Close a One Person Company

Close a One Person Company

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Closure of OPC

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.

Methods of Winding Up One Person Company

Documents Required to dissolve a one person company

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Closure of one person company in 3 Easy Steps

*Subject to Government processing time

Process of OPC Strike-off

Explore dissolution of one person company

Frequently Asked Questions

A closure of an 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 a consent of seventy-five percent members regarding paid up share capital.

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.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

After filing the application with the Ministry of Corporate Affairs, it takes about 90 days for striking off the Company from MCA records.

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.

The closing documents have to be filed within 30 days from the date of signing of the assets and liabilities statement.

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.

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.

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.

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
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Call us at: 1800 313 4151 or Email us: support@legalwiz.in

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