The word dormant, in general terms, means inactive or inoperative. Similarly, a company is classified as dormant if it has been registered under the Companies Act for a future project or to hold an asset or intellectual property but isn’t pursuing any significant accounting transactions. To gain the classification though (which has its own benefits), the Company must file an application to the Registrar. The concept of dormancy was introduced to the corporate provisions in the Companies Act of 2013.
Steps to register a Dormant Company
The Holding of Board Meeting and passing resolution
Closing off Liabilities
A company desirous of a strike off must have closed off all its liabilities.
Cease Commercial Activity
Close Bank Account(s)
Prepare Affidavits & Declaration
Holding of General Meeting and passing special resolution
Furnishing of Application and Documents
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