Close One Person Company

The owner may apply for closure of the company under the normal procedure or Fast Track Exit (FTE) scheme of the MCA if an One Person Company (OPC) is inoperative for more than one year from the date of incorporation. If it is not, then it can wound up voluntarily or by the order of the Tribunal. As even though it’s inoperative it is compulsorily required to file all regulatory compliances and regular returns punctually, unless it has filed the closure documents with the concerned ROC. Hence it is better to file for the closure, so the members of the company are relived from fulfilling the legal and regulatory compliances.