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List of Documents Required for Company Closure

1

Identity Proofs of Directors

PAN, Aadhar/Passport, Photograph

2

Documents of Company

Incorporation Documents (COI, MOA and AOA)
Previous Year's Reports and Annual Returns ( if any)
Bank Statements till date

3

Indemnity Bonds/Affidavits

Formats will be prepared by the team

STRIKING OFF THE COMPANY

Companies looking to close permanently

Why Close a Private Limited Company?

  • Huge maintenance Costs and Penalties: Private limited company comes with its limitations. A private limited company has to mandatory file Annual ROC Returns ( AOC-4 and MGT-7) even if there are not doing any business. Delay in these forms range penalties around Rs 200 per day which ends up becoming a huge liability. 
  • Higher Income Tax Rate: One recommends to start business with a proprietorship instead of Private Limited Company due to higher income tax rates. The corporate tax rate comes around 25% whereas the individual income tax rate comes to around 10-15% due to slab benefit. Moreover, managing proprietorship will cost a lot less compare to a company
  • Director Disqualification Scenario: The directors of a company can get disqualified for 5 years from being a director if the company doesn’t file it’s annual returns for 3 consecutive years. Closing a company permanently will prevent the defaults
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