form BE by 30 April, Form B by 30 June

What it means for you

Terminate promptly so the registration does not lapse while still on record. Inform LHDN by filing your final Form B showing the business has ceased. If you were registered for SST, deregister that too.

What to do

  1. Apply to terminate on ezBiz.
  2. Close the business bank account.
  3. Deregister SST if registered.
  4. File the final Form B.

We can do this for youRegister a sole proprietorship or partnership with SSM: MYR 250

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