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Introduction
If the company owners or directors decide to discontinue or wind up the business, they may consider the closure options. The most feasible or easiest way to close a company is striking off its name from the Register of Companies. This is preferable when a company is inoperative for a certain period. Other options include a winding-up petition, however, that involves more time, investment, and compliance.
On approval of the strike-off, the company’s name is removed from the register, and thus, it is not existent in the eyes of laws. The company must fulfill all the compliance before proceeding for the strike-off 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 preferred 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 during the whole process. It is often a time-consuming process.
Striking off
Striking off is preferred by a company that 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 to as fast-track exit. The primary condition is that the company has no assets or liabilities and has complied with relevant applicable provisions.
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Select Package
At Our Startup India, we offer a range of packages to suit your needs. Start by selecting the appropriate one, fill out the required forms, or simply speak to our experts online for assistance.
Collection of basic information and documents
At Our Startup India professionals will collect your basic information and Pre-requisites for the initiation of the process.
Drafting of Affidavit and necessary resolutions
Our Startup India professionals will draft the affidavit and necessary resolutions and get all the documents signed and reviewed by the company directors.
File the application with MCA
Our Startup India will fill the application and required forms with MCA for striking off the company name.
Pre-Requisites
- Company’s MoA & AoA
- Certificate of Incorporation
- PAN card
- PThe financial statement of the Company for the most recent year
- A statement regarding pending litigations
- The company must provide NOC for closure from creditors
Simple & Transparent Pricing
Basic Package
Save upto-10% cost on this package
7,999
(inclusive All)- Name Search Report
- Name approval in RUN (Reserve Your Unique Name)
- DSC(2no) (Extra Dsc Per Director – Rs-1000)
- Filing Spice Form
- Issue of Incorporation certificate along with PAN & TAN
- Include Government Fees & Stamp Duty for Authorized Capital Upto -1 Lakh except for the state of Punjab, MP and Kerala.
- Msme Registration
- Share Certificate (Soft Copy)
Growth Package
Save upto-20% cost on this package
9,999
(inclusive All)- Name Search Report
- Name approval in RUN (Reserve Your Unique Name)
- DSC(2no) (Extra Dsc Per Director – Rs-1000)
- Filing Spice Form
- Issue of Incorporation certificate along with PAN & TAN
- Include Government Fees & Stamp Duty for Authorized Capital Upto -1 Lakh except for the state of Punjab, MP and Kerala.
- Msme Registration
- Share Certificate (Soft Copy)
- GST Registration
- Stamp and Company Seal
- Bank – Current Account Opening
- 10% Discount on Future Service
Premium
Save upto-30% cost on this package
16,999
(inclusive All)- Name Search Report
- Name approval in RUN (Reserve Your Unique Name)
- DSC(2no) (Extra Dsc Per Director – Rs-1000)
- Filing Spice Form
- Issue of Incorporation certificate along with PAN & TAN
- Include Government Fees & Stamp Duty for Authorized Capital Upto -1 Lakh except for the state of Punjab, MP and Kerala.
- Msme Registration
- Share Certificate (Soft Copy)
- GST Registration
- Trademark Registration
- 1month free GST filing
- NDA
- Guideline for Startup India Registration.
- Stamp and Company Seal
- Bank – Current Account Opening
- 10% Discount on Future Service
FAQs on Company Closure
It can be filed only when the company repays or extinguishes all its liabilities and receive a No Objection Certificate (NOC) from the creditors before filing the closure application and conduct a meeting where all the directors decide upon the closure by signing a special resolution or a consent of seventy-five percent members regarding paid-up share capital.
The Registrar of Companies can remove the company name from the list of companies if, he has reasonable cause to believe that:
● A Company failed to commence its business within one year of its incorporation; or
● A company is not carrying on any business or operation for two immediately preceding financial years and has not made any application within such a period for obtaining the status of a dormant company.
● A Company failed to commence its business within one year of its incorporation; or
● A company is not carrying on any business or operation for two immediately preceding financial years and has not made any application within such a period for obtaining the status of a dormant company.
The closure is the best option in case the company is not running as it:
Saves the yearly compliance cost
No non-compliance risk.
No risk of high penalties and prosecutions
No risk of getting into default
Saves the yearly compliance cost
No non-compliance risk.
No risk of high penalties and prosecutions
No risk of getting into default
After filing the application with the Ministry of Corporate Affairs, it takes about 90 days for striking off the Company from MCA records. On approval for strike-off by RoC, the notice of strike-off is published on its website to open for any objection or representations by third parties.
RoC will publish a list of companies struck off in the Official Gazette. The Company under fast-track exit mode will be considered closed from the date of publication of the notice in the Official Gazette.
The closing documents have to be filed within 30 days from the date of signing of the assets and liabilities statement.
It is necessary to intimate the Registrar for the closure of Private Limited Company to update the MCA data and make the company free from all its legal compliances.
Fast Track Exit is a scheme introduced by the Ministry of Corporate Affairs (MCA) for inactive companies to wind up and get their names struck off from the MCA record with lesser formalities.
In case the company is struck off due to its default, then it would have to apply to the National Company Law Tribunal for changing the status of the company from strike off to active by giving valid reasons for the fault.