Closing A Company

Closing Private Limited Company

-Closing of Private Limited Company
- Work handled by professionals
- Completely online process
- Get your Private Limited Company closed at Rs 18,000/-

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Winding Up Company Procedure

Closing Private Limited CompanyStriking off the name of a company is an alternative mechanism for Closing Private Limited Company or closing the operations of the company. The Registrar of Companies (‘ROC’) can issue a notice to strike off the company name from the Register of Companies for certain reasons. The company can also apply for the ROC to strike off its name from the Register of Companies.

If your business is not running then the same can be wound up under the law. Closing A Company could happen owing to many reasons. For closing a private limited company, there can be various internal to external factors. Such as low working capital, voluntary closing business, government policies, and so on.

The provisions of the Companies Act, 2013 govern the striking-off Company. For winding up private company under MCA, you have to file an e-form STK-2. The government fee for the form is Rs 10,000/-. All ROC compliances are mandatory before filing any company closure application. For any closing application, the company should be one year older. That means only after one year of incorporation, the company can be wound up under the law. Also, at least two years should lapse before the last business transaction.

In the Company closure application, Directors need to file affidavits and indemnity bonds. There should not be any liabilities outstanding in the name of the Company. The name of the Company publishes in the gazette for creditor’s/third-party comments. If no objections are received during such time, the closure gets department approval.

Advantages of Closing A Company

Closing Private Limited Company
  1. COMPLIANCE FREE – After filing the Winding Up Company Procedure application, there is no need to do further Private Company Compliances.

  2. NO PENALTY – After allowing the application for Closing Private Limited Company, there will not be any penalties. No Section 8 Company Compliances and penalties levied.

  3. APPROPRIATE BUSINESS – If the Pvt Ltd Company is not running well, then a new business could be set up and time invested.

Documents for Closing Pvt Ltd Company

Last 2 years financials of Company

PAN of Company

MOA & AOA of Company

Bank account closure certificate

OPC Compliance

Our Packages

Basic Plan

18000/-

/

  • Icon Drafting affidavits & supporting documents
  • Icon Drafting & Certification of SOA
  • Icon Filing of application
Popular

Premium Plan

20000/-

/

  • Icon Drafting affidavits & supporting documents
  • Icon Drafting & Certification of SOA
  • Icon Filing of application
  • Icon Surrender of PAN
  • Icon GST Cancellation

Standard Plan

19000/-

/

  • Icon Drafting affidavits & supporting documents
  • Icon Drafting & Certification of SOA
  • Icon Filing of application
  • Icon Surrender of PAN

Note:-

  1. The above cost excludes stamping and notarization cost on documents
  2. GST cancellation dost not include filing of any GST returns

Winding Up Company Procedure

Requirements for winding up of company

  • The company applying under FTE should not have any asset and liability.
  • The company should not have commenced any business activity or operation since incorporation or at least two year must has been passed since last business activity or operation.
  • The Company has duly filed all the financials to the ROC, till the time of its closure.

Ways of closing a private limited company

  • Defunct Company: A defunct company is nothing but a company that is failing to provide compliance to the activities to match the legal levels also the company that is not producing returns and other filings as such to stay legal on the yearly basis. The defunct company can be free from all the legal ties it has, but it differs as the Tribunal is given on the basis of its failure to do any transactions financially and so on.

    Winding up Voluntarily: This type is a situation where the members inside the company decide to wind up all the operations and legal partnership ties the company would have externally. Here the main factor is the passing of special resolution in the board.

    Selling a Private Limited Company: Selling off a Private Limited Company is like providing a voluntary closure, but the thing that differs here is that the control and the total members of the current ownership team are severed off from all the ties with the company and the company given to a new interested buyer and all the properties and legal ties the company has would be transferred to the person who is buying the company.

Restriction for Filing Voluntary Application to Strike Off by a Company

The company cannot apply for striking off the company name if, at any time in the past three months, the company:

    • has made a disposal for value of rights or property held by it, immediately before the cessation of trade, for the purpose of disposal for gain in the normal course of carrying out business or trading 
    • has shifted its registered office from one state to another or changed its name 
    • has filed an application to the National Company Law Tribunal (‘Tribunal’) for sanctioning of an arrangement or compromise, and the matter has not been finally concluded
    • has engaged in other activities except for the one that is expedient or necessary for making an application or complying with a statutory requirement, or concluding the affairs of the company
    • is being wound up under Chapter XX of the Act, whether by the Tribunal or voluntarily

Effect of Company Notified as Dissolved

When a company is dissolved under Section 248 of the Act after issuing notice in the Official Gazette, it ceases to operate from the date mentioned in the notice published in the Official Gazette. 

The Certificate of Incorporation issued by the ROC shall be deemed to be cancelled from the date of such dissolution. However, the Certificate of Incorporation will be valid for payment or discharge of the company liabilities, realising the amount due to the company and discharge of company obligations. 

FAQ

Frequently Asked Questions

Company status strike off means that a company has been legally dissolved by the Ministry of Corporate Affairs (MCA). This is done when a company is no longer carrying on business or is not compliant with certain legal requirements or is not paying its dues to the government or creditors. The MCA may also strike off a company after a certain period of inactivity or when it has failed to file its annual returns or financial statements with the Registrar of Companies.

Yes, it is mandatory to file LLP compliances before filing an LLP closure application.

The primary factor is that the company must at least be 1 year old in terms of nature of functioning in order to apply for closing.

FTE is a company closure scheme initiated by MCA for easy and faster closure of Company. This is a mandatory thing to address in order to close a company.

When a company is struck off, the name would be removed from the company register and it can not trade, sell its assets or make payments or even it can not get involved in any other business activities. The name of the company would be made available for new companies to use.

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