Closure of OPC
Close a One Person Company
If an OPC is inoperative for more than one year from the date of incorporation then the owner may apply for closure of the company under the normal procedure or Fast Track Exit (FTE) scheme of the MCA. If not so it can be wound up voluntarily or by the order of the Tribunal. As even though it’s inoperative it is compulsorily required to file all regulatory compliances and regular returns punctually, unless it has filed the closure documents with the concerned ROC. Hence it is better to file for the closure, so the members of the company are relived from fulfilling the legal and regulatory compliances.
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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.
Striking 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.
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
Close a One Person Company in 3 Easy Steps
Step 01
Fill up the registration form
Select any package suits your requirement · Fill up the form which will take less than 10 minutes · Make payment through secure payment gateway. Step 02
BookMyTM is Here to Help
Your queries will be answered quickly and effectively · 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 Step 03
Your OPC is closed
All it takes18 – 20 Days
Process of OPC Strike-off
- 1
Day 1 - 2
Consultation on Closure of OPC · Collection of Information · Collection of Required Documents (Scanned Copies) · Review of Documents and Information provided
- 2
Day 3 - 4
Drafting of required documents · Drafting of Affidavit, indemnity bond
- 3
Day 5 - 8
Sending of documents to get signed from applicants · Receipt of signed documents from applicants
- 4
Day 9 - 11
Preparation of online application · Filing of online application
- 5
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.
FAQ
Answer:Closure can be initiated when the OPC is inactive and wants to exit its liabilities and compliance obligations. All liabilities must be paid or extinguished, a No Objection Certificate (NOC) obtained from creditors, followed by a meeting where the director/members pass a special resolution or consent with 75% (by paid‑up share capital) to shut down the company. test.accendoz.com
Answer:File Form STK‑2 along with ₹5,000 government fee and required documents. Steps include:Clearing liabilities and obtaining NOC from creditors.Securing 2⁄3 majority consent of creditors. test.accendoz.com
Answer:Yes. If the OPC didn’t commence business within a year of incorporation or has been inactive for two consecutive financial years—and hasn’t applied for dormant status—the ROC can proceed with compulsory strike-off. test.accendoz.com
Answer:About 90 days from filing the application with MCA for the company to be struck off. test.accendoz.com
Answer:Documents must be filed within 30 days of signing the statement of assets and liabilities. test.accendoz.com
Answer:It is considered dissolved from the date when ROC publishes the strike-off notice in the Official Gazette under the fast-track exit scheme. test.accendoz.com
Answer:Closure: Voluntary via fast-track exit.Winding up: More formal, includes appointing a liquidator; can be voluntary or tribunal-ordered.Dissolution: Court-ordered termination of legal existence. test.accendoz.com
Answer:Intimating the Registrar updates MCA records and releases the company from ongoing compliance obligations. test.accendoz.com
Answer:A streamlined mechanism for inactive companies to wind up and get struck off with fewer formalities. test.accendoz.com
Answer:It helps you:Save on annual compliance costsAvoid non-compliance risks and penaltiesEliminate default liabilities or prosecution risks test.accendoz.com
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