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Convenient OPC Closure with Startupism Close your One Person Company (OPC) online effortlessly with Startupism and free yourself from the burdensome paperwork. Our 100% online process, documentation as per the Companies Act 2013, secured payment gateway, great after-sale service, and FREE expert consultation make OPC closure a breeze.
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Closing an OPC involves ceasing its business operations. There can be various reasons for opting for one person company closure, all of which must be properly documented while filing the application under Section 248 of the Companies Act 2013, governed by the Ministry of Corporate Affairs (MCA).
Despite having only one director/founder/owner, OPCs are legally required to comply with all the same regulations as Private Limited Companies. This includes completing all the necessary paperwork on time. While the process of closing an OPC can be lengthy, it’s relatively straightforward. Hiring professional assistance can streamline the online filing. Let’s explore the steps involved in closing an OPC:
Step 1 – Drafting Documents: Our team of lawyers, CAs, and CS will draft the required paperwork for you, ensuring your sensitive information is handled with utmost care and privacy. We’ll help you with:
Step 2 – Obtaining NOC (No Objection Certificate): Before filing for OPC closure online, you must ensure that all creditors have been repaid, assets disposed of, and company bank accounts closed.
Step 3 – ROC Notice: After submitting the DSC form, we’ll proceed with filing for OPC closure. The Registrar of Companies will review the paperwork and, if perfect, approve the online closure. You’ll receive an approval status via email. If any paperwork is incomplete, the ROC may disapprove the closure. To avoid such delays, professional assistance like Startupism is recommended.
Step 4 – OPC Closure: Once all stages, including DSC filing, document submission, and ROC approval, are complete, your OPC closure is finalized.
There are typically two ways to close an OPC:
Striking Off: This procedure involves declaring a company defunct and not conducting any business operations for one year. Ensure the company has no assets or liabilities.
Winding Up: This process requires obtaining consent from creditors, participants, and the management board. After obtaining consent, the OPC can legally request online closure. Winding up is a lengthy process and may require extensive documentation, including the disclosure of company assets and liabilities.
OPC closure means ceasing the operations of a business run by a sole owner or director, involving no sales, purchases, customer dealings, or any income-generating activities. Specific requirements and documentation must be met and submitted to the government of India under Section 248 of the Companies Act 2013, governed by the Ministry of Corporate Affairs (MCA).
The process may take 15 days to 3 months, depending on various factors. Hiring professionals can expedite the process by one to two weeks. The timeline also depends on the preparedness of the documents submitted to the MCA.
An OPC is considered closed from the date of publication of the list of officially removed companies in the official Gazette, after fulfilling all requirements and obtaining ROC approval.
Informing the Registrar of Companies about OPC closure is mandatory to update MCA data and prevent potential legal complications.
Closing an inactive OPC relieves you of annual compliance costs, such as ROC Returns and income tax filings. This helps avoid high penalties and legal issues due to non-compliance.
Yes, the OPC must submit a consent letter along with the online closure application, confirming board members’ approval.
At Startupism, we understand that turning your innovative ideas into a thriving business is no small feat. That’s why we’re here – to simplify the complex, to guide you through the process, and to empower you to succeed.