Taxsavo blogs
Dedicated to making your business compliant according to Indian business law for an increase in the growth and speed of your business.
List of Documents Required for Company Closure
Identity Proofs of Directors
PAN, Aadhar/Passport, Photograph
Documents of Company
Incorporation Documents (COI, MOA and AOA)
Previous Year's Reports and Annual Returns ( if any)
Bank Statements till date
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
BEFORE WE START
Our Services
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GST Registration
Whether it is GST Registration or GST Migration, we are quick enough to register without any hassle.
Incorporation Services
At Taxsavo, we have experts who can help you to find out which type of entity is best for your Indian business
Income Tax Returns
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Company Closure Services
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