"One Person Company implies a company which has just a single part" who is normally brought into the world Indian, who is additionally an occupant of India.
OPC Registration as the name indicates is a company which can be controlled by a solitary person. As indicated by the Companies Act of 2013, any person seeking to turn into a business visionary can feel free to begin another single proprietorship company otherwise called One Person Company.
One Person Company is unmistakably appropriate for Entrepreneurs and Proprietors who can't profit the advantages of restricted obligation because of the non-accessibility of finding a subsequent part or an investor.
The idea of One Person Company is a type of business empowering Entrepreneur(s) carrying on the business in the Sole-Proprietor type of business to go into a Corporate Framework.
The last name of the company closes with the word (OPC) Private Limited.
Fundamental Requirements For One Person Company Registration
- Only one person as a part/Shareholder.
- One chosen one for the Shareholder.
- DSC (Digital Signature Certificate)
Who Is A Nominee In An OPC?
Chosen one of the Shareholder - The Shareholder will name someone else who will end up being the part and will be qualified for all the offers alongside the liabilities to bear of the company if there should arise an occurrence of death/insufficiency of the first investor.
*Only an Indian resident and inhabitant of India will be a chosen one for the sole individual from a One Person Company.
Favorable circumstances Of OPC Registration
Enlisting One Person Company gives you the accompanying advantages:
- A different lawful element
- Raising assets for an OPC is simple.
- More chances, restricted risk
- Minimum Compliances
- The solitary proprietor
- Its Identity is particular from that of its proprietors
- Its Identity is unmistakable from that of its proprietors
- Gives your business a social acknowledgment and a lawful structure.
- No deficiency of personal resources.
- The budget summaries of OPC need exclude income explanations.
- A company secretary isn't needed to sign the yearly returns.
- Several arrangements identifying with gatherings and majority don't have any significant bearing to OPC.
Sorts Of OPC Companies
- OPC restricted by shares -
An OPC company will have a base settled up capital of 1 Lakh and there will be a limitation in the exchange of their offers. Likewise, it forbids for Inviting people in general to buy in to the issue of offers in the company
- OPC restricted by ensure and having an offer capital -
An OPC restricted by ensure with share capital typically has the investors who go about as underwriters and the risk of the individuals is restricted. The underwriters contribute an ostensible sum (ordinarily little) in case of the ending up of the company.
- OPC restricted by ensure and having no offer capital -
An OPC restricted by ensure without share capital doesn't as a rule have investors, however rather has individuals who go about as underwriters.
- OPC limitless having share capital -
A limitless OPC is a cross breed company consolidated with or without an offer capital yet where the legitimate obligation of the individuals or investors isn't restricted.
- OPC limitless not having an offer capital -
The obligation of the individuals is restricted to the sum unpaid, assuming any, on the offers held by them. The offer capital of the company is partitioned into various offers. Limitless Company not having Share Capital. The risk of the individuals is limitless.
The Procedures To Be Followed For OPC(One Person Company) Registration (OPC Registration Process)
Peruse the OPC enlistment measure
- Apply for Digital Signature Certificate
- Apply for Director Identification Number
- Name Application Process
- Drafting of MOA (Memorandum of Association)
- Drafting of AOA (Articles of Association)
- Filing of Forms alongside e-Form Spice+ with MCA
- Application of PAN
- Application of TAN
ConTerms and Restrictions Of One Person Company:
- A person will not be qualified to consolidate in excess of a One-Person Company or become chosen one in more than one such company.
- Minor can't turn into a part or chosen one of the One-Person Company.
- An OPC can't do Non-Banking Financial Investment exercises remembering venture for protections of anyone corporate.
- An OPC can't change over willfully into any sort of company except if two years have terminated from the date of joining of One Person Company, aside from edge limit (Paid-up offer capital) is expanded past Rs.50 Lakhs or the normal yearly turnover during the significant period surpasses Rs.2 Crores, at that point the OPC needs to constantly document structures with the ROC for transformation into Private or Public Company, inside a time of a half year on breaking the above edge limits.