FREQUENTLY ASKED QUESTIONS
1. How many people are required to start One Person Company?
-At least one nominee is required to start an OPC who can act as shareholder as well as director.
2. Who can become a member in One Person Company?
-Any individual/organization can become the member of One person company including foreigners/NRI’s.
3. For incorporation of One Person Company do I have to be present in person?
– The entire procedure is 100% online and you don’t have to be present at our office or any other office for incorporation. A scanned copy of documents has to be sent via mail.
4. Are there any other payments to be made for incorporation certificate in addition to fee paid at the time of registration?
-There is absolutely no other payment. We will send you an invoice that is all-inclusive, with no hidden charges.
5. How much money do I need to invest upfront to start the business?
-You need to have a bank account with a minimum balance. This could be as little as Rs. 5000. You don’t need to invest any more capital to start the business.
6. Should I incorporate a Private Limited Co. Instead?
-A lot of people considering an OPC registration go with the private limited company structure because it is mandatory to convert an OPC to a private or public limited company if turnover is over Rs. 2 crore or paid up capital is over 50 Lakhs.
7. What are the compliance requirements under OPC?
- An OPC limited by shares must comply with following requirements:
Must have a minimum [paid up share capital of INR 1 Lac.
Shares will not be allowed to be transferred to anyone else.
An OPC is prohibited from giving any invitations to public to subscribe for the securities of the company.
- When an OPC limited by shares or by guarantee enters into a contract with the sole member of the company, who is also the director of the company, the terms of contract or offer must be recorded in writing or contained in a memorandum or recorded in the minutes of the Board meeting held next after entering into the contact.
- An OPC must inform the Registrar about every contract entered into by the company with the sole member of the company within a period of fifteen days from the date of approval.
8. What are the compliance exemptions for an OPC?
– An OPC is exempted from doing the following compliances:
- Sign on annual returns.
- Hold Annual General Meetings and Board Meetings.
- Sign on Financial Statements.
- Option to dispense with the requirement of holding an AGM.
- Power of Tribunal to call meetings of members.
- Calling of extraordinary general meeting.
- Notice of meeting.
- Statement to be annexed to notice.
- Quorum for meetings.
- Chairman of meetings.
- Restriction on voting rights.
- Voting by show of hands
- Voting through electronic means.
- Demand for poll.
- Postal ballot.
- Circulation of members’ resolution.
9. In which cities does LegalRaasta incorporate OPC?
– LegalRaasta provides OPC incorporation services across India in all cities. We have done OPC registration in Mumbai, Delhi, Gurgaon, Noida, Bangalore, Chennai, Hyderabad, Ahmedabad, Kolkata, Surat, Pune, Jaipur, Lucknow, Kanpur, Nagpur and other Indian cities
10. Why should I choose LegalRaasta for OPC registration?
– Legalraasta.com is one of the best online service portals to help register OPC’s in India. We have 10 years of experience in application of OPC registration. LegalRaasta has 30+ regional offices in India and expand its network in India with 2000+ customers for OPC Company.