Even if closing a private company is a hard deal, a loss making company needs to be restructured or closed. If restructuring is not a good option, then closing it down reduces legal and compliance cost, rent or any other out of pocket costs. Closing a company which is falling apart reduces the risk of losing the invested assets. There is no sense at all in running the loss-making Private enterprise just for compliance sake.
Through Fast-track Exit Mode, a Company can easily shut down its business. Closure of the company is done voluntarily through the fast track exit scheme.
On the other hand, Winding up is forced by a court order and dissolution is initiated by a court after expiry of time period or after company’s mission is accomplished.
- Review by business experts to find if the Private Company eligible for an exit.
- All requisite Fast Track Exit documents are prepared in 10-12 working days by our experts.
- The e-form STK-2 will be filed with MCA
- The Registrar will issue public notice
- The Registrar will strike off the name of the Company from the Register and shall publish it in Official Gazette.
- Statement of accounts reflecting zero assets and liability expect share capital and Profit and Loss Debit balance
- Indemnity Bond
- Copy of Board and Shareholders’ Resolution