Close One Person Company

CLOSURE OF OPC

Filing a proper application for winding up or closing a one person company (OPC), and following the prescribed procedure for closure, are absolutely necessary for closing the OPC legally and officially.

A Company closure is filed under Form STK 2 (Earlier form was FTE) along with the government fees of Rs.5000/- and some necessary docs.A Company closure can be filed after the following steps:

Pay all Liabilities
Prepare Application: The next step is to prepare application and file the same with ROC through form STK - 2 (Earlier Form FTE).

Documents Required for Closure of OPC

Application for Striking off of the OPC
Board Resolution for closure
Consent of Directors
Director's Affidavit
Statement of Assets and Liabilities

What is the difference between Closure , Winding Up and Dissolution of Company ?

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.

Why ROC filing is required for Closing of OPC ?

It is necessary to file Closure with the ROC as ROC or MCA data base need to be updated and the OPC is free from all its legal compliances as it is officially closed.
Even though business of the company is closed, unless closure documents are filed and approved by the ROC, company is not legally closed and the OPC needs to file all the regular returns.

What is time limit to file closure document 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.

Which company is eligible to apply for closure of OPC

Any OPC which has been inoperative for more than 1 year from the date of its incorporation can apply for Closure under FTE scheme.