Close a One Person Company (OPC)

Close a One Person Company (OPC)

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    Closure of OPC

    If an OPC is inoperative for quite one year from the date of incorporation then the owner may apply for closure of the corporate under the traditional procedure or means Exit (FTE) scheme of the MCA. If not so it is often aroused voluntarily or by the order of the Tribunal. As albeit it’s inoperative it’s compulsorily required to file all regulatory compliances and regular returns punctually unless it’s filed the closure documents with the concerned ROC. Hence it’s better to file for the closure, therefore the members of the corporate are relieved from fulfilling the legal and regulatory compliances.

    Methods of Winding Up One Person Company

    • Winding up: This type of dissolution is completed by holding a gathering approved by a minimum of 2/3 of the creditors participating within the meeting. Then the management board must undergo the Commercial Register an invitation (in writing or electronic form via the corporate registration portal), the members dissolution resolution and therefore the minutes of the overall meeting. completing may be a more elaborate process which is necessarily implemented when the corporate has assets and liabilities. just in case of completing a liquidator is to be appointed to manage the affairs of the aroused company.
    • Striking off: Striking off or removal of OPC through the means exit scheme. When a corporation gains the status of a dormant company i.e. it’s no activity as a corporation sine its inception or within the past one year it becomes a Defunct Company which may be aroused with a fast-track procedure which is thru STK-2 form. Condition being that it should haven’t any assets or liabilities. this will be filed by ROC or by the corporate itself. cross off is completed by the Registrar in accordance with the wants of the Act.

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