One Person Company Strike Off and Simplemyfiling as a Service Provider

One Person Company Strike Off Process:

When a company is incorporated, a Certificate of Incorporation is issued by the Registrar of Companies to acknowledge its existence. Once the company’s name is registered, it cannot be removed unless the company applies for it or it is processed by law. If an OPC fails to commence its business or submit yearly returns, the registrar may suo moto strike off the OPC.

The process of striking off involves several key steps:

1.  Board Resolution: The OPC’s board passes a resolution approving the closure and strike-off process.
2.  Clearance of Liabilities: Clear all outstanding liabilities, including any outstanding debts and statutory dues.
3. Tax Compliance: Ensure that all tax filings and payments, such as income tax and GST, are up to date.
4.  Financial Statements: Prepare final financial statements and get them audited, if required.
5.  Closure Application: File the application for OPC strike off with the Registrar of Companies (RoC).
6.  RoC Approval: Once the RoC receives the application, they will review it. If satisfied, they will approve the strike-off.
7.  Public Notice: Publish a public notice in a newspaper and on the RoC website, informing stakeholders of the intention to strike off the OPC.
8.  Objections: Allow time for objections from creditors or other stakeholders, if any.
9.  Strike Off: If no objections are raised or they are resolved, the RoC will strike off the OPC’s name from the register, and the company will cease to exist.
10.  Closure: Complete all necessary formalities, including surrendering the OPC’s PAN and TAN, to complete the closure.

Advantages of Strike Off:

1.  No Penalty: Once the closure process begins, the company is relieved from paying penalty fees for non-compliance.
2.  Freedom from Compliance: With the company being closed, there is no need to adhere to ongoing compliance requirements.
3.  Resource Utilization: If the chosen business is not profitable, the company’s resources can be redirected to a more suitable venture.

Why Choose Simplemyfiling for Strike Off?

Simplemyfiling.com is a renowned business platform offering end-to-end services for incorporation, compliance, advisory, and management consultancy to clients in India and abroad. We specialize in making One Person Company strike off procedures easy, seamless, cost-effective, and efficient. Additionally, we provide services for foreign company annual filing, company annual return filing, GST returns, TDS returns, PF returns, and ESI returns. For a free consultation and more information about strike off company procedures, you can contact our compliance manager at 9178663478 or email us at simplemyfiling@gmail.com.