What is mean by One Person Co. (OPC) Closure?

The Process of closing a One Person Company (OPC) is known as Strike off or company closure. Company closure is done under newly notified rules Companies (Removal of Names of Companies) Rules, 2016 which governed by section 248 of Companies Act, 2013. If you are not running your company, we recommend you to close your One Person Company.

Why to close a One Person Company (OPC)?

If you are not running a company and not even complying with the law then you can file OPC Company closure to avoid being in default. A dummy company, defunct company, non operative companies can file for Company closure to avoid late penalties etc.

Documents Required for OPC Company Closure

- Indemnity Bond notarized by Directors (STK 3).
- Statement of Accounts latest. - Statement of Accounts containing assets & liabilities of the Company Audited by CA.
- Affidavit in Form STK 4 by sole Director.
- Signed Resolution by sole member.
- Bank Account Closure Certificates.
- PAN Card of the Company.

Requirements for OPC Company Wind up (Closure)

Under One Person Company (OPC) it does not require any consent from any other person. Further the company closure request should be filed after repaying all creditors, disposing all assets and closing all bank accounts. Further, kindly note the following points:

- Take NOC form after clearing the dues/liabilities.
- If you are registered with any government department, then you must seek NOC to close the business operations like from Income Tax Department etc.

Advantages of One Person Company (OPC) Closure

It helps you to save every year compliance cost.
Saves you from non compliance penalties.
No More Headache of record keeping.
No more director in Default.
Closing a company will prevent you from unnecessary IT demands.
You breathe easy and productive.