OPC Registration overview:
OPC Registration in India are considered to be the most modern form of business under the Companies Act, 2013. By allowing entrepreneurs to build single-person companies, a new innovative idea has been developed to promote the incorporation of micro-businesses and entrepreneurs with entrepreneurial ideas.
One Person Company (OPC) can easily be registered under the outlines of the Companies Act 2013 and the laws relating to it, making it possible for such a company to work as a business without the necessity of partnerships. The result is an increase in the number of people who start businesses. In addition, the OPC registration is suitable for small businesses whose turnover does not exceed Rs. 2 crores. In the case of OPC registration, it is important that either the nominee or the director be an Indian citizen.
Benefits of One Person Company (OPC) Registration:
There are many benefits accruing to One-Person Company registration in the development of India's economy. The number of entrepreneurs coming up and starting their own businesses is on the rise. Incorporating OPC allows the company to enjoy banking benefits and the ability to obtain loans and credits from banks. The following points explain the benefits for OPC Company Registration Process in India:
Limited Liability
The member’s personal property is always safe, no matter the debts of the business. In OPC only investment in the company can be lost, personal assets of the member are saved.
Continuous Existence
An OPC has a separate legal identity, it would pass on to the nominee director, therefore, it has perpetual existence.
Greater Credibility
An OPC requires to have its books audited yearly that’s why it has higher credibility between vendors and lending institutions.
Easy to Sell OPC
OPC Company is simple to sell because of less documentation work involved.
A single owner has complete control of the company.
This fact helps to make fast decision and execution. Although OPC can select as many as 15 directors for official functions, without providing any share to them.
Easy to raise funds and loans
OPC is one of the easiest forms of corporate entities to operate. Very less ROC filing is to be registered with the Registrar of Companies. No need to attend Annual General Meeting and other regular compliances.
Documents Required for OPC registration:
- Copy of PAN Card of the owner
- Passport size photograph of the owner
- Copy of Aadhaar Card or Voter identity card or Passport
- Copy of Rent agreement (If rented property)
- Electricity bill of Business Place
- Copy of Property papers (If property is owned)
- No Objection certificate from owner of property
Some important forms for OPC Registration:
- Declaration by promoter in form INC - 9
- Declaration of Promoter as to Non receipt of Deposit under FEMA and SEBI
- General declaration by Promoter
- DIR-2 for Consent of Director
- DIR-8 declaration on existing interest in other entities
- SPICe MOA and SPICe AOA along with Subscriber Sheet
- AGILE PRO S
- SPICe PART B
- Form INC-8
How to Incorporate OPC:
Following are the steps that shall be required to follow to incorporate One Person Company (OPC):
Step 1. Obtain DSC (Digital Signature Certificate) and DIN (Director Identification Number):
At first, the proposed directors must obtain a Digital Signature Certificate (DSC) and Director Identification Number (DIN).
Step 2. Name Reservation:
Then next step is filing an application for the reservation of a suitable name. Application for name reservation can be filed in form SPICe plus Part A or in integrated SPICe form at the time of incorporation.
Step 3. Prepare Documents:
Now, next is to prepare the following documents which are required to be submitted to the Registrar of Companies:
· The Memorandum of Association (MoA)
· The Articles of the Association (AoA)
· Since there is only 1 Director and a member, a nominee on behalf of such a person has to be appointed because in case he becomes incapacitated or dies and not able to perform his duties the nominee will perform on behalf of the director.
· Nominee’s consent in Form INC – 3 will be taken along with his PAN and Aadhar.
· Proof of the Registered office of the proposed Company along with the proof of ownership and a No Objection Certificate from the owner.
· Declaration and Consent of the proposed Director in Form INC-9 and DIR-2 respectively.
· A declaration by the professional certifying that all compliances have been duly made.
Step 4. Filing Forms with MCA:
All above mentioned documents will be attached to the SPICe+ Form, SPICe-MOA, and SPICe-AOA along with the DSC of Director and professional and will be uploaded to the MCA website for approval.
Step-5 Payment of Stamp duty and filing fees:
Once forms for incorporation of company is uploaded, next step is payment of filing fees and stamp duty. It depends upon the authorized share capital of the company and state in which registered office of the company is situated.
Step 5. Certificate of Incorporation:
After detailed scrutiny and verification, the Registrar of Companies (ROC) will issue a Certificate of Incorporation (COI).
Thank you for giving your time on reading this write up, if you have any query regarding OPC registration in India, then please connect to our team at info@ccoffice.in or call us at 9988424211.
Apply For One Person Company Registration Online In India.
For OPC Registration Online, OPC fees, Documents, Benefits And Procedures.
Introduction to One Person companyAccording to OPC Company registration in Bangalore the proposal of one person company for the corporate laws that had created a revolutionary proposal which was introduced by the Companies Act 2013.
Previously in the past company Act 1956, where there was a minimum of two shareholders and directors were required.
As we see, as soon as you register for One Person Company, the law needs to obey all the mandatory compliance that is required by ROC.
So, an OPC is productively a company that has only one shareholder as its member.
What is the Annual filing for One Person Company in the form MGT 7?As per OPC registration service provider in Bangalore the OPC Annual Return Filing must be filed with the Registrar of the CompaniesThe returns should be filed and completed with the ROC as an extension to Form MGT 7This kind of annual return has to be signed by the Company SecretaryIf there is no Company Secretary available, the director has to be signed the return.It should be filed by all the OPC registered all over India every year The Documents that are necessary for MGT 7:PAN/CINDetails of main business activitiesList of shares and shareholdingDetails of debentures and loansList of other securities held by the companyThe information should be revealed in the Annual filingThe annual return should contain the documents and information that include a register of members, shares, registered office address, a compliance certificate, and debentures details, information about the management of the company, debt details of the company.The annual return would also reveal the shareholding formation of the Company, changes in details, and directorships of the transfers of securities.
Financial statement of One person Company (AOC4)According to Opc Registration Consultants in Bangalore the Companies Act 2003, the audited financial Statements and Records are to be filed digitally in Form AOC 4.The above form should be signed by the Board of Directors.The above same form must be filed on or before 180 days from 31st March of every financial year with the registrar of the companies.The financial report and statements should only surround the Profit and Loss Account, notes to the accounts, Balance Sheet, and Audit report.
One person company registration is an online process and only one person is required to start the company there is no need to go anywhere and once it is registered it is valid for a lifetime.
The company shall have only one member and one nominee during its tenure.
For hassle-free registration of one person company please contact Register Experts to get the company registered at a very reasonable rate which is all-inclusive and has no hidden charges.
The package includes name approval, DIN & DSC of the director, Certificate of incorporation, PAN TAN, MOA, AOA and free GST registration and share certificate.
