One Person Company Registration -The biggest contribution to humanity. (2) - PowerPoint PPT Presentation

View by Category
About This Presentation
Title:

One Person Company Registration -The biggest contribution to humanity. (2)

Description:

Our latest blog post exposes the biggest contribution of One person company registration to humanity in a rather useful manner. – PowerPoint PPT presentation

Number of Views:6
Slides: 25
Provided by: corpstore
Category: Other

less

Write a Comment
User Comments (0)
Transcript and Presenter's Notes

Title: One Person Company Registration -The biggest contribution to humanity. (2)


1
One Person Company Registration The biggest
contribution to humanity.
  • Accordingly, it is a single person community
    entity. After the introduction of such an entity,
    it became the backbone of the Indian legal
    system. Here only one promoter or founder in the
    One person company. The one person company
    registration(OPC) or OPC is formulated under the
    Companies Act 2013. Simultaneously, the OPC
    concept is mainly evolved for entrepreneurs who
    are willing to mold the company as their own.
  • In contrast, OPC requires one member and one
    nominee. The nominee should become a member of
    the company if any inconsiderable cases occur.
    More importantly, the members name should
    include in the register and should subscribe in
    the memorandum.

2
Before prepping up for OPC you should concern the
below facts
  • The person who is the resident of India can be
    applied for the OPC registration steps.
    Basically, the Indian resident in the sense he
    must have stayed in India not less than 182 days.
  • The person cannot be able to register more than
    one OPC.
  • Probably, the customer should not be the nominee
    of more than one OPC.
  • In order that the minimum paid-up capital is
    50lakhs and the average turnover is 2 cores.
  • The non-banking financial institutions cant bear
    the OPC rules.

3
Steps for the one person company Registration
process
4
After meeting the above facts, the first step for
the company registration is,
  • Attaining the digital signature certificate
  • Basically, the company registration application
    is done online under the MCA-21.
  • The information technology Act 2000 states that
    the digital signature is mandatory to sign
    digitally on all the documents. Significantly, it
    ensures the authentication on documents.
  • The time taken for the DSC certification is 1-3
    working days. For the purpose of, it all depends
    on the nature of CAs. DSC is issued by
    registered certifying authorities.
  • The registered certifying authorities are
  • Disclosure Record of Safescrypt CA.
  • Confession Record of iTrust CA (IDRBT)
  • Disclosure Record of (n) Code Solutions CA.
  • Confession Record of e-Mudhra CA.
  • Disclosure Record of CDAC CA.
  • Confession Record of NSDL e-Gov CA.
  • Disclosure Record of Capricorn CA.
  • Confession Records of Verasys CA.

5
For Aadhaar holders the dsc will handle over the
same day due to e-KYC fulfillment. The DSC has
1-2 year validity and can be renewed
afterward. Role checks are the internal
verification of MCA. After getting DSC the same
things further need to register with MCA for role
check.
6
Applying for the DSC with the below documents
  • Address Proof
  • Aadhaar card
  • PAN card
  • Photo
  • Email Id
  • Phone Number

7
To ensure the DIN (Director Identification
number)
  • The DIN can be applied for the director with
    appropriate data proofs on the SPICe form. For
    the existing company registration, the Form DIR-3
    options are available. From January 2018, the
    client need not file the form DIR-3 separately.
  • Based upon the latest updates the DIN can be
    applied up to 3directors within the SPICe form.
    Obtaining the DIN takes 3 working days.

8
Authentication and name approval of one person
company registration
  • The next step for the Filing needs a valid name
    for the company. The name should contain the
    suffix as Private Limited.
  • There are two options for getting the name as
    approved. Eventually, one is filing the
    application in the Form SPICe 32 and another one
    is using the RUN web service of MCA. The ministry
    called a new law for OPC name validation.
  • It includes from March 23 onwards the client can
    possess 2 proposed names and one resubmission.
    Despite, after the approval by MCA, we can apply
    for the next further route.

9
Documents required
  • MOA (Memorandum of association) these are the
    objectives that the company needs to follow or
    the company that is going to register should
    follow.
  • Article of Association I mean, there are certain
    types of laws which are following by the
    companies.
  • PAN and aadhaar card of the nominee for the OPC
    Registration.
  • Proof of the registered office of the company and
    also the ownership proof and NOC from the owner.
  • Although, agreement of the proposed director of
    the Form INC -9 and DIR 2 respectively.
  • Form filing with MCA

10
Issuing of the one person company registration
certificate
  • After the verification done by the registrar of
    the company (ROC), they will produce a
    registration application and we can confidently
    start the company.

11
Impact of tax on OPC
  • There are no additional tax advantages
    on OPC over any forms. However, the tax rate is
    30. Other taxes include MAT Dividend tax
    applies as they apply to any other form of
    company.

12
Why we need OPC Registration?
13
In OPC Registration there are limited
liabilities. It is a separate legal entity.
Uninterrupted Existence. Less borrowing
capacity.
14
What are the factors affecting the proposed name
of OPC?
  • The name should be simple and meaningful.
  • Should not contain any banned words.
  • Even though, entirely different from the entire
    companies.
  • No need to enter the suffix as limited or private
    Limited.
  • It should not disrupt any laws.

15
Who cannot able to register a one person company?
  • A minor person
  • The person who is incapacitated by contract
  • Foreign citizenship
  • Non-resident

16
Bank account opening for One Person Company
17
Rather, the bank account creation for OPC is
easier when compared to a sole proprietorship
firm. Anyway, once the company gets registered
the bank account can be opened within the name of
the company with the registration certificate and
the identity proofs of the directors.
18
What should you follow for quick registration of
OPC?
  • For making the registration easier and quicker
    you need to do is choosing the entirely unique
    name for your company. The company
    registration needs a 100 unique name. So, then
    only we can reduce the time taken for the filing.
    Specifically, if the name is similar to the
    existing company, it will consume more time for
    resubmission of your names.

19
Disadvantages of One person company registration
20
Members
  • The maximum and the minimum number of members in
    the OPC is only one person.
  • Similarly, the minor cant able to become part of
    the OPC.
  • So, it is only suited for small business
    entities. Moreover, the maximum paid-up capital
    is 50lakhs and the annual turnover is 2 cores.
    Otherwise, it will convert into Private Limited.

21
Business Deeds
22
Eventually, the OPC cannot take actions under
non-financial banking investment activities. To
illustrate, under section 8 of the Act OPC cannot
implement to any other company.
23
Tax liability
  • Regarding the Income Tax Act, 1961, private
    companies have to pay the tax bracket 30 on
    total income. On the other hand, sole proprietors
    are taxed at the rates applicable to individuals.
    Alternatively, the elementary income tax rate for
    an OPC is 30 which may result in a higher tax as
    compared to the income tax slab rates of an
    individual (i.e. 10 to 30).

24
Conclusion
  • If you want to register your company securely you
    can reach the best consultant providers in
    Coimbatore called Corpstore. More than 7 years of
    registration experience in the business industry.
    We are providing the best care support for our
    valuable customers.
About PowerShow.com