When it comes to closing down your business, should you just leave your company there?
Does it mean you don’t have to do anything if your company has no revenue, no operations, no staffs, and not doing any business?
If you decided to stop business, it is advisable to wind-up the company in a proper way. According to the Companies Act, a Company is in perpetual existence until it is fully closed (wound-up), or de-registered from the SSM.
Until then, the Company is still required to meet the necessary regulatory compliance, not forgetting the costs of compliance and the penalty for non-compliance.
There are ways to close (wind-up) a company. The options available depends on the state of the company.
Stay tuned for our next series on Ways to Wind Up a Company.