Close a Foreign Subsidiary
Closing a foreign subsidiary can be a complex process, but with careful planning and execution, it can be done smoothly and successfully.
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Accounting made stress-free! Wazzeer’s experts streamlined my finances, maximizing my tax benefits. A trustworthy platform for entrepreneurs. Thanks a lot to the entire team.
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Outstanding legal advice! Wazzeer’s team of experts proved to be true professionals, guiding me flawlessly through the intricate incorporation process. From the initial consultation to the final paperwork, they displayed remarkable expertise and dedication. Their personalized approach and attention to detail instilled confidence in me, making the entire experience stress-free.
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What is Closing a Foreign Subsidiary Company?
Winding up is a tedious process and can be done either voluntarily by calling up a meeting of all stakeholders and passing a special resolution or on the order of the Court or Tribunal. Strike Off mode was introduced by the MCA to allow the defunct companies to get their names struck off from the Register of Companies.
Process of Closing a Foreign Subsidiary
Step 1: Share Documents and Requirements
Share your requirements and the list of documents mentioned below.
Step 2: Passing the board resolution
A board meeting needs to be conducted and a resolution needs to be passed for closing the company.
Step 3: Wazzeer will share draft documents
Wazzeer team will prepare draft documents on which signatures will be required of current directors/shareholders
Step 4: Wazzeer will obtain Indemnity bond and Affidavit bond
Indemnity and Affidavit Bond has to be duly notarised by all directors
Step 5: Clients to share executed documents
Clients would have to sign and seal the necessary documents and send them to us.
Step 6: Filing of e-form with ROC
We will help with filing and submitting e form to the Registrar of Companies for closing foreign subsidiaries.
Step 7: Sharing deliverables
Documents Required to Close a Foreign Subsidiary
- Copy of Bank account closure certificate from Bank
- Affidavit
- Indemnity Bond
- KYC documents of all directors
- Statement of Accounts from CA (NIL Balance sheet)
- Closure Resolutions and declarations of Consent from Members and Directors
Key Deliverables
- Resolutions and Filed e-Forms
- Challan
Why choose Wazzeer?
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One platform for all your requirements
Incorporation is just the first step. Wazzeer supports you throughout your journey as an entrepreneur. Log in to get things done efficiently. A dedicated Account Manager offers the required human touch and acts as an advisor to you.
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Experienced professionals
Our professionals have at least 5 years of experience and have incorporated thousands of companies among them. The rich experience ensures that the process is smooth and right in the first go.
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Defined process
Over the last few years, doing over 500 incorporations, we have defined every step of the process. A virtual process is in place enabling us to deliver hassle free experience for you.
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Cost Effective
You pay what you see in the proposal. No surprises or hidden charges.
Frequently Asked Questions
What are the prerequisites to close a company?
The requirements to close a company are 1) you need to file a certificate of dissolution with the state 2) you need to notify the IRS and state and local tax agencies, 3) cancel all the business license 4) notify the creditors about closure. Settle the creditor’s claims 5) Collect all the money owed to the business 6) inform all the stakeholders about the closure.
We registered a company but we never started the business. Do we still need to complete all the filings before we file for closure?
Before striking off the company you need to complete all the pending compliances, after completing all the compliances only you can file for a closure.
Since our company is no longer in active business, I have lost touch with the other directors and shareholders can I go ahead and close the company without their signatures?
No, even if you are one of the directors or shareholders you still need the approval of other directors and shareholders before closing a company. Only after passing a board resolution it is possible to close a company.
Right now I do not want to continue with my company but would want to restart in a couple of years should I close and restart or do I have any other option?
There is an option called dormant company, which provides an option of holding an asset/intellectual property without having significant accounting transactions. You just have file for an annual accounting and compliance. And you can reactivate the company once you feel like you can start the business.
We are no longer in active business. I do not wish to spend on closing the company. Can I leave it without filing for closure?
If you don’t close your company then you have to do the monthly and annual filings for your company and If a company doesn’t do any filings for 2 years the company will be struck off by the ministry, the directors will be disqualified, in order to restore the DIN, they will have to apply with the national company law tribunal.