Closure of Private Limited Company

If you want to close your Private Limited Company, is should be at-least a year old and the creditors of the company should be willing to let you close the company. Then, you can close your company through Fast track scheme. A Private Limited Company, which said to have perpetual succession sometimes faces crucial situation such as low profit, loss, labour problem, no market for the product etc. In such conditions you can avail the Fast Track Scheme, introduced by the Ministry of Corporate Affairs. A Fast Track scheme is the easy route for the Directors to close their company without much legal complications and time consuming. Instead of going for Winding-up of Company, which you need to appoint or Court would appoint an Official Liquidator and the process, would go on for months. In order to avoid all these lengthy legal formalities, you can use the option of Fast Track Exit Scheme to close your Private Limited Company.

How to Close a Private Limited Company?

Preparation of Docs

In order to close down a Private Limited Company, first we have to prepare necessary documents such as Affidavit by the Directors, Indemnity Bond, Board Resolution and a Statement of Accounts has to be duly signed by a practising Chartered Accountant. All the documentation will be carried out by us and it will be sent for your confirmation.

Filing of Form-FTE

After the documentation part is over, we have to file e-form FTE- Fast Track Exit Scheme. The form has to signed duly by the Director of the Company with his DSC, and all the documents signed by the Members and Directors of the company has to be attached.

Closure of Company

Form FTE will take at least one month from the date of filing to get approved. Once approved, your company name and records will be struck off from the registers of companies.