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​Accounting, audit, tax, liquidation

1. Year-end closing audit and tax service

U1 Solutions provides a one-stop service for year-end settlement and audit based on professional accounting knowledge and accumulated audit experience.


All corporations established in Malaysia must keep transaction records and related supporting data, and must prepare financial statements and management books every year.

We hope that you will receive professional and effective financial management as well as cost reduction for companies through the accounting service of U1 Solutions.

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▶ Fiscal year

The first fiscal year must be determined within 18 months of incorporation, and the settlement date for the first year is generally set at the end of December or March.

Thereafter, the fiscal year can be set within 12 months at the end of December or the end of the quarter.

① Accounting

A corporation must provide all accounting-related data included in the fiscal year to a public accounting firm.

The draft of the tax book is completed through a question-and-answer process with a corporation to complete a statement of financial position and a statement of changes in capital.

At this time, the data to be prepared must be delivered in the corporate bank transaction statement for the fiscal year (12 months), various invoices, receipts, payment slips, and checkbooks.

Based on the general fiscal year (January 1-December 31), data must be delivered within March 31 of the following year at the latest so that there is no delay in the reporting period for financial statements.

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② Auditing

After going through the tax book, the statement of financial position (income statement, Cash flow statement) and capital change statement are prepared, you can apply for accounting audit.

A certified auditor is appointed to complete the audit and file a tax return.

If the fiscal year is from January to December, the tax return is the following year

Until July 31st.

③ Taxation (corporate tax)

Income tax for the taxable year must be reported according to the registration data that has been audited.

​The deadline for filing tax is until August 31st of each year.

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④ Corporate income tax payment (corporate tax)

Income tax for the taxable year must be reported according to the registration data that has been audited.

​The deadline for filing tax is until August 31st of each year.

⑤ Personal income tax return (From BE)

You must file an income tax report in relation to the personal income tax (PCB) that was withheld at the time of monthly salary receipt.

The direct report is until March 31 of the following year, and the electronic report is until April 15 of the following year.

2. Corporate liquidation

​Employees may close Sdn Bhd Company due to poor business performance or dormancy (no activity).

In general, there are two ways to formally close a legal entity.

▶ Strike off

Article 551 of the Enterprise Act of 2016 grants the shareholders of the company the right to apply for withdrawal from the company, if the following conditions are met:

The company has not started business since the incorporation, or

When there is no intention to start or resume business or operations in the future due to reasons such as business progress or business operation interruption

You can apply for liquidation.
When applying for liquidation, you must not have any assets or liabilities under the corporate name, including unpaid taxes and outstanding payments. In the case of liquidation, the capital stock registered in the company is not returned to the shareholders.
In addition, the company applying for liquidation must not be a holding company or subsidiary of another corporation.


​① Closing accounts of government agencies

The account of the EPF/Perkeso/LHDN Corporation must be closed and a confirmation of business closure must be obtained, and if there is a tax refundable, only the corporate bankbook must be closed first, and the government agency account must be closed after the tax refund.

​② Submit the latest audit report

If the company is operating or has assets and liabilities under the company name, the latest audit report must be submitted to the Corporate Committee before filing a strike.

If the company does not have assets and liabilities, it may allow an unaudited management account, but the Corporate Committee has the sole discretion to request an audit report after filing a strike, so be sure to check it.

​③ Processing period

​It usually takes 6 to 12 months.

​④ forced liquidation

In accordance with Article 549 of the 「Enterprise Act」 in 2016, the Corporate Committee should be cautious as if the company does not report the company's annual financial statements for more than 3 years, the company may be forcibly closed.

3. Winding Up

It means voluntary or compulsory liquidation, so the procedure is more complicated than Strike Off. This must apply to the court and appoint a liquidator to oversee the entire liquidation process. Therefore, the cost of liquidation is also quite high.

4. Service details

U1 Solutions Sdn Bhd   From the preparation of tax filing data for the Malaysian subsidiary, through the tax bookkeeping and accounting audit service, we provide advice and support to minimize the risk of our clients and conduct efficient management activities.

  • Monthly, quarterly, semiannual, and annual financial statement service

  • Monthly payroll and 3 major insurance registration/payment services

  • Corporate income tax, personal income tax reporting service

  • Audit schedule management and collaboration with external auditors

  • Account book bookkeeping and record management service

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