OPC Closure

OPC Closure Online India

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OPC Closure Online India

If your One Person Company is no longer in operation, it should be closed down. According to the Companies Act, even if an OPC is inactive, it is still required to file all regulatory compliances and regular returns on time, unless the closure documents have already been submitted to the relevant ROC. As a result, applying for OPC closure in India is preferable so that the company’s members are relieved of having to comply with legal and regulatory requirements.

An application for striking off the Company could have to be filed to ROC if the business is not running. Company closure could be because of several reasons. For the closing a One Person Company, there can be various internal to external factors. Such as low working capital, voluntary closing business, government policies, and so on.

The provisions of the Companies Act, 2013 govern the striking-off Company. For winding up OPC under MCA, you have to file an e-form STK-2. The government fee for the form is Rs 10,000/-. All ROC compliances are mandatory before filing any company closure application.

For OPC closure, the Company should be one year older. That means only after one year of incorporation, the Company can be wound up under the law. Also, at least two years should lapse before the last business transaction.

In the Company closure application, Directors need to file affidavits and indemnity bonds. There should not be any liabilities outstanding in the name of the Company. The name of the Company publishes in the gazette for creditor’s/third-party comments. If no objections are received during such time, the closure gets department approval.

Why Close an OPC

COMPLIANCE FREE – After filing the Company winding up application, there is no need to do further compliances.
NO PENALTY – After allowing the application for Company closing, there will not be any penalties. No penalties levied.
APPROPRIATE BUSINESS – If the ongoing business is not running well, then a new business could be set up and time invested.

Documents to close a OPC

Last 2 years financials of Company

PAN of Company

MOA & AOA of Company

Bank account closure certificate

Process of striking off a Company

Requirements for winding up of company

The company applying under FTE should not have any asset and liability.
The company should not have commenced any business activity or operation since incorporation or at least two year must has been passed since last business activity or operation.
The Company has duly filed all the financials to the ROC, till the time of its closure.

Methods for Striking off One Person Company

Strike off

OPC withdrawal or termination using the Fast track exit plan. When a company becomes a Dormant Company, that is, when it has not conducted any business since its founding or in the previous year, it becomes a Closed down Company and can be quickly wound up using the STK-2 form. The prerequisite is that it should be devoid of both assets and liabilities. The ROC or the company itself may file this. The Registrar performs a strike off in compliance with the Company Act requirements.

Winding up

This kind of dissolution is accomplished through the holding of a meeting that is approved by at least 2/3 of the creditors present. If an OPC has more than one director, the management board must submit to the Commercial Register the members’ dissolution decision and the general meeting minutes, along with a request (in writing or electronically via the business registration portal). When a firm has assets and liabilities, winding up is a more involved process that must be carried out. If a firm is being wound up, a liquidator must be appointed to handle its business operations.

FAQ

Frequently Asked Questions

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.

A Company closure is filed under Form STK 2 along with the government fees of Rs.10000/- 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

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.

FTE is a company closure scheme initiated by MCA for easy and faster closure of Company. This is a mandatory thing to address in order to close a company.

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.

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