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FTE offers significant advantages over traditional winding-up procedures, making it a preferred choice for eligible companies:
● Time-Saving Efficiency: Compared to the potentially years-long traditional route, FTE typically concludes within a month, significantly reducing the time burden and administrative headaches associated with closure.
● Cost-Effective Solution: FTE involves lower procedural costs and fees compared to traditional winding-up, minimising the financial strain during the closure process.
● Reduced Liability Exposure: By expediting the dissolution, FTE helps avoid potential legal complications and liabilities that can arise from prolonged winding-up procedures.
● Enhanced Public Image: Conclusively dissolving the company through FTE creates a clear and transparent record, fostering a more positive public image for the associated individuals involved.
Not all companies qualify for FTE. To determine your eligibility, consider the following criteria:
● Defunct Companies: Companies with zero assets and liabilities and haven’t commenced business within a year of incorporation are eligible for FTE.
● Dormant Companies: Companies that haven’t conducted any business or operations for the past two financial years or haven’t filed financial statements and annual returns during the same period can also utilise FTE.
● Additional Categories: The Ministry of Corporate Affairs (MCA) guidelines define other scenarios where FTE can be used. CAA’s legal expertise can help you determine your specific eligibility status.
FTE follows a specific legal framework outlined by the Companies Act, 2013 and MCA guidelines. CAA guides you through every step, ensuring legal adherence and minimising disruptions:
1. Initiation through Board Resolution: Convene a Board Meeting and pass a resolution proposing FTE, outlining the reason for closure and appointing a qualified Liquidator to oversee the process.
2. Form FTE Submission: File Form FTE along with required documents and fees with the Registrar of Companies (ROC). CAA assists with drafting and filing the form accurately.
3. Public Notice Publication: Publish a notice in two newspapers and the company’s registered office, informing stakeholders about the intention to wind up. CAA ensures proper communication and transparency.
4. Objection Period: Wait for a 30-day period for any stakeholder to raise objections to the FTE petition. CAA provides legal support to address potential concerns.
5. ROC Order and Dissolution: If no objections are raised, the ROC issues an order approving the FTE, formally dissolving the company. CAA guides you through the final steps to finalize the closure.
CAA offers not just a roadmap but comprehensive support throughout the FTE process:
● Expert Guidance: Our experienced team ensures you navigate the process accurately, minimising risks and adhering to legal requirements.
● Document Management: We assist in preparing and filing all necessary documents with the ROC, saving you time and effort.
● Stakeholder Communication: We handle communication with creditors, shareholders, and other stakeholders, ensuring transparency and clarity throughout the process.
● Liquidator Support: We collaborate with the appointed Liquidator to efficiently wind up the company’s affairs, maximising asset realisation and settling outstanding liabilities.
● Tax Implications Insights: We provide guidance on potential tax liabilities for the company and shareholders, helping you navigate the fiscal aspects of closure.
Contact CAA today and experience the difference. Let us handle the legalities and complexities of FTE while you focus on managing the operational aspects of closure and planning for the future. Remember, CAA is your trusted partner for all your corporate compliance and legal needs, every step of the way.We hope this expanded information empowers you to navigate the FTE process for your private limited company with confidence and clarity. CAA is here to guide you every step of the way.
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The Fast Track Exit (FTE) scheme is a provision by the Ministry of Corporate Affairs (MCA) that allows defunct private limited companies to close down quickly and efficiently.
Companies that have no assets or liabilities, have ceased operations for at least one year, and wish to close down voluntarily are eligible for the FTE scheme
The FTE scheme provides a hassle-free and cost-effective way to close down defunct companies, avoiding lengthy and complex liquidation procedures.
The procedure involves filing Form FTE with the Registrar of Companies (RoC), submitting required documents, and paying the prescribed fees.
The closure process typically takes around 60 to 90 days from the date of filing the application, subject to approval from the RoC.
Documents such as board resolution, affidavit, indemnity bond, statement of accounts, and Form FTE are required.
Non-compliance may lead to penalties, fines, and legal consequences, emphasizing the importance of adhering to the prescribed procedure.
Yes, Avenue Advisory provides expert assistance for the closure process, including filing applications, preparing documents, and liaising with regulatory authorities.
Avenue Advisory ensures compliance by guiding clients through the process, preparing accurate documents, and facilitating timely filings with the RoC.
What are the benefits of outsourcing the closure process to Avenue Advisory?
Share your needs and questions through our Quick Enquiry Form. Connect with a friendly advisor for a personalized call within 24 hours. Receive a clear quote without any obligation - it's all about understanding your goals!
Our dedicated advisors listen to your needs and help you explore options. We make things clear and answer any questions you have along the way. Get expert guidance and feel confident about your next steps.
Access our streamlined platform for easy document management. We provide a simple questionnaire and checklist to ensure everything's covered. Relax knowing we're here to guide you every step of the way.
Receive a transparent and fixed fee before you proceed – no surprises! Focus on achieving your goals knowing everything is handled efficiently and ethically. Trust our expertise and enjoy the journey towards your success.
