If you’re considering closing your Sdn. Bhd., it’s important to understand the two legal exit options under the Companies Act 2016 — Strike-Off and Voluntary Winding-Up.
Here’s a quick comparison table to help you decide:
✅ Quick Comparison Table
| Item | STRIKE-OFF | VOLUNTARY WINDING UP |
| Legal Provision | s.550 CA 2016 | s.439(1)(b) CA 2016 |
| Resolution Needed | ✅ Board resolution only (✳ shareholder consent advisable) | ✅ Special resolution (≥75%) required |
| Eligibility | No assets/liabilities- Ceased operations- Filings up to date | Solvent- Must file Declaration of Solvency (Form 66) |
| SSM Process | Form 550 → Gazette → Objection wait | Appointment of liquidator → Notices → Final return |
| Public Notice | SSM Gazette – 60 days objection period | Gazette + 1 local newspaper |
| LHDN Closure | 💰 RM2,500 (CP7A + tax clearance) | 💰 RM2,500 |
| KWSP/SOCSO/HRDC CLOSURE | 💰 RM500 | 💰 RM500 |
| Bank Closure | 💰 RM100/bank | 💰 RM100/bank |
| 💰 Estimated Total Cost | 💰 RM5,600+ | 💰 RM13,100+ |
| ⏳ Timeframe | 6–12 months | 12–24 months |
| Final Result | SSM strike-off notice in Gazette | Liquidator’s final return to dissolve company |
| Risk of Non-Compliance | 🔴 s.550(6): False declaration = Offence | 🔴 s.439(2): False solvency = Offence |
📌 What is Strike-Off?
Strike-Off is a simple exit option available under Section 550 of the Companies Act 2016, meant for dormant, inactive companies that meet these criteria:
✅ Conditions:
- No assets or liabilities
- Ceased business operations
- All statutory filings (AR, Financial Statements) are up to date
🔧 Process:
- Board resolution (shareholder consent optional but advisable)
- File Form 550 with SSM
- Wait 60 days for public objection via Gazette notice
- If no objection, SSM will strike off the company
💰 Typical Cost: ~RM5,600+
(SSM filing + tax clearance + statutory body closures + bank closure)
⏳ Timeframe: 6 to 12 months
📌 What is Voluntary Winding-Up?
Voluntary Winding-Up under Section 439(1)(b) of CA 2016 is a formal process for solvent companies that want to close down properly through appointment of a licensed liquidator.
✅ Conditions:
- Company is solvent
- Directors must make a Declaration of Solvency (Form 66)
- Shareholders must pass a special resolution (≥75%)
🔧 Process:
- Appoint liquidator
- Publish winding-up notice in Gazette + newspaper
- Liquidator settles creditors, distributes remaining assets
- Final return filed to dissolve the company
💰 Typical Cost: ~RM13,100+
(Liquidator fee, Gazette & ads, tax closure, statutory filings, bank closure)
⏳ Timeframe: 12 to 24 months
⚠️ Compliance Reminder:
Closing a company without properly handling SSM, LHDN, EPF, SOCSO, HRDC, and bank accounts can result in penalties or future complications for directors and shareholders.
💼 How Boss Boleh Can Help
We provide full support for:
✅ Company eligibility assessment
✅ Resolutions and statutory filings
✅ Liaison with SSM, LHDN, EPF, SOCSO, HRDC
✅ Complete end-to-end compliance closure
📞 Planning to close your company?
First, consult a Company Secretary to assess your company’s eligibility to proceed with Strike-Off or Winding-Up.
Boss Boleh can assist you from start to finish — the compliant and cost-effective way.
Want to learn more about managing your business structure the right way? 💼
Join our FREE webinar! We’ll walk you through compliance essentials and how to convert from Enterprise to Sdn Bhd with confidence.
For more details, feel free to WhatsApp us!
📲 WhatsApp: 018-7678055