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Closure of OPC

Closure of OPC
15950* Basic Package

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Overview

Closing a One Person Company

If anyone person company is inactive for more than one year from the date of registration, then the owner of the company can easily apply for the closure of a one-person company. A One person company can be stopped under the standard procedure or the Fast track Exit scheme of the MCA. If it is not interested in wrapping up with the above procedures, it can wrap up voluntarily by order of Tribunal.

Even though it is inactive, all one person companies must file all the regulatory compliances and returns. Unless, a one-person company files for the dissolution, it will be held liable to file all the returns. Thus, if a one-person company is inactive, it must file for its dissolution. So, the members of the company will no longer be held liable to fulfill any compliance.

Modes of wrapping up a one-person company

Wrapping up the one-person company

This type of closing is done by calling a meeting with the creditors. At least two-thirds of the lenders should participate in the meeting. Then the management will submit a request in writing or in the electronic form to the commercial registrar. The request should include the resolution of member dissolution and the minutes of the meeting. Wrapping up a one-person company is a lengthy process. Most of the companies that have more assets use this process. For Wrapping up a one-person company, you need to appoint a liquidator. The liquidator manages all the works related to close the OPC. 

Striking off the one-person company

Striking off the one person company is a rapid process. It is achieved with the fast track exit plan of MCA. When a one-person company becomes a dormant company, the company is inactive and has made no transaction from the past year. It becomes a non-functioning company that can be closed using the fast track exit scheme.

Any dormant company can choose the fast track exit scheme by filing the STK-2 form. But the only necessary condition is the company must not have any assets. It should be held liabilities for any compliance as well. In such cases, a company can strike off by filing the STK-2 form. The strike-off is done by registrar as per the requirements of the Act.

Document Required

Incorporation documents

To wrap up a one-person company, the owner must provide the following incorporation certificates such as:

  • MOA of the company 
  • AOA certificate of the one-person company
  • The certificate of incorporation of OPC
  • PAN Cards of the owner
  • Other registration certificates if any
Information of Accounts
  • The one-person company that wants to wrap must provide a financial statement of recent years. It must be audited before 30 days of applying.
Activity details
  • It includes the details about all the operations of the company during the past year. This report will show the proof when the operations were discontinued. 
Legal liabilities
  • The Company that wants to wrap up must provide a statement about the company's pending titillations. It is only required when the company is liable for any litigation. 
No objection certificate from the creditors
  • The one person company also must provide the no-objection certificate from the creditors. It will help the company to wrap up fast. 
No objection certificate from the regulatory bodies
  • Further, the company that wants to wrap up should also obtain a no-objection certificate from the regulatory bodies such as Income tax, SEBI, RBI, and many more. It will make sure that the company is no longer liable to these regulatory bodies. 

Time Lines

  • (10 to 15 Days)
  • Purchase the Service
  • Upload / send the Documents
  • Discussion with expert
  • Filing of application with registrar authorities
  • Receipt of Certificate
  • Confirmation to client

Service Covered

Pricing for what you want required service

Basic

15950*
  • Expert Consultation
  • Closer an OPC with no transactions since incorporation

Business

19950*
  • Expert Consultation
  • Closer an OPC with NIL transactions
  • One Year MCA Filing
  • One Year ITR Filing

Enterprise

24950*
  • Expert Consultation
  • Closer an OPC upto Rs. 100 Lakh transactions
  • One Year MCA Filing
  • One Year ITR Filing
  • Notes:
  • * This price is inclusive of all Govt filing fee and excluding GST amount.

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