CLOSE A COMPANY
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There Are Many Reasons To Close A Company. We Will Complete the Process Following MCA & ROC Formalities. Close Your Company Online With The Help of Our Experts.
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Closure Of Company
It is very easy to start any company, as for registering a company the applicant only needs to submit the application form along with relevant documents and fees but to close a company certain requirements are there that are needed to be followed. Any company that wants to shut down itself cannot directly close it, there is a process for winding up which the company has to follow either the company is One Person Company or a Private Limited Company. No company can apply to strike off the company before completing its one year from the date of registration, one year should be completed by the company before its closure. And along with that, no business shall be commenced by the company for at least one year, then a company can be closed after one year of registration. The directors of the company need to file a form for winding up of the company along with the reason and approval from at least 75% of the shareholders of the company along with the required fees.
Whereas the second option is to get struck off by the registrar, if any company fails to file the annual compliance return to the ROC then the registrar will strike off the name of the company but this will cause penalty for the directors as the registrar will disqualify all the directors of the company for 5 years and during this period the directors cannot be appointed as a director in any company.
Process To Close A Company
Step 1 - Submit Documents
You need to provide all the documents and DSC of the director of your company
Step 2 - Drafting Of Documents
We will draft all the required documents and will send you the soft copy of all the documents for the physical signature. Once the documents are signed you need to send the scan copy of those documents
Step 3 - Documents Certification
After receiving the signed documents we will send them for the notarization and CA certification
Step 4 -Filing Of Forms
After notarization and CA certification, we will fill the form with relevant information and will sign it by the DSC of the director and the professional and will be filed to the registrar
Step 5 - ROC Approval
After receiving approval from the Registrar we will forward it to you.
Documents Required To Close Company
- Certification of Incorporation of the company
- PAN of the company
- Latest financial statement of the company
- Bank Account cancellation certificate
Grounds Of Closing Of Company
- When a company is unable to pay off its debt and liability is higher than the assets.
- When the shareholders of the company passed the special resolution for winding up in the general meeting of the company.
- The Tribunal order for winding up of the company under Chapter XIX
- The company is doing its business against the interest of the public or security of the country, state, defence, etc.
- The company is registered for fraud or unlawful purpose or fraudulently conducting its business then the registrar can wind up the company
- The company has failed to file a financial statement or annual return to the registrar for a consecutive period of 5 financial years then the company will be compulsorily wind up the registrar
- The NCLT having the power to wind up the company anytime for any reason it thinks fit to close the company.
Ways To Close A Company
Sell the Company:- Selling the company means taking out your stake from the company and get discharged from all the responsibilities and stocks. It is just a normal transfer under which all the rights and liabilities of the company from one person to another. Selling a company doesn’t mean to close the company under this the company will run but the owner will be changed.
Compulsory Winding Up:- The right to wind up the company lies with the Tribunal (NCLT) under this if any company is unlawfully doing its activity or fraudulent manner or even take part in any unlawful or fraudulent activities then the Tribunal shall wind up the company and will remove its name from the register of companies.
Voluntary Winding Up:- The voluntary winding up application is filed by the company with the approval of shareholders by passing a resolution in the general meeting.
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Close a Company Online @ Rs 19999
Frequently Asked Questions
Why ROC filing is required for Closing a Company?
Without the approval of the registrar, a company cannot get closed or wind up. For removing the name of the company from the register of ROC the application for strike off shall be filed to the registrar.
What is the Fast Track Exit (FTE) Scheme?
Fast Track Exist mode is a scheme where the government provides an option for a defunct or dormant company to struck off their name from the register of ROC. For applying for FTE Scheme the company has to fulfil two conditions:
- The company must not have any asset or liability
- The company doesn’t commence its business for at least one year after its incorporation.
Which Company is eligible to apply for Closure of Company?
All the companies are eligible to apply for its closure not only companies but the LLP can apply its closure to the ROC. If a company is filing a closure application voluntarily then the consent of the shareholder must be there.
Do I need to complete the compliance of the company before closing it?
Yes, the compliance of the company must be completed before the filing of the closure application.
What is the time limit to close a company?
An application for winding up of company in form STK-2 shall be filed within 30 days from the date of passing a special resolution in the general meeting of the company
Which companies are ineligible for filing winding up application?
The following companies are not eligible for filing winding up application:
- The company which is incorporated on or after 2nd Nov 2018 and the company didn’t file INC-20A
- One year has not been completed after the company incorporation
- The special resolution not passed in the meeting means shareholder didn’t agree with the closure of the company
- The directors are disqualified or their DIN has been deactivated
- Any litigation pending against the company in any court or tribunal.
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