Closure of Private Limited Company

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Closure of Private Limited Company

All you need to know

Due to several reasons, business owners may decide to strike off of their private limited company. There are certain steps and processes to be followed when closing a private limited company. Business owners must abide by certain legal laws and regulations when closing a company which is registered as a private limited company.

 

On approval of the closure, the company’s name is removed from the register and so, it is not existent in the eyes of laws. The company must fulfil all the compliance before proceeding for the closure application. The application is accompanied by various documents and requires assistance from the professional.

 

Ways of winding up of a company in India

Winding Up

This option is chosen when the company is in the operative stage and has assets and liabilities. It will include approval from Members, Directors, and creditors. It also requires appointing a liquidator for the said process to manage the company’s affairs throughout the all process. It is often time-consuming process.

Striking off

Striking off is chosen by a company which has relatively no or less outside liabilities. When a company is inoperative since its inception or in the past two years, it may apply for strike-off, often referred as fast-track exit. The primary condition is that the company has no assets or liabilities and has complied with relevant applicable provisions.

Closure of Private Limited Company Fees

BASIC

16999 (All Inclusive)
  • Wind up a company with no transactions since incorporation
  • One year annual filing of forms
  • One year Income tax return

STANDARD

20999 (All Inclusive)
  • Wind up a company with NIL Transactions
  • One year annual filing of forms
  • One year Income tax return
Popular

PREMIUM

26999 (All Inclusive)
  • Wind up a company with Transactions of upto Rs. 100 Lakh
  • One year annual filing of forms
  • One year Income tax return

How to Closure of Private Limited Company

Closure of Private Limited Company Process in 5 steps
  • 1. Complete a checklist
  • 2. Verification of Documents
  • 3. Application of Strike Off
  • 4. Processing of application
  • 5. Receive acknowledgement

List of Documents for Closure of Private Limited

Our mission is to offer excellent support to our client in respect of all the legal compliances on affordable rates. Have a look at the list of documents required to avail this service.

Documents of Shareholders/Directors
  • Company’s MoA – AoA, Certificate of Incorporation, PAN card and other registration certificates
  • The financial statement of the Company for the most recent year, prepared prior to 30 days of filing the application
  • Details whether the company has been operative for any period. If yes, since when the operations are discontinued.
Company Related Documents
  • A statement regarding pending litigations, if any involving the company
  • The company must provide NOC for closure from creditors, if any
  • NOC for closure to be obtained from Income Tax Department, SEBI, RBI, etc. if relevant

Have Questions? Need Help of an Expert

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