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WHAT IS ONE PERSON COMPANY (OPC) REGISTRATION

The Companies Act, 2013 completely revolutionized corporate laws in India by introducing several new concepts that did not exist previously. On such game-changer was the introduction of One Person Company concept. This led to the recognition of a completely new way of starting businesses that accorded flexibility which a company form of entity can offer, while also providing the protection of limited liability that sole proprietorship or partnerships lacked.

Section 2(62) of Companies Act defines a one-person company as a company that has only one person as to its member. Furthermore, members of a company are nothing but subscribers to its memorandum of association, or its shareholders. So, an OPC is effectively a company that has only one shareholder as its member.

Such companies are generally created when there is only one founder/promoter for the business. Entrepreneurs whose businesses lie in early stages prefer to create OPCs instead of sole proprietorship business because of the several advantages that OPCs offer.

At Kshitij T & L Consultants we provide you a hassle free One Person Company registration online process which would be dealt by our professionals within a time frame of 10 days and is subjective to governmental processing time. Our team takes care of the documents required for OPC registration and aids in provide you the realistic estimation of one person company registration cost.

Advantages of Going with One Person Company


1. COMPLIANCE BURDEN

The One person Company includes in the definition of “Private Limited Company” given under section 2(68) of the Companies Act, 2013. Thus, an OPC will be required to comply with provisions applicable to private companies. However, OPCs have been provided with a number of exemptions and therefore have lesser compliance related burden.

2. ORGANIZED SECTOR OF PROPRIETORSHIP COMPANY

OPC will bring the unorganized sector of proprietorship into the organized version of a private limited company. Various small and medium enterprises, doing business as sole proprietors, might enter into the corporate domain. The organized version of OPC will open the avenues for more favorable banking facilities. Proprietors always have unlimited liability. If such a proprietor does business through an OPC, then liability of the member is limited.

3. MINIMUM REQUIREMENTS

  • Minimum 1 Shareholder
  • Minimum 1 Director
  • The director and shareholder can be same person
  • Minimum 1 Nominee
  • No Need of any Minimum Share Capital
  • Letters ‘OPC’ to be suffixed with the name of OPCs to distinguish it from other companies

4. LIMITED LIABILITY PROTECTION TO DIRECTORS AND SHAREHOLDER

The most significant reason for shareholders to incorporate the ‘single-person company’ is certainly the desire for the limited liability. All unfortunate events in business are not always under an entrepreneur’s control; hence it is important to secure the personal assets of the owner, if the business lands up in crises. While doing business as a proprietorship firm, the personal assets of the proprietor can be at risk in the event of failure, but this is not the case for a One Person Private Limited Company, as the shareholder liability is limited to his shareholding. This means any loss or debts which is purely of business nature will not impact, personal savings or wealth of an entrepreneur.

Documents for One Person Company Registration


Passport size Photograph

Copy of PAN Card

Copy of Aadhar Card

Address Proof (Bank Statement/Mobile/Telephone Bill)

Copy of Electricity Bil

Sale Deed (if owned)

Copy of rent agreement
(if rented)

NOC

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PACKAGES


Basic


(All Inclusive)

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Standard

15999/-
(All Inclusive)

1 DIN
1 DSC
PAN & TAN
MOA/AOA
Name Approval
Share Certificate
GST Registration
Trademark Filing
Certificate of Incorporation
Udyog Aadhaar Registration (MSME)
Certification Under PF Act
Certification Under ESIC Act
Certification Under PT Act

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Premium


(All Inclusive)

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Note:

  • The above price may vary due to stamp duty in various states
  • Trademark filing excludes government fees

How to register a One Person Company

1

Getting sorted with Digital signatures

1-2 working days

Digital Signature Certificate(DSC) is required of the proposed Directors and Subscribers of the Company and it can be obtained within 1-2 working days.
2

Applying for the
name

2-3 working days

After obtaining the DSC and DIN of the proposed subscribers and Directors, our team will get in touch for a unique name and along with that collect all the requisite documents in scan for the incorporation of the company through the SPICE i.e INC 32
3

Filling for the incorporation

3-5 working days

After the name approval and review of all the documents required, we will submit incorporation Forms to MCA and once it gets approved Certificate shall be issued by the ministry and we will send the MOA & AOA, DIN via mail and DSC through courier

Privileges on choosing OPC :

  • One Person Company registration in flexible in nature offering to represent the company as credible entity.
  • Eligible for loans from banks as they are represented as a company identity.
  • No complex process involved as the primary goal is to give simpler steps for encouraging more entrepreneurs to come forward.
  • No complex process involved as the primary goal is to give simpler steps for encouraging more entrepreneurs to come forward.
  • The liability is established under the Companies Act of 2013.
  • Is free from taxation out of the box till 2 crores of turnover.

Mandatory Requirements for One Person Company (OPC) Registration

  • DIN and DSC of all the Directors
  • Minimum 1 Directors
  • Only 1 shareholders
  • One nominee
  • There should be some amount as paid up share capital.
  • At least one Indian resident Director.
  • Registered office address in India.

Mandatory Compliances of a One Person Company (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 registrar of companies.

Maintaining Minutes and statutory registers.

Here is the break down for helping you to decide your form of business

S.No. Particulars Private Limited One person LLP
1 Eligibility Any individual may form a PLC Only a natural person who is an Indian citizen and resident in India. shall be eligible to incorporate an OPC Any individual and body corporate may be a partner in LLP
2 Taxation Taxed at 30% plus surcharge and cess as applicable. Taxed at 30% plus surcharge and cess as applicable. Taxed at 30% plus surcharge and cess as applicable.
3 Closure/Dissolution/ Winding up Can be initiated- Voluntarily, or By the Tribunal Can be initiated- Voluntarily, or By the Tribunal Can be initiated- Voluntarily by the partners or; By the Tribunal
4 Existence or Survivability PLC is not dependent on the directors or shareholder. Can be dissolved only voluntarily or by Regulatory Authorities. Existence of an OPC is not dependent on the Director or Nominee Director. Could be dissolved only voluntarily or by Regulatory Authorities. LLP can continue its existence irrespective of changes in partners.
5 Credibility High Medium Medium
6 Statutory Audit Compulsory Compulsory If Contribution > Rs 25lacs or, Turnover > Rs. 40lacs
7 Minimum Requirement Members-2
Directors-2		 Member – 1
Director – 1
Nominee of Sole Member – 1		 Designated Partners – 2
8 Fund Raising Options High Low Low

FAQ’s About One Person Company

  • Who can apply for One Person Company (OPC) Registration ?
    Only a natural person who is an Indian citizen and resident in India shall be eligible to act as a member and nominee of an OPC company. The term “resident in India” means a person who has stayed in India for a period of not less than one hundred and eighty two days during the immediately preceding one financial year.

  • What is OPC ?
    OPC is a combination of sole proprietor business and private company. OPC is governed by companies act, 2013, but enjoys many relaxations under the act as compared to other entities.

  • How to register OPC company?

    OPC registration online procedure is same as other form of companies i.e. through SPICE form under companies act.

  • Whether clause of compulsory rotation of auditors is applicable on OPC?
    Provision for compulsory rotation of auditor in section 139(2) are not applicable to OPC as they apply to listed companies and companies belong to such class or classes as may be prescribed (unless central govt. applies it to OPCs through notification).

  • What are benefits of choosing OPC registration?
    • They are a single entity model where only one person can be the sole shareholder.
    • Represents the best of both worlds Sole proprietorship and Private limited company
    • It offers limited liability of the shares for the person who incorporated the company.
    • As there is only one person involved in the actual incorporation of the company, the person must be an Indian Residing Citizen in order to establish his or her business as an One Person Company.
    • There is no rule where the minimum capital are defined.
    • Audit it not mandatory in an OPC registered Firm.

  • Who are not Eligible to be a member of One Person Company?
    • Minors i.e people under the age of 18 are not valid to be a member or a shareholder or even a nominee.
    • Cannot be a Foreign Citizen.
    • Non Resident.
    • Person incapacitated to contracts.

  • What are the guidelines for selecting a name of a company?
    • The actual name and the object of the company can differ and there are no rules that specify that they should be targeted for the same consonance.
    • The Promoter have the option of using their initials as the name of the company which also could be abbreviated.
    • The company name can be standard and is not required to change with the change in business.
    • No NOC is required if any person name is used

  • What are unique features of One Person Company (OPC)?
    • OPC can representative and registered in the ways of Private Limited Company.
    • Only one person can be the shareholder in the company.
    • One Person Company (OPC) may be either a company limited by share or a company limited by guarantee or an unlimited company
    • The company name would be follower by OPC tag at the end.
    • There must be a nominee present for the incorporating person.
    • The person must be a citizen of India

  • How to convert an OPC into a private limited company?
    OPC can be voluntary converted to a private company by form INC-6, if it crossed 2 crore turnover or 50 lac paid up capital in any financial year then conversion is mandatory.

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