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One-person-company (OPC) as a concept allows an individual to reap benefits of being a company with a limited liability. The individual can take riskier decisions without having to worry about losing personal assets and this has encouraged many startups and young entrepreneurs to register as an OPC. Now that you know of the perks, opt for this plan,and get all the registration , legal and compliance formalities in place!
A new concept has been introduced in the Company’s Act 2013, about the One-Person-Company (OPC). In a Private Company, a minimum of 2 Directors and Members are required whereas in a Public Company, a minimum of 3 Directors and a minimum of 7 members. A single person could not incorporate a Company previously,But In Case of One-person-company (OPC) as a concept allows an individual to reap benefits of being a company with a limited liability.
- Name Application Through RUN (Reserve Unique Name)
- DIN No Application
- PAN & TAN
- Drafting MOA & AOA
- Incorporation Through Spice Forms
- GST Registration
- Share Certificate
- Bank A/c Opening Guidance
- Passport size photos of director & Nominee
- Address proof of directors & Nominee ( Any one of electricity bill or bank statement or landline bill or mobile bill )
- Photo ID proof of directors & Nominee ( Any one of Voder ID or Passport or Driver License )
- Specimen signature
- Self declaration about your directorship in other companies
- Rent agreement of your registered office
- No objection certificate from the owner
- Aadhaar card of director and nominee
- PAN card of Director & Nominee
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a. At least one Board Meeting in each half of calendar year and time gap between the two Board Meetings should not be less than 90 days.
b. Maintenance of proper books of accounts.
c. Statutory audit of Financial Statements.
d. Filing of business income tax return every year before 30th September .
e. Filing of Financial Statements in Form AOC-4 and ROC Annual return in Form MGT 7.
-Any person incapacitated by contract
-Effective date of increase in the paid-up share capital of a One Person Capital beyond rupees fifty lakhs
-An increase of average annual turnover during the period of immediately preceding three consecutive financial years is beyond rupees two crores.
In the above case, the One-Person-Company shall be mandatory required to convert itself into either a private or a public company Within a Period of Six Months.
– When a OPC gets incorporated, it cannot convert itself to Private or Public company before two years from the date of incorporation.
If the time period has elapsed and two years time period is over, a One- Person- Company can apply for converting itself to Private Limited Company or Public limited company.
The Conversion process should be done as per the rules and regulations laid down by the Companies Act, 2013.
One requires to submit the utility bill copy of the same and Owner of the House Needs to give NOC to use the Same.
One needs to check the employment agreement if that allows for such provisions for being the director. In a lot of cases, the employers are quite comfortable with the fact that their employee is a director in another company.