There are a number of companies, which are registered under the Companies Act, 1956/2013, but due to various reasons they are inoperative since incorporation or commenced business but became inoperative or defunct later on. A company requires various compliances like the appointment of Auditor, the 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. 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. Venture Care can help you guide through the procedure for the closure of your company quickly and easily.
1. Copy of e-forms FTE(for private limited or OPC)/e-form 24(For LLP) as the case may be filed with the Registrar of Companies
2. Copy of the payment challans of e-form FTE(for private limited or OPC)/ e-form 24
3. Proof from Registrar of Companies that the company or LLP has been striking off from their record
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.
• Low Cost
• Easy to Close
• Fast to Close
• Avoid court processes
• Legal action is halted
• Outstanding debts are written off
• Protection from Personal Liabilities to directors
Fast track exit used can be used close a company that is not active and avoid compliance responsibilities.
"If you are not satisfied for any reason, we will refund your money minus the Government fees. No questions asked"
We collect all the required information in order to apply under the fast track exit scheme. Kindly contact us to know the pre-requisites for applying under fast track exit scheme.
We draft the required documents and provide you with them for authorization. These documents include board resolutions, indemnity bonds, affidavits, statement of accounts etc.
You will have to authorize the documents and provide us soft and hard copies of the same. Stamp Duty shall also be paid at this stage.
In this stage, we file for the Fast Track Exit scheme for your company by paying the requisite fees on the government's website. This initiates your process for getting the company closed.
Fast Track Exit mode is an easy mode of closing non-operating companies at a cheaper cost with lesser formalities under section 560.
Not carrying over any business activity or operation:
• Since incorporation or is not carrying over any business activity or operation for last one year before making application.
• Having Nil assets & liability.
• Which has ‘active’ status or identified as the ‘dormant’ Company by the Ministry.
1. Section 25/8 Companies
2. Company having secured loan
3. Company having management dispute
4. Companies not having active / dormant status on MCA portal
5. Company having dues of Income tax / sales tax / central excise / banks / financial institutions / CG / SG / other local authorities
1. Statement of Accounts
2. Copy of Board Resolution
3. Indemnity Bond
4. Affidavit duly notarizes and signed
The Applicant Company under fast track exit mode shall stand dissolved from the date of publication of the notice in Official Gazette.
Closed by adopting the following ways:
1) Strike off a company under Section 560
2) Winding up: Section 425, of Companies Act, 1956, deals with modes of winding up.
There are widely used 2 Methods:
1) Compulsory Winding Up
2) Voluntary Winding-up