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Assuming you have paid all the salaries and liabilities of the company, you will still need to close the company formally. In case you do not, you (the directors of the company) will be responsible for all the compliances and annual filings of the company - even if it is not doing any business. The penalties of not filing these are levied on a per-day basis after the due date and this becomes a huge amount in 3–4 years of time.

To formally close a company, it is needed that:

• All the returns are filed till the year the company did active business
• All the compliances are done and up to date (company as well as directors’ compliances)
• Obtain a nil balance sheet from the auditor
• File for closure of the company
• Keep a check on the communication from RoC till the company closure process is completed

Process of closing a company

If you want to your company. reach out to us here- Close a company

Appointment of new director

Any Individual can be appointed as a director of a company. As per section 149(1), only an individual person can be the director of a company, appointment a new director can be done by conducting a board meeting and passing the board resolution for the same.

Documents required

For appointment of Indian Director

1. Identity Proof (Passport / Driving License / Voter ID)

2. Address Proof (Bank Statement / Mobile Bill/ Telephone bill - Not older than 2 months)

3. PAN Card

For appointment of Foreign Nationals Director

1. Identity Proof: Notarized and Apostilled: (Passport/ Driving License / Identity Card)

2. Address Proof: Notarized and Apostilled: (Bank Statement / Mobile Bill/ Telephone Bill - Not older than 2 months)

if you need any help reach out to us at Add a director

The documents required for grant of final approval for viability gap funding (VGF) are: Empowered
Institution (EI) memo for final approval Appraisal report of the project by Lead Financial Institution
Executed project agreement Certificate from the sponsoring authority that all conditions specified in
the scheme have been complied with The above documents and soft copy thereof are to be provided
in 6 sets for consideration by member of EI.

The two major export promotion schemes launched under the Ministry of Electronics and
Information Technology are: 1) Software Technology Parks (STPs): STP of India was set up as an
autonomous body in 1991. Some of the benefits offered are: a) Customs duty exemption b)
Accelerated depreciation c) 100% FDI permitted through automatic route. 2) Special Economic
Zone (SEZ): They were set up with an objective of providing an international competitiveness. Some
of the benefits are: a) 100% income tax exemption on export income b) Duty free import. Please
note that SEZ are for multiple sectors and these benefits extend to sectors other than IT BPM