Closure of a Private Limited Company
Better to close a company rather than paying more government fees and penalties
Know more about Closure of a Private Limited Company
The Company is the registered entity having perpetual succession;thus, any factor doesn’t affect the existence of theCompany. The Company is created by law and can be closed by following the process of Law only.
The directors and shareholders may want to close down the Company because of loss- making business or Company is not carrying any business or the business activity which the company was doing becomes illegal due to change in the law.
Though closure of the Company can be done through different ways out available, out of that applying for striking off the name of the Company is the easiest way. The process of striking off the name of the Company is possible when the due compliance is done, till the last year. Once the approval is received for striking off the name of the company, the Registrar removes the name of the Company from the register of Companies, after that the Company is no longer in existence.
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Required Documents for Closure of a Private Limited Company
- The Latest copy of Income-tax Return acknowledgment
- Latest Financial statements
- NOC from creditors (if any)
- Proof of closure of Bank Account
- PAN cards of all Directors
- PAN Card of the Company
Why to close the company?
- To avoid Compliances Cost
- To avoid Penalties/Late fees
- To avoid Disqualification of a Director
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Closure of a Private Limited Company
There is no specific time limithowevergenerally; it takes 6-8 months’ time to close down the Company under strike off.
Striking off is an easy way to directly apply for closure when company is defunct or with Nil assets & liabilities and Winding up is a complex process whereby the company’s assets and liabilities are distributed and Liquidator is also appointed.
To apply for closure is complete discretion of Company directors and shareholders however, If the company fails to submit or file annual returns and financial statements for a continuous period of 3 years, the ROC may itself initiate the process of striking off in that case Directors will get disqualified.
No, Company can apply for closure if any of the below conditions is fulfilled.
- If the company fails to commence the business within one year of registration of the company.
- If the company fails to carry on its business for two preceding years.
- If the company fails to submit or file annual returns and financial statements for a continuous period of 3 years.
If you want to restart your Company which is already struck off by ROC, then the Application needs to be filed with NCLT.
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