One Person Company is formed by a single promoter to run its business without sharing the decision making authorities with any other partner, but what if the business is not running successfully!! Then it is better to go for closing OPC rather incurring compliances cost throughout the year. In case winding up of one person company is not made in the due course then there are various ROC compliances which need to be done on regular basis, and if not complied with lead to heavy penalties under companies act 2013, hence to avoid this companies are advised to go for closing OPC for the well being.
A one person company is registered under the purview of law and can only be dissolved under the statute and is subject to the ROC approval. All the compliances required to be done before applying for the OPC closure. There is a prescribed procedure for strike off OPC under the companies act, 2013. There is a onetime government fee for closing OPC `Company after which the promoter will be free from their liabilities.
At Unilex Consultants we assist you on how to close one person company and would be dealt by our professionals within a time frame. Our team takes care of the documents required for closing the OPC and aids in provide you the realistic estimation of cost.
Advantages of striking off OPC
There is no need of sticking on the track to stay compliant as the company would be dissolved anyway.
Once the closure is initiated there is no need of the company to be worried about being in a state to pay the penalty fee for the unaddressed causes..
If the business which you have chosen is not running and generating profits, then resources can be utilized into a better one
Documentation for closing OPC
Indemnity Bond notarized by Directors (STK 3).
Latest financial statements
Statement of Accounts containing assets & liabilities of the Company
Special Resolution or Consent of 75% Members.
Bank Account Closure Certificates.
PAN Card of the Company.
Board resolution for closure
The above price might vary as per the deed and amount of contribution
Trademark filing excludes government fees
Process involved in registering a Closing a One Person Company
Eligibility for Strike Off
Eligibility for Strike Off
Requirements for OPC closure
- 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 one 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.
FAQs About OPC closure
Is ROC filing mandatory before company strike off application?
Yes, it is a mandatory process to solve as the MCA database has to stay updated that the company is free from all the legal ties.
What is the basic Eligibility criteria for closing a company?
The primary factor is that the company must at least be 1 year old in terms of nature of functioning in order to apply for closing.
What is time limit to file Closure documents with ROC?
The Form has to filled be filed with ROC office within 30 days from the date of Signing of the Statement of Assets and Liabilities.
What is Fast Track Exit (FTE) Scheme?
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.
What is MCA ?
MCA is Ministry of Corporate Affairs which has the database to maintain and also takes care of the complaint rules.
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