Closure of a Company
An inactive or dormant company can be wound up to avoid annual compliance formalities and penalty for non-compliance. Techworm offers winding up of a private limited company from Rs.23,999/-
Winding up of a 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. Failing to maintain compliance for a Company could result in fines and/or disqualification of the Directors from incorporating another Company. Therefore, if a private limited company has become inactive and there are no transactions in the company, then it is best to wind up the Company.
Voluntary winding up of a company can be initiated at anytime by the shareholders of the company. In case there are any secured or unsecured creditors or employees on-roll, the outstanding dues must be settled. Once all the dues are settled, the bank accounts of the company must be closed. Finally, the company must regularise any overdue compliance like income tax return or annual filing and surrender the GST registration. Once, all activities are stopped and the registrations are surrendered, the winding up application petition can be filed with the Ministry of Corporate Affairs.
Techworm Solutions can help you wind up your Company, quickly and easily. Techworm can help you initiate the winding up process within 10 to 14 business days. The entire process for winding up of a company can be completed within 3 to 6 months, subject to government processing times. The timeline for winding up of a company could also differ from case to case, based on unique circumstances. To discuss more about winding up a company, get in touch with an Techworm Solutions Advisor.
Reasons to Winding Up of a Company
A company is a legal entity and a juristic person established created under the Companies Act. Therefore, a company is required to maintain regular compliance throughout its lifecycle. Winding up process can be to close a company that is not active and avoid compliance responsibilities.
A company can also be closed by filing an application with the MCA in about 3 to 6 months. The entire process can be completed online. Hence, the process for closing a company is fast and easy in India through Techworm Soutions..
When compared to maintaining compliance for a dormant company, it might actually be cheaper to wind up a company and incorporate again when the time is right. Techworm can help you wind up a company starting from just Rs.24899 all inclusive fee.
A company that doesn’t file its compliance on time incurs fines and penalty including debarment of the Directors from starting another Company. Hence, it is better to officially wind up a company that is inactive and avoid potential fines or liabilities in the future.
A company with minimal or no activities that has maintained proper compliance can be closed very easily in India. If any compliance is overdue, the compliance must first be regularised and registrations surrendered to close the company.