YOU CAN NOW REGISTER YOUR COMPANY AT JUST 6,999 (ALL INCLUSIVE)** Offer valid for a limited time period only.
One DSC & DINThe director must be registered with the MCA
Name ReservationWe will then help you pick a unique name
MoA & AoAWe will draft your company's constitution
SPICe i.e. INC-32 ApprovalYour company is now incorporated
Company PAN & TANWe will send in a request to the NSDL
What is One Person Company (OPC) Registration?
YOU CAN NOW REGISTER A COMPANY IN INDIA AT JUST 6,999 (ALL INCLUSIVE)*
The One Person Company (OPC) in recent times was launched good refinement over the sole proprietorship. In OPC, a single promoter gains full authority over the company thereby restricting his/her liability towards their contributions to enterprise. Therefore, the said person will the sole shareholder and director (however, a director nominee is present, but has zero power until the real director proves incapable of getting into the contract). Also, that no opportunity for contributing to employee stock options or equity funding. Additionally, if an OPC has an average hattrick turnover of Rs. 2 crores and over or acquires paid-up fund of Rs. 50 lakh and over, it converted to private limited company or public limited company within six months.
Mandatory Documents Necessary for OPC Registratio
TO BE GIVEN BY ONE PERSON COMPANY DIRECTOR
- Scanned transcript of Passport (Foreign Nationals & NRIs) or PAN Card
- Scanned transcript of Passport, Voter's ID or Driver's License
- Scanned transcript of Current Bank Account Statement/Phone or Mobile Invoice/Electricity or Gas Invoice
- Scanned passport-sized photo
- Specimen autograph or impression (blank document with autograph)
Note: The OPC director as mandate should self-attest the first three documents. If NRI or a foreign national, all the document sheets should be notarized without fail (at present in India or a non-Commonwealth nation) or apostilled (that is, living in a Commonwealth country).
DOCUMENTS NECESSARY FOR THE REGISTERED OFFICE
- Scanned transcript of Current Bank Account Statement/Phone or Mobile Invoice/Gas or Electricity Invoice)
- Scanned transcript of Rental Agreement written in the English language
- Scanned transcript of N-O or No-objection Certificate from the concerned property landowner
- Scanned transcript of Property or Sale Deed printed in English (if the property is owned)
Note: Your office space which is registered needs to be a commercial area; however, it can be your house of residence as well.
Benefits of OPC Registration
The directors' personal property is always safe in a private limited company, no matter the debts of the business.
Sole Proprietorships come to an end with the death of the proprietor. As an OPC has a separate legal identity, it would pass on to the nominee director and, therefore, continue to exist.
As OPC needs to have books audited annually, has greater credibility among vendors and lending institutions.
FAQs on OPC Registration
An OPC is good alternative to running sole proprietorship, largely because gives limited liability to business owner. This means that your liability is limited to the amount you've invested in business; business debts cannot be recovered from personal possessions. Also, sole proprietorship ceases to exist death of promoter. In case of OPC, the nominee director takes over and the entity continues to exist. Single entrepreneurs who not have another partner to start private limited company also consider it.
Only Indian residents can register an OPCs, and that, too, only one at a time, as per the specifications of the Ministry of Corporate Affairs.
All such businesses must maintain books of accounts, comply with statutory audit requirements and submit income tax returns and annual filings with the RoC.
There is no difference in capital requirement between an OPC and a private limited company. It needs an authorised capital of Rs. 1 lakh to begin with, but none of this actually needs to be paid-up. This means that you don't really need to invest any money into the business.
No general advantages; though some industry-specific advantages are available. Tax is to be paid at flat rate of 30% on profits, Dividend Distribution Tax applies, as does Minimum Alternate Tax.
The MCA is skeptical about a single person in charge of a large corporation. Therefore, it requires all OPCs to be converted into private limited or public limited companies on crossing a certain revenue number. Currently, in case of an average turnover of Rs. 2 crore or more for the three consecutive years or a paid-up capital of over Rs. 50 lakh, the OPC must mandatorily be converted into an OPC.
The cost of an OPC is only marginally lower than that of a private limited company. You'll be shelling out around Rs. 12,000 to incorporate, then paying around Rs. 15,000 a year in compliance fees and an auditor to inspect your books.
An OPC has certain limitations. The person starting the business is its only director and shareholder. There is also a nominee director, but this person has no power whatsoever for raising equity funds or offer employee stock options. The nominee exists only to take over in case of the death or incapacitation of the director. The nominee is chosen by the director, and can be anyone, such as your spouse, parents or siblings. The nominee will need to provide identity proof during registration.
No, an individual can form only one OPC at a time. This rule applies to the nominee in an OPC, too.
OPC Registration Process Duration
5 BUSINESS DAYS
Firstly, the OPC director should petition or apply for DSC other wise as Digital Signature Certificate, which is mandatory to file for company registration records. For submit few scanned documents; at agents file by filling it and put it online for submission.
7 BUSINESS DAYS
Once the application for DSC is done agents will ask you choose name your business and send us relevant scanned documents for same. The sent documents will to file for SPICe i.e. INC-32 and the MoA is other wise the Memorandum of Association and the AoA as Articles of Association. Finally, at process, the Certificate of Incorporation will processed and approved.
2 BUSINESS DAYS
All companies registered PAN or Permanent Account Number and TAN or Tax Account Number. The application will filed online by representatives, however, you asked to courier the hard copies relevant and required documents yourself. Post the processing, the TAN and PAN will dispatched to registered office address within 21 business days.