One Person Company Registration
Incorporation of OPC
Registration of One Person Company (OPC) was never so easy and fast. All our Packages include Name Approval, DIN, DSC, MOA, AOA and Company Registration Certificate along with PAN and TAN Numbers. Start your journey with us by getting your OPC registered!
One Person Company: Overview
The structure of the one person company (OPC) in recent times was launched as a refinement of the structure of a sole proprietorship firm. In an OPC, a single promoter gains full authority over the company, thereby, restricting his/her liability towards their contributions to the enterprise. Therefore, the said person will be the sole shareholder and director (however, a director nominee is present, but has zero power until the real director proves incapable of carrying on).
OPC REGISTRATION PACKAGE INCLUSIONS:
- Digital Signature (DSC)
- Director Identification Number (DIN)
- Name Availability Search
- Name Approval (RUN)
- Drafting of MOA & AOA
- Certificate of Incorporation
- e-PAN for OPC
- Tan Number for OPC
- GST Registration
- MSME Registration
- EPFO & ESIC Registration
- Professional Tax Enrollment (PTEC)
Minimum Requirements for OPC Registration
The following are 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.
Privileges of a One Person Company Registration
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 and credits. So, if you want to start up your own business, you don’t need to anguish about all the network and slow processes.
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.
Limited Liability
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.
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.
Greater Credibility
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.
Continuous Existence
An OPC has a different legal character, it would give on to the nominee director, in this way, it has proceeded with the presence.
One Person Company Registration process & Documents
The OPC company registration process begins with documentation. To register a One Person Company, you will need the basic KYC documents of the promoter and documents of the registered office premises validating its address and asserting that the owner of the premises has no objection to the office being opened on his property. Also, since the application is to be signed digitally, make sure that the promoters are in possession of their digital signature certificates.
We have already discussed briefly the guidelines which must be followed for naming an OPC. Upon selecting a valid name, you are required to reserve it with the ROC. For this, an application can either be filed in the SPICE Plus form or the RUN form. Both these applications are submitted to the Central Processing Center of the Ministry of Corporate Affairs and the prescribed government fee is Rs.1000 per application. The proposed names are submitted on a priority basis, and whichever is found to be valid shall be reserved for the company by the ROC.
The MOA being the constitution of the company and the AOA being internal rules are needed to be submitted as documents during company incorporation. So before you actually file the application for incorporation, make sure that both these documents have been drafted, signed by all the shareholders.
After all the documents and drafts are ready, you can finally start filling out the SPICe+ application for OPC incorporation. The form is available on the official website of the Ministry of Corporate Affairs, and the details can be filled online. All necessary documents will be uploaded in their digital formats and the application will be signed using the Digital Signature Certificate of the proposed director and further certified by a practicing professional such as a CA, CS, CMA or Advocate of the High Court.
STEP 5 – Issue of Certificate of Incorporation
The SPICe+ application is submitted to the Registrar of Companies, who examines all the details and documents submitted for accuracy and authenticity. If satisfied, the ROC approves the application and registers the name of the OPC in the Register of Companies. As a conclusive proof of such registration, the ROC issues a Certificate of Incorporation which also contains a unique CIN number allotted to the OPC. Apart from these, since SPICe+ is an integrated application, there are certain additional documents that are also issued in the name of the company.
Documents required for One Person Company Registration can be divided into two categories, namely, the documents of the promoters and the documents of the Registered Office of the OPC.
Promoter Document
- Colour Photo
- PAN & Aadhar
- Id Proof: (Passport, Voter ID, Driving License, Aadhar)
- Address Proof: (Bank Statement or any utility bill like electricity, water or telephone bill. The address proof should not be older than 2 months)
Documents of Registered Office
- Proof of Address: (Latest Utility bill of that address such as electricity bill, water bill or Property Ownership Papers)
- NOC: No Objection Certificate from the owner.
Compliances for One Person Company
All companies registered in India like a private limited company, one person company, limited company, and section 8 company need to maintain the annual compliances like annual returns and income tax return each year. Though Company Registration happens to be the most popular form of starting a business, various compliances need to be followed once the business is Incorporated. For detailed information on the same you can communicate with our expert advisors.
ONE TIME COMPLIANCE
Managing the business’s everyday operations while complying with the difficult corporate laws can be a task for the entrepreneur. So, it is always better to take the professionals’ help and understand the legal requirement to ensure timely fulfillment of these compliances to waive off the penalties or fines.
Under the Companies Act, 2013
S.No
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4.
Name of Compliance
Appointment of First Auditor
Issue of Share Certificate
Stamp Duty Payment on Share Certificate
Filing of INC-20A (Declaration for Business Commencement) A company can not start its operations unless and until this declaration is filed to the ROC in the prescribed form INC-20A within 180 days of incorporation. You have to ensure the following before filing INC-20A
- The Company is maintaining a Registered Address
- The details of the Registered office are filed with ROC.
- The current Bank Account for the Company is opened
- Entire Subscribed Capital is received from all the shareholders
Due Date
Within 30 Days of Incorporation
Within 60 Days of Incorporation
Within 30 Days of Certificate Issue
Within 30 Days of Certificate Issue
Local/State Level Compliance: There are few state-level or municipality-level registration or enrollment which may be applicable to any company starting a business in a specific state or within the jurisdiction of a particular municipal corporation. We recommend you to contact us for detailed updates of the applicable compliance.
S.No
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2.
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4.
5.
Registration/Enrolment Name
Shops & Establishment Act (With Labour Department)
Deposit of Professional Tax (Applicable in some states)
Stamp Duty Payment on Share Certificate
Registration under Labour Welfare Fund (LWF)
- FSSAI Registration
- FSSAI License
- Drug License
- PSARA License
- APEDA (RCMC)
Due Date
Within 30 Days of Incorporation
Within 30 days of Incorporation
Within 30 days of Incorporation
Varies from State to State
Within 30 Days of Certificate Issue
How to close a Private Limited Company?
A One Person Company is a creation of law and can be dissolved in accordance with the same law under which it was created, that is the Companies Act of 2013. To close off an OPC, we need to first determine whether it is actively operating or has been inactive for a prolonged period of time. Based on this, we can further decide on the method that we can opt for closure.