One Person Company Registration
What is OPC Registration ?
An OPC is the most modern form of business in India proposed by the Companies Act, 2013 and understand for a-One Person Company.
A forward-thinking idea was launched which promotes the incorporation of micro-businesses and persons with entrepreneurial ideas and to give a boost to entrepreneurs who have high potential to begin their venture by permitting them to build a single person company.
You can easily register one person company under the outlines of the companies Act 2013 and the laws thereto, where it was made viable for a single person company to work as a company without the complexity of having partners. This encourages more people to come forward to commence a business. The OPC is fit for small businesses where the turnover is not likely to cross Rs. 2 Crores. IN OPC Registration it's important to note that the nominee or the director should be Indian Resident.
One Person Companies are benefiting largely in developing the overall economy of India. More and more Entrepreneurs are coming up and commencing their business. By incorporation of OPC, the company can enjoy the benefits in banking point and are eligible for Banking loans, credits. So, if you want to start up your own business, you don’t have to worry about all the network and slow processes.
Choose OPC Because
The following is the eligibility guidelines for OPC Registration in India.
Can have more than 1 directors, but the shareholder cannot be more than 1.
Not affected by the death of a member or shift in ownership.
Effortless to set up and maintain comparatively.
Restricts the liabilities of its members
Minimum Paperwork is needed.
Can work as Stockbroker or Sub-broker
Not multiple compliances
No interference from any third party is seen
Even no person is permitted to incorporate more than 1 one-person company.
Minimum requirements for OPC registration
As per the Companies Act 2013, there are minimum requirements that need to be met for one person company incorporation online.
For incorporating your business as a One Person Company, you need to provide proper identity and address proof. The documents are required to be submitted to the Registrar of Companies.
Passport size photographs
Copy of Aadhar Card or Voter ID
Copy of PAN Card
Copy of Bank Statement (not older than two months)
Valid address proof of office which can be the latest electricity or any other utility bill.
If it is a rented office, then No Objection Certificate is required from the owner of the property.
No. | Particulars | Our Company | Private Company | LLP |
---|---|---|---|---|
01 | 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 |
02 | Minimum Requirement | Member - 1, Director - 1, Nominee of Sole Member - 1 |
Members - 2, Directors - 2 |
Designated Partners - 2 |
03 | 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 |
04 | 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. |
05 | Credibility | Medium | High | Medium |
06 | Time Taken in Registration | 15 - 20 Days | 10 - 15 Days | 15 - 20 Days |
07 | Conversion System | Annual Return Filing No Board Meetings, if only one director No General Meetings | Annual Return Filing Board Meetings & General Meetings | Annual Return Filing |
08 | 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 |
09 | 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 | AProfessional services firms |
12 | Foreign Investment | Not Allowed | Allowed | Allowed |
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