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Closing Company (FTE)

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 debarment 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. To enable inactive private limited companies to quickly close or wind up, the Ministry of Corporate Affairs has introduced Fast Track Exit Mode - an easier way to close inactive companies at a cheaper cost with lesser formalities. A defunct company which has not carried out any business activity or operations for last one year or since incorporation and having NIL assets & liability can apply for stricking-off of name under the Fast Track Exit Mode.

ADVANTAGES OF CLOSING COMPANY UNDER FAST TRACK EXIT SCHEME

Avoid Compliance

A company is a legal entity and a juristic person established created under the Companies Act. Therefore, a company required regular maintenance of Compliance throughout its lifecycle. Fast track exit used can be used close a company that is not active and avoid compliance responsibilities.

Avoid Fines

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.

Easy to Close

The fast track exit scheme was specifically introduced by the Government to make it easy for inactive companies that have NIL assets and liabilities to close down or wind up. Hence, the formalities for winding up of a company under fast track exit scheme is easy to complete.

Fast to Close

A company can also be closed under the fast track exit scheme quickly in about 90 days, whereas traditional methods take longer and are more cumbersome. Hence, closing a company under fast track exit scheme is faster and easier.

Low Cost

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. IndiaFilings can help you wind up a company starting from just Rs.25000 all inclusive fee.

No Activity

Companies that have no activity or transaction since incorporation can be quickly and easily closed under the fast track exit scheme. This allows the promoters to be hassle free with respect to compliance and open another company in the future when r

Packages

  • Basic Package
  • ₹24,899
    per Registration
  • Fast Track Exit
  • Small or Dormant Company
  • Government Fees
  • Deluxe
  • ₹39,899
    per registration
  • Fast Track Exit
  • Private Limited Company
  • Government Fees

Frequently Asked Questions

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Ministry has issued Guidelines for "Fast Track Exit (FTE) Mode" to give opportunity to the defunct companies to get their names struck off from the register under Section 560 of the Companies Act, 1956 in time bound manner.

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There are two main criteria:-

•The company applying under FTE should not have any asset and liability.

•The company should not have commenced any business activity or operation since incorporation or at least one year must has been passed since last business activity or operation.

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Any company, which has not filed its statutory documents i.e. Balance Sheet and Annual Return for any of the financial year 2006-07, 2007-08, 2008-09 and 2009-10, has been identified as defaulting company. Directors of such companies are debarred from filing any document till they make the default good. Such defaulting companies can apply under FTE.

The guidelines does not inter-alia cover the listed companies, companies that have been de-listed due to non-compliance of listing agreement or any other statutory Laws, section 8 companies, vanishing companies, companies under inspection/investigation, companies against which prosecution for a non-compoundable offence is pending in court, companies having outstanding public deposits or secured loan or dues towards banks and financial institutions or any other Government Departments etc. or having management dispute or company in respect of which filing of documents have been stayed by court or CLB or Central Government or any other competent authority.

For details, kindly refer general circular number 36/2011 dated 7.6.2011 available on MCA portal www.mca.gov.in

The Company desirous to get its name struck off from the Register shall file an application in the prescribed Form FTE online with the Registrar. The form shall be accompanied with an affidavit, an indemnity bond, statement of account duly certified by a Chartered Accountant in practice or auditor of the company and copy of board resolution showing authorization for filing the form

Foreign nationals and NRIs may get their Indemnity Bond and Affidavit notarized as per their respective country’s law.

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