Winding Up or Closing a One Person Company - Online Procedure
Easy & Convenient Closing OPC Company
- Complete One Person Company Closure online easily with JustStart and shake your liabilities off without worrying about the age-long paper filling process.
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Everything About Closure of OPC company
Closing an OPC simply means an act of ceasing the operations of a business by it. There may be various reasons leading to one person company closure, all of which must be mentioned to the government of India while filling the application under the 248 section of the Companies Act 2013 governed by the Ministry of Corporate Affairs (MCA).
Process of Closing OPC Company in India
Although OPC has just one director/founder/owner performing the operations, the business entity is legally required to complete all the compliance just like a Private Limited Company. By the book of rules, this also means completing all the paperwork on time. If you are not familiar, the closure of OPC is a fairly lengthy process , but it is relatively easy as well. Additionally, hiring a professional to help work things out for you makes the online filing easier. But let’s check out the process of closing an OPC step by step.
Step 1- Drafting Documents: Our extraordinary team of lawyers, CAs, and CS will draft the necessary paperwork for you. We will compile all your sensitive details into a collective document, giving due care to your right to privacy, and safely register your signature to complete the DSC (Digital Signature) process. We will assist you in:
- Gathering the information- Name, business details, official address, reason of closing, filling the application, etc.
- Create the draft: We will prepare a digital file with all the important details that you provide and fill the information.
- Review the draft: We will carefully take a look at all the digital copies of DSC, NOC, STK-2 form filled, and other documents, and coordinate with you for more information.
Step 2: Getting NOC: The individual seeking to file for the closure of a one person company online is required to ensure that he/she has repaid the debts of all creditors, disposed of all the assets, and closed company bank accounts (whatsoever).
Step 3: Notice by ROC: Once we are done filing the DSC form, we will proceed to file for the closure of a one person company. At this stage, the Registrar of Companies will evaluate all the paperwork for any mistakes and, if perfect, will approve the closure of OPC online. You will receive the status of the approval via email.
Please note that the ROC may disapprove of the closure of OPC in case that he/she finds any paperwork not duly completed. To avoid such delays, it is recommended to hire professional help like JustStart.
Step 4: Closure of One Person Company Online: After the successful completion of all stages like DSC filing, document submission, getting approval by ROC, your closure of OPC company is finally done.
Documents Required for OPC Company Closure
- An indemnity bond issued by Directors.
- Company’s latest bank statements
- Account statements detailing the assets and liabilities of the Company properly audited by a CA
- An affidavit (STK 4) provided by sole director
- Resolution signed by a solitary member.
Optional Documents (As required)
- Bank account closure certificates
- Company PAN card
Requirements of One Person Company Closure
- The company must not have changed its name at least or shifted its registered office address three months prior to applying for the closure of a one person company online.
- The registered OPC shouldn’t have disposed off any property or rights held by it immediately or three months before applying for closure.
- The business entity mustn’t have engaged in any illegal activity liable to be condemned by the Indian Government.
- The registered business should not have made any requests to the Tribunal for sanctioning of a compromise or any agreement prior to three months of applying for closure of OPC.
- The procedure to strike off the name of OPC should be done by an active company.
Methods to close one person company
There are typically two ways to close OPC 1) Striking Off and 2) Winding Up
Striking Off: Another procedure to close an OPC is by getting the company through a fast track exit scheme. This involves not conducting any business operations for one year and declaring a company defunct. But make sure that the company doesn’t have any assets or liabilities.
Winding Up: This process requires obtaining consent from the creditors, participants, and management board. After receiving the consent, the OPC can legally register a request online to close the organization. But know that winding up is a long process and may require elaborate documentation like disclosing company assets and liabilities.
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What is One Person Company (OPC) Closure?
A closure of a one person company means ceasing the operations of a business identity run by a sole owner (can also be a director) such as no sales & purchase, no customer dealing, no online or offline activity in any way that would add to the business’s income. Additionally, anyone looking to close an OPC online must fulfill a few requirements that we already discussed in the above sections.
How long does it take to dissolve a One Person Company online?
Well, the procedure (as already mentioned) can be a lengthy one, consuming up to 15 days to 3 months. However, hiring professionals to do the job for you will surely shorten the process by one to two weeks. The quickness of OPC Closure also depends on how well your documents to be submitted to MCA are prepared in advance.
When can an OPC be called completely dissolved?
Once the applicant has fulfilled requirements like document submission and obtaining an NOC, the ROC will usually publish a list of companies that have been officially removed from government records. Therefore, the company can be considered closed from the date of the publication of the list in the official Gazette.
Why is it necessary to intimate the ROC for closing the One Person Company?
It is mandatory to inform the Registrar of Companies about the closure of OPC in order to update the MCA data and relieve the company of any legal complications that may follow due to unawareness.
Why is it a good idea to close a one person company?
Well, it is only logical to dissolve the business entity if it is not running as it will relieve you of all the yearly compliance costs that you otherwise need to fulfill, such as ROC Returns, Income tax filings saving you from high-penalties and prosecutions in case of non-fulfillment of the mentioned.
Is it necessary to get the approval of the board of directors to close one person's company in India?
Yes. The OPC must submit a consent letter along with the one-person company closure online application form that clearly declares that the board members have given their approval.
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