One Person Company Registration
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One Person Company Registration
One Person Company Registration
Whenever we plan to establish a company it's necessary to overview all the benefits, features, process and eligibility. One Person Company Registration is one such company that delivers excellent benefits. OPC Registration is ideal for the businessperson who is willing to start a venture alone. Before stepping into the world of companies it is important for you to have a little overview of what an OPC Company is.
One Person Company Meaning
One Person Company (OPC) as the name suggests the answer itself -is a company commence with only one member. One person can perform as a shareholder and a director. one person company registration is a separate legal entity separated from its promoter, it has its assets and liabilities. The promoter is not individually liable to repay the debts of the company. Only a single person can open an OPC company
OPC Company Registration
The OPC registration can be made online and registered under the Company Act, 2013 with MCA & ROC &. The registration states that only one person can be the director & shareholder of the company. OPC company registration rules are discussed below, kindly go over the rules for simple registration.
- One person company in India is separate from the others. That is it requires only ‘One person’.
- Citizens and Residents of India are suitable to incorporate a OPC company in India.
- One nominee person is also required in OPC company in India
- Nominees shall not participate in shareholding of OPC registration.
You can easily register one person company under the edges of the Companies Act, 2013. The laws are simple that is the single-person company to work as a company without the complexity of having partners. This helps more people to come first to commence a business. The OPC is fit for small companies where the yearly turnover is not expected to cross Rs. 2 Crores. In OPC Registration it’s essential to note that the candidate or the director must be Indian Resident.
You can easily register OPC company under the edges of the Companies Act, 2013. The laws are simple: that is the single-person company to work as a company without the complexity of having partners. This helps more people to come first to commence a business. The OPC registration is fit for small companies where the yearly turnover is not expected to cross Rs. 2 Crores. In OPC Registration it’s essential to note that the candidate or the director must be Indian Resident.
Who can apply for OPC registration online?
One must adhere to the following are the eligibility guidelines for OPC Registration in India:
- Only a natural person who is an Indian citizen and resident in India is eligible to act as a member and nominee of an OPC registration process. Resident in India means a person who has stayed in India for a time of not less than 182 days during the instantly heading one business year.
- Age of the nominee or director shall be 18 year or above for being in the OPC registration process.
- Other Legal entities like the Private company or LLP cannot join an OPC registration process.
- There is no minimum capital required to open an OPC registration online.
- If an OPC crosses a turnover of above Rs 2 crores or has a paid-up capital more than Rs 50 lakhs. OPC registration online needs to be transformed into a private or public within 6 months.
- Minimum 1 Shareholder or Candidate or Directors required in one person company registration process.
After understanding the eligibility criteria one must comply with the other requirements of One Man Company.
Requirements for One Man Company- Requirements of OPC
Register one person company you have to fulfil the following requirements. So, have a look at the following requirements
- At least 1 Shareholder
- Minimum 1 Nominee
- Minimum capital as you think fit
- At least 1 Director
- Only Indian residents can be Shareholder & Nominee
- DIN (Director Identification Number) for all Directors
- The directors and shareholders can be the same individual
- Director must be an Indian resident
- DSC for 1 Promoters & 1 witness
Fulfilling the requirements let’s have a look at the benefits of registering One Person Company/OPC company.
What we provide inside the package?
We are offering the most attractive package of OPC Company registration in which you will get all requisite approvals and certificates by MCA which is mandatory as per new provisions of Companies Act, 2013. Our deliverables as-
- Certificate of Incorporation
- E-MOA and AOA
- Name Approval
- MCA Registration
- DIN of one director
- DSC of one director
- PAN and Tan Registration of Company
- PF Registration
- ESI Registration
- Professional Tax Registration, if applicable
- Bank Account opening Support
- Dedicated support of CA/CS
Benefits of Registering OPC Company
The advantages of registering an OPC Company:
- A Separate legal entity
OPC is a separate legal entity. Capable of doing all the things that an entrepreneur can do. The Private limited company or limited liability can’t join members.
- Easy Funding
OPC registration online can borrow funds within venture capital, financial institutions, angel investors, etc. An OPC can borrow funds thus regulating itself to a private limited company.
- Greater opportunities, Limited liability in OPC company
One of the benefits of One Person Company is that it has more possibilities. The liability of the one person company registration is limited to the amount of the cost of the share you own. The person can take more risks in business without harming or hurting the loss of personal assets. It is the support of new, fresh and innovative start-ups.
- Smallest Requirements
- Least 1 Shareholder
- Least 1 Director
- The owner and shareholder can be the same person
- Least 1 Nominee
- Letters ‘OPC’ suffix with the name of the company to differentiate it from other companies
- one person company in India has to face little agreement burden as contrasted to private limited companies.
- Single Owner required for one person company registration process
You, only the owner effective in quick decision-making, establishing and running the business. Without following any long processes and methods as adopted in other companies. The sense of belonging encourages to develop the business further.
- Benefits in Taxation
Any remuneration paid to the director will be allotted as deduction as per income tax law, unlike proprietorship. This is the most unique feature of OPC registration online.
- Get interests on any late Payment
OPC registration online avails all the advantages under Enterprises Development Act, 2006. The recent start-up OPC is micro, small, or medium, therefore they are included under this act. As per the Act, if the purchaser holds any late payment. Moreover, he/she is allowed to receive interest which is times the bank rate.
MCA Registration of One Person Company does require some major documents and forms. So, before enlisting the documents required let’s have look over the necessary forms for one person company registration:
- Copy of PAN Card of owner
- Passport size photograph of the owner
- Copy of Aadhaar Card/ Voter identity card
- Copy of Rent agreement (If rented property)
- Electricity/ Water bill (Business Place)
- Copy of Property papers (If owned property)
- Landlord NOC (Format will be provided)
- Passport (Foreign Nationals & NRIs) or PAN Card
- Scan copy of Current Bank Account Statement, Phone or Mobile Invoice, Electricity or Gas Invoice
One person company registration process
- Apply DSC for OPC Company Director
These are important for filling forms in OPC registration. Digital Signature Certificate (DSC). Do mention the address & Director name in the SPICe Form. Form DIR-3 is the choice only open for existing companies.
- Name Approval Application
The next step while joining an OPC registration is to choose the name of the Company. The name of the Company must add the suffix “(OPC) Private Limited”. There are 2 choices available for getting the name approved. By making an application in SPICe + Form or by using the RUN Web service of MCA. By giving only 1 selected name along with the importance of keeping that name for OPC Registration. However, the Ministry has chosen to allow 2 proposed Names. Also, one re-submission (RSUB) while holding Unique Names (RUN Service) for the Companies. MCA approves the name and goes to the next level.
- MOA/AOA and other documents submission
You have to develop the following documents which are submitted to the ROC for one person company registration:
- The MOA is stating the purposes of business for which the company is going to form.
- AoA sets down the by-laws on which the company will work.
- Other attachments such as DIR-2, INC-9, Declaration, Interest in other entities, DIR-8 etc.
- Issuance of certificate of Incorporation of one person company in India
On verification, the Registrar of Companies (ROC) will assign a Certificate of Incorporation and you can commence your business/company.
- PAN, TAN & Bank A/c opening
So, after getting the certificate of incorporation, NSDL will issue a soft copy of the PAN and TAN of the company. According to the new process, the government is also providing PF Registration, ESI Registration, Professional Tax Registration, GST Registration in single application. Government is also providing bank account opening options to companies.
The OPC registration process sums up in simple 5 steps. Do apply today itself.
How LegalPillers help?
OPC registration fees start Rs. 2,999/-* all depending on the process. Many applicants already have DSC & DIN. So the process includes OPC registration cost less because the application for DSC & DIN is skipped. For simplifying the registration process there are many online portals. But our portal offers the most affordable price for One Person Company registration fees.
Our CA Services Online are cost-efficient and competing with different businesses. We work for customer benefits- Aim is to make the customer happy with our prosperous services. For getting any kind of assistance related to your business, contact an income tax consultant near me on the platform of LegalPillers. We have a panel of experienced income tax consultants near me on the portal of CA Services Online.
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