Do dormant sole proprietor company need to close, Company not doing business anymore
Do dormant sole proprietor company need to close, Company not doing business anymore
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May 8 2020, 07:27 AM, updated 6y ago
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#1
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Junior Member
129 posts Joined: Nov 2006 |
Does dormant sole proprietor company need to close? It have being dormant for quite sometime. No business anymore Do the owner need to go to ssm to close the company or no need just leave it? Online can terminate company but for the first time activation need to go ssm to active online account. If no need to go ssm to terminate then just leave it can or not? Anyone know any info on how to go about it? |
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May 8 2020, 07:33 AM
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#2
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Senior Member
9,048 posts Joined: Jan 2003 |
After expiry, automatically terminated by SSM. My old company registered since 2009 got terminated after it expired in 2017. I appealed but got rejected. Had to register a new company and start over.
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May 8 2020, 07:42 AM
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#3
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Junior Member
129 posts Joined: Nov 2006 |
General Guideline
1. Business Termination to be registered within thirty (30) days from the date of business termination. 2. Registered business that has not expired is allowed to submit Notification of Termination of Registered Business. 3. Submit the Notification as a result of death within four (4) months from the date of demise. 4. Confirmation Letter on expired business can be requested from SSM with a payment of RM10.00. 5. Result of application can be obtained within fifteen (15) minutes from the time submission is made 6. Any person who being a person responsible for his business or a personal representative or next-of-kin or a remaining partners fails to file a notice of termination where a business has been terminated commits an offence and shall on conviction be liable to a fine not exceeding RM10,000 or imprisonment for a term not exceeding one (1) year or both |
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May 8 2020, 08:15 AM
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#4
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Junior Member
53 posts Joined: May 2015 |
One year after the date of expiry, your registration will automatically be terminated.
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May 8 2020, 08:55 AM
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#5
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Junior Member
65 posts Joined: Apr 2020 |
Yeap. had gone through that experience before.
SSM counter said auto terminated if dormant. |
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May 8 2020, 10:21 AM
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#6
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Junior Member
129 posts Joined: Nov 2006 |
QUOTE(ankw @ May 8 2020, 07:42 AM) General Guideline if leave the company dormant until expiry is it ok to do so1. Business Termination to be registered within thirty (30) days from the date of business termination. 2. Registered business that has not expired is allowed to submit Notification of Termination of Registered Business. 3. Submit the Notification as a result of death within four (4) months from the date of demise. 4. Confirmation Letter on expired business can be requested from SSM with a payment of RM10.00. 5. Result of application can be obtained within fifteen (15) minutes from the time submission is made 6. Any person who being a person responsible for his business or a personal representative or next-of-kin or a remaining partners fails to file a notice of termination where a business has been terminated commits an offence and shall on conviction be liable to a fine not exceeding RM10,000 or imprisonment for a term not exceeding one (1) year or both but the ssm guidelines condition above need to terminate or else get commit an offence and get fine. IS it true? |
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May 8 2020, 12:02 PM
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#7
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Junior Member
473 posts Joined: Apr 2015 |
QUOTE(ankw @ May 8 2020, 10:21 AM) if leave the company dormant until expiry is it ok to do so There is no enforcement and it is basically unenforceable. You can always say your business is dormant, not terminated and who is to say otherwise?but the ssm guidelines condition above need to terminate or else get commit an offence and get fine. IS it true? |
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