A private limited company is an artificial judicial person and requires various compliances such as the appointment of auditors, regular filing of income tax return, annual return filing and more. Failure to maintain compliance with any company and as a result of disqualification of directors can be prevented from involving any other company. Therefore, if a private limited company has become inactive and there is no transaction in the company, it is best to wind the company.
Voluntary termination of a company can be started by the company’s shareholders at any time. If a secured or unsecured creditor or employee is on-roll, the outstanding balance should be settled. Once all the outstanding balance is disposed off, the bank accounts of the company should be closed. Finally, the company should regulate any overdue compliance such as income tax return or annual filing and surrender to GST registration. Once, all activities are stopped and registrations are surrendered, the winding application petition can be filed to the Ministry of Corporate Affairs.
eMindsCA.com can help you wind up your company quickly and easily. eMindsCA.com can help you start curved process within 10 to 15 business days. Under the government processing time, the entire process of concluding a company can be completed within 3 to 6 months. Depending on the unique circumstances, the timing of a company’s closing can also vary. To discuss more about closing a company, contact the eMindsCA.com Consultant.
Due to the Conclusion of a Company
A company is a legal entity and a judicial person created under the Companies Act. Therefore, a company needs to maintain regular compliance in their entire life cycle. Closing the process may be to close a company that is not active and avoids compliance responsibilities.
Fast to Close
The company can also be closed by filing an application with MCA in about 3 to 6 months. The entire process can be completed online. Therefore, the process of closing a company through eMindsCA.com is fast and easy in India.
A company that does not enter its compliance on time, imposes fines and penalties, in which from the start of another company to the directors’ fines. Therefore, it is better to officially wind down a company which is inactive and avoid possible penalties or liabilities in the future.
When compared to maintaining compliance with a passive company, it can actually be cheaper to give a company wind and reinclude it when the time is right. eMindsCA.com can only help you wind up the company starting from Rs.20000 for all the inclusive fees.
Easy to Close
Company with minimum or no activity, which has maintained proper compliance, can be easily closed in India. If any compliance is overdue, then compliance must be regularized first and surrendered to the registration to close the company.
How do we help Stop a Company
eMindsCA.com can help you wind up a company under government processing time in approximately 3-6 months.
Got the question Request a call from eMinds CA Business Advisor.
A business expert reviews the activities of the company and determines whether it is ready and advises on formalities. The review process will be completed in 2 – 3 working days.
The documents required are prepared by an expert for closing the company with all attachments for signature. Based on the size of the company, documents will be prepared by a specialist within 10-15 working days.
Winding up Application
The company introduces the application winding MCA to the required documents. MCA will generally approve the application to close and close the company in approximately 3 to 6 months subject to processing time.
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Frequently Asked Questions
Using this section, get all the clarifications for your questions and doubts about outsourcing, finance, and investments. We love to clarify your doubts and get you back to your business real quick with more confidence.
Outsourcing allows you to focus on your main business, not your support departments. Outsourcing gives your company access to a high level of expertise, where you will be able to spend normally.
Cost effectiveness– The salary of professionals is significantly lower than in North America and Europe. This wage turns into difference cost savings.
24/7 operation – Offshore development facilities located in India are in the perfect time zone to help you operate 24/7.
Large pool of talent– Retraining experienced staff becomes difficult when they are given boring and repetitive work. India offers you a cost effective talent pool that you can tap for reliable service delivery.
Best Practices– High focus on improvement in quality and continuous process, offshore development centers work on high level efficiency, forecast and reliability. High level maturity reduces risk and provides significant benefits while managing service level agreements.
Bookkeeping & Accounting
AR follow-up – Aging analysis and reports
Bank/credit card reconciliations
P&L, Balance sheet and other regular reports
Preparation of Tax returns
Insurance Accounting Services