One Person Company Registration
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Overview - One Person Company
The concept of the One Person Company was created with the adoption of the Companies Act, 2013, to encourage small traders and entrepreneurs who have the potential to start their own firm and establish their own identity. One of the most appealing aspects of starting a One Person Company is that it only need one person to get started. An entrepreneur can be in charge of their own destiny.
The J.J Report established the One Person Company to empower entrepreneurs by allowing them to give shape to their ideas. The government of India has introduced the concept of OPC in response to advancements in the usage of information technology and expansion in the service industry.
In terms of starting a business, a sole proprietorship is the most straightforward option.
When compared to other types of businesses, the cost of forming a sole proprietorship is quite low.
There are fewer legal compliances in terms of incorporation, operation, and taxation as compared to other business formations.
Because Sole Proprietor is the sole owner of his company, he has complete control over its activities.
This is the only type of company that may be promoted by a single person.
No corporate tax liability
Unlike other business formations, sole proprietary entities are not subject to India’s direct tax regulations, which require them to pay a flat corporate profit tax.
Minimum Requirements to Incorporate a Company
Minimum Two Person
To function as the initial director/shareholders, register your firm with only one owner. A One Person Company can only be formed by an Indian citizen. For the single owner, a Nominee is also necessary.
For incorporation, the firm requires proof of registered address as well as a letter of authorization from the owner of the registered address. A registered address might be given instead of a residential address.
Invest as per the requirement of your business, and there is no minimum or maximum capital requirement as such prescribed in law. However, the govt fee for company registration is based on the capital.
Benefits of One Person Company(OPC)
Regardless of the business’s obligations, the directors’ personal property is always safe. Only the company’s investment is destroyed in OPC, but the directors’ personal assets are preserved.
EASY TO RAISE FUNDS AND LOANS
The Operating Partnership Corporation (OPC) is one of the simplest business organisations to manage. Only a small percentage of ROC filings are required to be filed with the Registrar of Companies.
FULL CONTROL OVER THE COMPANY
The information aids in quick decision-making and execution. Despite this, the OPC has the authority to appoint up to 15 directors to official positions without providing them with any compensation.
An OPC must have its records audited at least once a year, and it has credibility with vendors and financing institutions.
EASY TO SELL OPC
Because of the minimal documentation required, OPC Company is easy to sell.
Because an OPC has its own legal identity and would pass on the nominee director, it would continue to exist.
Documents / Information Required
The documentation requirements for company registrations are straightforward and practical. Under MCA, you must have the following documents:
Documents of the Company's Director
- PAN Card of directors
- Aadhar Card of directors
- Passport size Photo of directors
- Address Proof ( Bank Statement, Electricity Bill, Telephone Bill, Mobile Bill. (Anyone, not older than 2 months).)
- Proof of Identity (Driving License, Voter ID card, Passport (Anyone).)
Proof of the Company's Registered Office Address
- NOC form landlord
- Latest electricity OR any other utility bill in the name of the owner
- Rent /Agreement (If Rented)
Steps & Procedures
Complete Roadmap of Process of One Person Company Registration.
Fill the above Form and make the payment
Our Tax expert will reach you soon after query
Submit or Upload The Required Documents
Will Create DSC & the DIN Number of Directors
AOA Drafting & Submitted to the ROC
Congratulations! You've registered your company. Cert. will mailed
Frequently Asked Question
How long it will take to incorporate one person company?
Who is a nominee in a one person company?
A nominee is a person who, in the event of the subscriber of the One Person Company's death or disability, will take his place. The name of the person must be specified in the Memorandum of Association of a One Person Company.
What is Authorized capital fee?
can OPC become a member of a another private limited company?
Do you provide services in kolkata ?
Yes, Fintore India is an online platform that serves all of India. No matter where you do business, all you need is an internet connection on your phone or computer, and we'll take care of the rest.
Do i need to physically present for the process ?
No, you do not need to be physically present for the process; Fintore India is an online catering platform; all you need is an internet connection on your phone/computer and the relevant paperwork, and we can do the task regardless of where you are in India.
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