One Person Company Registration
Ideal for entrepreneur who have alone started a venture
Starting At Rs. 5,999 Onwards
(Takes 10-20 days)
OPC Registration Online
Procedure For OPC Registration
OPC Registration Online
What is OPC Registration ?
An OPC is the most contemporary form of business in India proposed by the Companies Act, 2013, and comprehends for a-One Person Company.
An enlightened thought was launched which boost the incorporation of micro-businesses and persons with entrepreneurial thoughts and to give a boost to entrepreneurs who have high probable to begin their endeavor by authorizing them to build a one-person company.
You can simply register one Person Company under the framework of the companies Act 2013 and the laws thereto, where it was made feasible for a one-person company to work as a company without the multifaceted nature of having partners. This boosts more people to come forward to initiate a business. The OPC is suitable for small businesses where the turnover isn’t probably to cross Rs. 2 Crores. IN OPC Registration it’s imperative to take note of that the candidate or the director should be Indian Resident
One Person Companies are advancing largely in building up the general economy of India. An ever-increasing number of Entrepreneurs are coming up and initiating their business. By incorporation of OPC, the organization can appreciate the advantages in banking points and are acceptable for Banking loans, credits. So, if you want to start up your own business, you don’t need to anguish about all the network and slow processes.
Choose OPC because
The following are the eligibility guidelines for OPC Registration in India.
- Can have more than 1 director, yet the investor can’t be more than 1.
- Not influenced by the death of a member or shift in ownership.
- Not influenced to set up and maintain approximately.
- Restricts the liabilities of its members
- Less Paperwork is needed.
- Can work as Stockbroker or Sub-broker
- Not numerous compliances
- No impedance from any third party is seen
- Even no individual is allowed to join more than 1 one-person company.
Why OPC Registration ?
Separate Legal Entity
Eligibility Criteria for OPC Registration
The following is the eligibility guidelines for OPC Registration in India.
- Only a person who is a citizen of India and a citizen in India. Citizen in India assigns to a person who had lived in India for a time at very least 182 days in the former one year.
- Legal entities like company or LLP can’t join a One person company.
- A candidate must be selected by the promoter while the fusion.
- The least accredited capital must be Rs 1 Lakh.
- An OPC is discreet from operating a minor as its member.
- If an OPC traverses a turnover of over Rs 2 crores or has settled up capital more than Rs 50 lakhs. It must be changed into a private or public inside 6 months.
- At least 1 Shareholder/ Directors/Nominee.
Minimum Requirements for OPC Registration
What is Included In Our OPC Registration Package?
- DIN for 1 Director
- Digital Signature For 1 Director
- Name approval
- ROC registration Fees
- Company Pan Card
Privileges on choosing OPC
The directors’ own property is always secure in no matter the debts of the business. In OPC only interest in the organization is lost, personal assets of the chiefs are saved.
An OPC has a different legal character, it would give on to the nominee director, in this way, it has proceeded with the presence
An OPC needs to have its books audited annually; it has maximum credibility between vendors and lending institutions
Easy to Sell OPC
OPC Company is easy to sell in view of limited documentation work.
Full Control over the Company with a Single Owner
This reality helps in quick decision making and execution. However, OPC can choose as many as 15 directors for authentic functions, without giving any offer to them
Easy to raise funds and loans
OPC is 1 of the simplest forms of corporate entities to conduct. Not many ROC filing is to be enrolled with the Registrar of Companies. Not require to handle Annual General Meeting and other formal compliances
Important Forms for OPC Registration
- Questionnaire – Company Registration
- Digital Signature Form
- INC9 Declaration of Promoter
- Declaration of Promoter-Non Deposit under FEMA and SEBI
- DIR2 – Consent of Director
- MOA and AOA Subscriber Sheet
- NO Objection of owner
Basic Requirement to Register OPC
- Sign on yearly returns.
- Just One Person Required: As the name recommends just one person can act as an investor or nominee of the company. Least 1 Director must be an Indian resident
- Resident Director: One director should to be an inhabitant of India, he/she will consider as the occupant of India just if they have remained at least 182 days in the past financial year in spite of having citizenship. Just Indian residents can be Shareholder & Nominee
- Capital Requirement: There is n less capital required to invest the way you need for your business. Minimum Authorized Share Capital to be Rs. 1 Lakh
- Unique Name of Company: The expressed name of the organization never coordinates any current organization or LLP. Must confirm the trademark registry to guarantee that the name doesn’t look like with any enrolled trademark in India.
- DSC and DIN: Director Identification Number for all Directors and Digital Signature Certificate for advertiser and witness.
Taxation Rules for OPC Company
- Filing Income Tax Returns is mandatory.
- TDS to be filled all quarter stating the TAN. Deducting tax at source is obligatory if the company has employees.
- Appropriating an ESI registration is mandatory by law if the OPC employs more than 10 persons.
- Registering of VAT and service tax returns is necessary for OPC with a valid certification.
Under the tax rate slab, OPC’s income is taxed at 30% of its total income in the fiscal year. This is marginally higher than the tax slab rate for people which are 10% to 30% of the income relying upon the income of such a person
Exemptions for an OPC
- Sign on annual returns.
- Hold Annual General Meetings and Board Meetings.
- Sign on Financial Statements.
- Power of Tribunal to call meetings of members.
- Option to dispense with the requirement of holding an AGM.
- Calling of the extraordinary general meeting.
- Notice of meeting.
- Statement to be annexed to notice.
- The 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.
Mandatory Annual Compliances of OPC Every Year
- Minimum 2 board meetings as prescribed under the Act.
- Statutory audit by a chartered accountant.
- Appointment of Auditor
- Filing of ITR
- Annual filings to the registrar of companies
- Maintaining Minutes and statutory registers
- Form AOC-4 for financial statement
- MGT-7 for an annual return
Timeline for OPC Registration Process
One Person Company takes at least 10-15 days of the Incorporation. It’s a generic timeline for the OPC Registration in India.
5 BUSINESS DAYS
Initially, the OPC director must apply for the DSC i.e. Digital Signature Certificate, which is important to enroll for the company registration records. It needs just a few scanned copies of documents for the submission. After that our specialists will record the form by filling it and put it online for certification/affirmation
7 BUSINESS DAYS
The application for the DSC is completed, our specialists will ask you to select a name for your organization. Also, ask to send the convenient scanned documents for the same. Then, the sent documents will be enforced to file for the SPICE i.e. INC-32 and the MoA. Finally, after the achievement of this procedure, the Certificate of Incorporation will be processed and approved
2 BUSINESS DAYS
All companies need a registered PAN and TAN Number. The application will be registered online by our specialists. But, you will be directed to courier the hard copies of the necessary documents yourself. We will confirm the processing, the TAN, and PAN. It will be dispatched to you to your registered office address inside 21 days of working days
Concerns Related to OPC Registration
- The least Approved share capital required for One Person Company (OPC) having share capital is Rs.1,00,000/-.
- The least and most extreme number of individuals for One Person Company is one in particular.
- The subscriber to the Memorandum must make the payment for the entire amount of shares bought in by him to the organization upon incorporation.
- It is a different legal entity yet just one person is responsible for the functions of the company. A complete contrast from what Sole Proprietorship offers.
- There can be just one individual at a time. In any case, one nominee is compulsory to be appointed. This member and nominee can’t be a minor.
- An OPC can be constrained by assurance or restricted by shares or unlimited organization.
- An OPC limited by shares must consent with the following necessities :
- Must have at least [paid up share capital of INR 1 Lac].
- Shares will not be permitted to be transferred to any other individual.
- An OPC is restricted from giving any appeals to the public to subscribe to the securities of the company.
- No OPC can deliberately convert into any other kind of company within two years from the date of incorporation of One Person Company, except when the threshold limit of paid up share capital, getting fifty lakh rupees, is passed or its average annual turnover at the time of the relevant period exceeds two crore rupees.
- An OPC can’t apply into a company enrolled under OPC.
- An OPC is needed to give a legal identification by specifying a specific name under which the activities of the company can be achieve. The words ‘One Person Company’ should be specified below the name of the organization, anywhere the name is appended, used or engraved.
- An OPC is based on the same taxes as a Private Limited Company.
- When an OPC limited by shares or by assurance enters into a contract with the sole member of the company, who is likewise the director of the company, the terms of agreement or offer must be recorded in writing or contained in a memorandum or recorded in the minutes of the Board meeting adhered next after entering into the contact.
- An OPC should confirm the Registrar about every agreement listed into by the company with the sole member of the organization in a period of fifteen days from the date of confirmation.
Factors to Consider in OPC Name Selection
The name of your One Person Company (OPC) is very significant. Your OPC’s name is the first impression to your consumers, suppliers, and colleague. It should, therefore, be attractive, suggestive, and relevant. There are some factors that you should know while selecting a name for your company.
Short & Simple
The name should be concise and not be excessively long. Individuals should be able to recall and speak your company’s name simply the first time they attend or read it
The name of your One Person Company (OPC) should be applicable to your business. It should fit the organization’s branding action. For example, Infosys assigns to information systems or IT technologies
The name of your One Person Company should not be actually the equivalent or indistinguishable to an existing LLP or company or for which a trademark has been applied for. You can go to search.legalraasta.com to check if your organization’s name matches any others or not. Preferably, you should avoid plural version e.g. “Snapdeals” or only changing the letter Case or accentuation marks or spacing in a current LLP, Company and Trademark name
OPC’s are not needed to end their name with the suffix “Private Limited” or “Limited”
Should not be illegal / offensive
The name of your LLP ought not to be against law. It should not be oppressive or against the traditions and beliefs of any religion and ought not to utilize words or phrases which are used as a slur and are hostile to a specific group of individuals. Further, names can’t contain foul words or phrases
Should not violate any laws
Your OPC’s name should not be given under and disobey the Emblems and Names (Prevention of Improper use) Act, 1950. Snap here to check the names. (See the Schedule)
Should not utilize the words “British India”
How is the OPC Company different from other companies?
|1||Eligibility||Only an individual who is an Indian citizen and resident in India is eligible to incorporate an OPC||Any individual be it NRI or Indian citizen can form a Private limited company.||Any person and group of corporate can be a partner in LLP|
|2||Minimum Requirement||Member – 1,
Director – 1,
Nominee of Sole Member – 1
|Members – 2,
Directors – 2
|Designated Partners – 2|
|3||Procedure||Get DSC, DIN, MoA & AoA along with INC-32 Incorporation Filing, PAN, TAN Applications||Acquire DSC, MoA & AoA along with INC-32 Incorporation Filing, PAN, TAN Applications||Collect DSC, DPIN, Name Approval, Filing for Incorporation, File LLP Agreement, PAN and TAN Applications|
|4||Existence||Existence of an OPC is never dependent on the Nominee or Director. Can be dissolved by Regulatory Authorities.||A private limited company is not dependent on the directors or shareholder. Can be dissolved only intentionally or by Governing Authorities||LLP can sustain its survival irrespective of changes in partners.|
|6||Time Taken in Registration||15 – 20 Days||10 – 15 Days||15 – 20 Days|
|7||Conversion System||Cannot be converted before 2 years||Can be converted into LLP||Not directly converted into a Private Limited Company|
|8||Compliance Requirements||Annual Return Filing
No Board Meetings, if only one director
No General Meetings
|Annual Return Filing
Board Meetings & General Meetings
|Annual Return Filing|
|9||Statutory Audit||Compulsory||Compulsory||Only in case contribution is more than 25 lakhs and less than 40 Lakhs|
|10||Fund Raising Options||Low||High||Low|
|11||Recommended For||Sole promoters||Start-ups and growing||Professional services firms|
|12||Foreign Investment||Not Allowed||Allowed||Allowed|