Closure of Company

Closure of Company

A private limited company is an artificial judicial person and requires various compliances like appointment of Auditor, regular filing of income tax return, annual return filing and more.

If your business in the private limited company is failing to maintain compliance or is not running properly or faces continuous losses, it is better to close such private limited company and look for a new beginning.

To enable inactive private limited companies to quickly close or wind up, the Ministry of Corporate Affairs has introduced Fast Track Exit Mode under section 248 of Companies Act, 2013- an easier way to close inactive companies at a cheaper cost with lesser formalities. One Point Compliance LLP can help you wind up your Company quickly and easily.

Closure of Company

CRITERIA FOR FTE:

1. Within one year of its incorporation if a company fails to commence its business;
2. Subscribers to MOA has not paid the subscription amount within 180 days and no declaration filed to this effect;
3. When a company voluntarily wants to close, it can after clearing all its liabilities, by obtaining the consent of at least 75% or more shareholders in terms of paid-up capital;
4. Not able to carry any business for a period of two years as per new rule and has not sought to call itself a dormant company.


COMPANY CAN’T GO THROUGH FTE ROUTE UNDER FOLLOWING CIRCUMSTANCES:

An application under FTE route shall not be made if, at any time in the previous three months the company-
1. Its name has been changed or shifted its registered office from one state to another.
2. Has made a disposal for value of property or rights held by it, immediately before cesser of trade or otherwise carrying on of business, for the purpose of disposal of gain in the normal course of trading or otherwise carrying on of business;
3. Has engaged in any other activity except the for one which is mandatory or expedient for the purpose of making an application under that section, or deciding whether to do so or concluding the affairs of the company or complying with any statutory requirement;
4. Has made an application to the Tribunal for the sanctioning of a compromise or arrangement and the matter has not been finally concluded; or
5. Being wound up under Chapter XX, whether voluntarily or by the Tribunal.


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Why Closure of Company

Easy

Simplified procedure

Low cost

Less time consuming

Most Competitive Pricing

One Point compliance helps you in closing of your Company under Fast Track Exit Scheme.

Documents Required:

  1. Board Resolution
  2. Special Resolution or consent of shareholders
  3. Drafting Indemnity Bonds and Affidavits
  4. Financial Statements

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