TaxSavvyMY

Strike off with money in the bank

Our company still has RM5,000 in the bank. Can we strike off?

The situation

A company applying under s550 should have no assets or liabilities.

The law

  • Sec 550, Companies Act 2016: Application to the Registrar to strike a company off the register

What it means for you

Pay off debts and distribute remaining cash to shareholders lawfully, then close the account. Property of a struck-off company can vest in the government.

What to do

  1. Settle debts.
  2. Distribute remaining cash properly.
  3. Close the bank account.
  4. Then apply.

We can do this for youStrike off a dormant Sdn Bhd under section 550: MYR 1,500

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