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One Person Company | OPC Registration | OPC Company Registration

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Title: One Person Company | OPC Registration | OPC Company Registration


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About Us
Taxolawgy is an online marketplace for providing
highest quality of Legal and Financial services
in the most transparent environment at affordable
rates, while opening global business
opportunities for experts like Advocates, CA, CS,
etc.
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Introduction to a One Person Company
  • The concept of the one-person company was brought
    to India by the Companies Act, 2013 to assist the
    entrepreneurs. They are the people who are
    capable enough to start a venture allowing them
    to create a single person economic entity.

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Advantages of having an OPC
  • Following are the advantages of a One Person
    Company
  1. You can have more than 1 directors but
    shareholders cannot be more than 1
  2. Members death doesnt affect the OPC
  3. OPC is effortless to set up and maintain
  4. Members have restricted Liability Under OPC
    liability
  5. Registration and incorporation of OPC requires
    less paperwork
  6. OPC enjoys no interference from third parties.

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Eligibility criteria for the incorporation of OPC
  1. The entrepreneur desirous of incorporating an OPC
    must a citizen of India and resident in India.
  2. Legal entities like LLP and company cannot be an
    OPC.
  3. Promotor selects a nominee during the
    incorporation process
  4. The minimum authorized capital must be Rs 1 Lakh.
  5. Minors, foreign citizens, any person
    incapacitated by contract cannot be members of an
    OPC
  6. If the paid-up capital is more than Rs 50 lakhs
    or if the turnover is above 2 crores OPC cannot
    exist.
  7. The OPC must have at least 1 shareholder/Nominee/D
    irectors.

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Documents required for registration of OPC
  • PAN card or scanned copy of passport in case of
    foreign nationals and NRI
  • Scanned copy of passport, voter ID or driving
    license. 
  • Copy of current bank account, phone or mobile
    bill, electricity or gas bill.
  • Passport size photographs
  • Signature or thumb impression 
  • Memorandum of Association 
  • Articles of Association 
  • Affidavit and consent of the proposed director

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Fees required for registration of OPC
Nominal share capital limited to Rs. 10,00,000 Rs 2000
Nominal share capital between Rs.  10,00,000 to Rs 50,00,000 Rs 2000 Rs 200 added for every 10,000 or part thereof of nominal share capital.
Nominal share capital between Rs. 50,00,000 to Rs 1 crore Rs 1,56,000. Rs 100 added for every Rs. 10,000 or part thereof of nominal share capital
Nominal share capital amounts to Rs 1 crore and above Rs 2,06,000. Rs 75 added for every Rs. 10,000 or part thereof of nominal share capital to a maximum of Rs 250 crore.
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Procedure for registration of OPC
  • The process for registration of OPC is as
    follows
  • Digital Signature Certificate (DSC) The first
    step is to obtain a DSC, the director would
    require documents for address proof (Aadhar Card,
    Pan Card etc.). It is mandatory for digital
    company registrations.
  • Director Identification Number (DIN) The
    director has to fill the SPICe form to avail DIN.
    Directors name and address proof have to be
    submitted. Form DIR-3 is filled for an existing
    company.
  • Name approval application Moreover, the name for
    company registration can be approved either
    through the RUN web service of MCA (Ministry of
    Corporate Affairs) or Form SPICe32. Submitting a
    preferred name with signature. The ministry will
    decide to approve that name. The companys name
    once approved shall affix Private Limited at the
    end for example XYZ (OPC) PVT. LTD.
  • Filling the forms with MCA To complete the OPC
    registration, the above-mentioned documents will
    have to be attached with the SPICe form,
    SPICe-MoA and SPICe-AoA along with DSC

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Compliances Post OPC Registration
  1. A minimum 1 board meeting every 6 months. The
    time gap between meetings shouldnt be less than
    90 days.
  2. properly mention the books of accounts
  3. Likewise, timely completion of Statutory audit of
    financial statements
  4. Thereby, income tax returns have to be filed
    every 30th September
  5. Similarly, Financial statements in Form AoC-4 and
    RoC annual return in Form MGT7 have to be filed.

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Thank You
  • info_at_taxolawgy.com
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