Methods of Winding Up One Person Company
Winding up
This type of dissolution is done by holding a meeting approved by at least 2/3 of the creditors participating in the meeting. Then the management board must submit to the Commercial Register a request (in writing or electronic form via the company registration portal), the members dissolution resolution and the minutes of the general meeting. Winding up is a more elaborate process which is necessarily implemented when the company has assets and liabilities. In case of winding up a liquidator is to be appointed to manage the affairs of the wound up company.
Show MoreStriking off
Striking off or removal of OPC through the Fast track exit scheme. When a company gains the status of a dormant company i.e. it has no activity as a company sine its inception or in the past one year it becomes a Defunct Company which can be wound up with a fast-track procedure which is through STK-2 form. Condition being that it should have no assets or liabilities. This can be filed by ROC or by the company itself. Strike off is done by the Registrar in accordance with the requirements of the Act.
Show MoreWind up a OPC Online
Documents Required to Dissolve a One Person Company
- Incorporation Documents Company’s MoA – AoA, Certificate of Incorporation, PAN card and other registration certificates
- Accounting Information The financial statement of the Company for the most recent year, prepared prior to 30 days of filing the application
- Details of Activity Details whether the company has been operative for any period. If yes, since when the operations are discontinued
- Legal Liabilities A statement regarding pending litigations, if any involving the company
- NOC from Creditors Company must provide NOC for closure from creditors, if any.
- NOC from Regulatory Bodies NoC for closure to be obtained from Income Tax Department, SEBI, RBI, etc. if relevant
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Consultation on Strike-off OPC
Provide details & documents required for Strike-off OPC
Drafting ofdocuments
Drafting of affidavit and indemnity bond
Sending the documents to get signed from applicants
- Receipt of signed documents from applicants
Filing application for strike-off
Your OPC is closed
All it takes18 – 20 Days
Process of OPC Strike-off
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Day 1- 2
Consultation on Closure of OPC
Collection of Information
Collection of Required Documents (Scanned Copies)
Review of Documents and Information provided
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Day 3 – 4
Drafting of required documents
Drafting of Affidavit, indemnity bond
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Day 5 – 8
Sending of documents to get signed from applicants
Receipt of signed documents from applicants
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Day 9 -11
Preparation of online application
Filing of online application
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Day 12 – 20
Government processing time to approve strike-off
The notice of strike-off will be published on approval by MCA
Your OPC is closed*
*Subjected to Government Processing Time.
Enquiry
FAQ
What is mean by One Person Co. (OPC) Closure?
A closure of a one person company can be filed when the company is not active and wants to shake hands off its liabilities and compliances. It has to repay or extinguish all their liabilities and receive a No Objection Certificate (NOC) from the creditors before filing the closure application. And conduct a meeting where the director and members decide upon the closure by signing a special resolution or consent of seventy-five percent members regarding paid up share capital.
How to dissolve a one person company in India?
A Company closure is filed under Form STK 2 along with the government fees of Rs.5000/- and some necessary docs. A One Person Company closure can be filed after the following steps:
First step is to pay all liabilities and get an NOC for the closure
2/3rd majority Consent of the creditors
Can Registrar of Company also remove the Company, i.e. mandatory company closure by Registrar of Companies (ROC)?
The Registrar of Companies can remove the company name from the list of companies if he has reasonable cause to believe that:
A Company failed to commence its business within one year of its incorporation or
A company is not carrying on any business or operation for two immediately preceding financial years and has not made any application within such period for obtaining the status of a dormant company.
How long does it take dissolve a one person company under fast track exit scheme?
After filing the application with the Ministry of Corporate Affairs, it takes about 90 days for striking off the Company from MCA records.
What is the time limit to file the closure documents with the Registrar?
The closing documents have to be filed within 30 days from the date of signing of the assets and liabilities statement.
When can a One person company be said to be dissolved?
ROC will publish list of companies struck off in the Official Gazette. The Company under fast track exit mode will be considered closed from the date of publication of the notice in Official Gazette.
What is the difference between Closure, Winding up and Dissolution of OPC?
Closure of the OPC is done voluntarily and is done through the fast track exit scheme. Winding up of the company may be voluntary or by the order of the Court by appointing an official liquidator to monitor the process of Winding up. Dissolution is initiated by the Court for ending the legal existence of the Company.
Why is it necessary to intimate the Registrar for closing the One Person Company?
It is necessary to intimate the Registrar for the closure of Private Limited Company to update the MCA data and make company free from all its legal compliances.
What is dissolving a company under fast track exit from MCA?
Fast Track Exit is a scheme introduced by the Ministry of Corporate Affairs (MCA) for inactive companies to wind up and get their names struck off from the MCA record with lesser formalities.
Why it worthwhile to close the Company in India?
A closure is the best option in case the company is not running as it:
Saves the yearly compliance cost
No non-compliance risk.
No risk of high penalties and prosecutions
No risk of getting into default