Sometimes, business owners decide to end or terminate their business. In Malaysia a business can be terminated by presenting a notice for the termination of business via Form C (Notice of Termination for a Registered Business). A business can be terminated for the following reasons:
- No interest to continue the business
- Bankruptcy or death
- Court Order
Procedure to Terminate a Business
- Present the Notice of Termination for a Registered Business to the Companies Commission after completing Form C.
- File Form C within 30 days from the date of termination of business.
- The person responsible for the business or the owner needs to sign Form C in the presence of an Authorized Officer.
- State the reasons for the termination of business.
- File a notice of termination due to death within 4 months from the date of death.
- The heir of the deceased needs to file a notice of termination if a sole proprietorship is terminated due to death. In the case of a partnership, the other partner(s) can file the said notice.
- No fees are imposed for the registration of termination for a business.
Attach the following documents:
- Business Registration Certificate (Form D)
- Copy of the Court Order, if termination is upon Court order
- Copy of the Death Certificate, if death is involved
- Append the documents related to bankruptcy, if the owner is declared bankrupt.
- Submit the application for registration personally at the nearest office of the Companies Commission or send via post.
- Acknowledgement of Registration of Termination of Business will be issued to the owner or the person responsible after Form C has been registered.