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Closing an OPC

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WHAT IS CLOSURE OF OPC?

Many entrepreneurs and business persons who have registered an OPC often have a common question, “How to close one person company?” Well, the process is quite similar to the closure of OPC. One Person Company or OPC is a significant milestone of the Companies Act 2013. This concept was introduced to help entrepreneurs and solo-founders quickly register their companies without the compulsion to get more partners. It enabled their business to function as a separate legal entity and offered all the benefits of a company.

Even though OPC has just one founder, it is legally required to follow compliances similar to other registered entities. This also includes a procedure to Closing an OPC Company as per a set procedure laid down by the MCA. If the closure of OPC is not done correctly, it can warrant penalties and fines including the ones for non-compliance.

You can check the basic requirements which make any company eligible to apply for the closing of one person company from here.

FEATURES

Easy and convenient

The Companies Act provides a convenient and easy way for one person company closure and avoids the requirement to wait for the closure window.

Cost-Saving

Strike off of your company will ensure you save financial resources otherwise utilized on filing, audits, etc.

Avoid Penalties

Even if your company is not operational, you will have to adhere to the compliance and face penalties on failure to do so. strike off of the company will free you from such compliances.

ELIGIBILITY CRITERIA

    • In the previous three months, the company has not changed its name or shifted its registered office from one State to another;
    • In the previous three months, the company has not disposal off any value of property or rights held by it, immediately before cesser of trade or otherwise carrying on of business, for the purpose of disposal for gain in the normal course of trading or otherwise carrying on of business;
    • In the previous three months, the company has not engaged in any other activity except the one which is necessary or expedient for the purpose of making an application for strike off as a statutory requirement;
    • In the previous three months, the company has not made an application to the Tribunal for the sanctioning of a compromise or arrangement and the matter or is not being wound up under Chapter XX of the Companies Act or under the Insolvency and Bankruptcy Code, 2016.
    • This process for strikeoff can be filed only by an Active company or by a dormant company and not by a Section 8 company.
    • Filing of any other eForm shall not be allowed by a company for which work item of eForm STK-2 is pending.
    • The Company can make application only after extinguishing all its liabilities, by a special resolution or consent of seventy-five per cent members in terms of paid-up share capital.

DETAILS AND DOCUMENTS

    • Copy of PAN card of all the Directors.
    • Copy of Aadhar card of all the Directors.
    • Certificate of Closure of Bank Accounts of the Company.
    • Copy of Pan card of the Company.

Process for Closure of OPC

  • 1
    Arranging the Documents

    Arrange to provide the documents as per the checklist shared.

  • 2
    Bank Closure

    Close the bank account if available and arrange to provide closure certificate.

  • 3
    Documentation

    Get NIL statement of accounts from Chartered Accountant and prepare documents as required to be attached for filing.

  • 4
    Filing of Form

    Filing of Form STK 2 with the Registrar of Companies within 30 days from the date of obtaining consent of the member for strike off the company.

WHAT WE DELIVER

    • Strike off of One Person Company closure certificate

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LITE

5999

  • Strike-off of a Company (Excluding Govt fees)

Answer to the Question Why us?

  • In-House
    Experienced
    Professionals
  • Compliance
    Tracking and
    Reminders
  • Regular
    Customer
    Education
  • Stellar
    Support and
    Response

Frequently Asked Questions (FAQ)

No, under Companies Act there is no time limit for making an application under STK 2 for the closing of one person company.

Having satisfied the prerequisites of making an application for the closing of OPC company, any active or dormant company except listed Companies and the companies registered under section 8 of the Companies Act, 2013 can apply for the strike off of OPC company through form STK-2 .

Yes, the relevant Form for strike off is required to be filed within 30 days from the date of passing a special resolution for approving strike off.

At StartupSeven, our advice to our clients is always to follow the law to the dot. So, it is recommended and even mandatory to file all the pending ROC returns and discharge all the duties before making an application for the strike off of the Company in form STK-2.

If all the directors of the company have been disqualified, an EGM can be called to appoint a new director and the application shall be made to the ROC with respect to such appointment.

Yes, the digital signature of at least one director will be required as the application needs be filed in the electronic format.

A company can be closed if 75% of shareholders are in favour of the decision. However, a company cannot be closed by filing the standard STK-2 if the dissenting person has more than 25% stake in the company. Under such a condition, an application may have to be filed before NCLT under IBC 2016.

When a company is struck-off, it is no longer allowed to trade or sell assets, and conduct any business activity.

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