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.
SERVICE INCLUDES
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
DOCUMENTS REQUIRED
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
Process
5 Simple & Easy steps to work with us.
1
Fill Form
Fill the Request a Call Back form from the Service Page you want to avail
2
Talk to Expert
After Filing the form you will get a Free Expert Consultation for your Idea
3
Plan Purchase
Purchase the Plan after the Consultation from the TaxWix Experts.
4
Upload Documents
Upload All Basic Documents to Work on the case.
5
Completion
After Processing Our Taxwix Will Complete your Registration Process.
FAQ
The Company has to Compulsorily put Words behind his name OPC Private Limited. The Registrar of Companies (RoC) across India expect applicant to follow a few naming guidelines. Some of them are subjective, which means that approval can depend on the opinion of the officer handling your application. However, the more closely you follow the rules listed below, the better your chances of approval. First, however, do ensure that your name is available.
To incorporate an OPC, a Director and a nominee is required. A nominee member is one, who shall, in the event of promoter member`s death or incapacitation become a member of the Company.
Only a natural person who is an Indian citizen and a resident in India is eligible to incorporate an OPC or be a nominee member. The Director or Nominee must also be over 18 years of age. A person can incorporate up to five One Person Companies.
There is no specific tax advantage to an OPC over any other form. The tax rate is flat 25%, other tax provisions like MAT & Dividend Distribution Tax applies as they apply to any other form of company.
In case the paid-up share capital of an OPC exceeds fifty lakh rupees or its average annual turnover of immediately preceding three consecutive financial years exceeds two crore rupees, then the OPC has to mandatorily convert itself into a private or public company.
The basic mandatory compliance are:- 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.
-A minor shall not eligible becoming a member. -Foreign citizen -Non Resident -Any person incapacitated by contract
Mandatory Conversion of OPC to Private Limited Company (PLC) is required in case an OPC meets certain parameters, like: -Effective date of increase in the paid-up share capital of a One Person Capital beyond rupees fifty lakhs AND -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.
Vouluntary Conversion of OPC to Private Limited Company (PLC) is required in case a One-Person-Company meets certain parameters, like: – 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.
Yes, Stamp duty charges are imposed by the state in which the registered office is proposed to be located. The charges are on MOA, AOA & form INC 32. These charges are covered under the plan for all the states except Punjab & Madhya Pradesh. Our experts will guide you on additional charges if any for Punjab & Madhya Pradesh.
No, OPC Registration Process is a fully on-line process. As all documents are filed electronically, you would not need to be physically present at all. You would need to send us scanned copies of all the required documents & forms.
The DSC is an instrument issued by certifying authorities (like TCS and n-Code are two of them) by which you can sign electronic documents. As all documents needed are electronic, partners need a DSC.
Yes, one can register the company at their residential address. One requires to submit the utility bill copy of the same and Owner of the House Needs to give NOC to use the Same.
Yes, a salaried person can become the director / nominee of a director / nominee in private limited, LLP or OPC private limited company.
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.
Taxwix can incorporate a OPC Private Limited Company in 7-10 Days The time taken also depends on the relevant documents provided by the applicant and the speed of approvals from the government. To ensure a speedy registration, kindly pick a unique name as the proposed Company name and also ensure that you have all the required documents prior to the starting of the registration process.
Author: Taxwix
Taxwix – Making Your Idea Happen
Taxwix.com has a team of experts like, CA, CS and Lawyers etc having the great dominance in field of the Corporate Compliance along with Advisory,Taxation and Finance. Taxwix team guides the Startups with their Idea and help help them to take ahead in the Legal Manner, helps in proper managing the business with accurate and timely Compliance. Taxwix has as simple 5 Step process to be followed to complete compliance
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