One person company registration starts at Rs. 5999 (All Inclusive)
The model of One Person Company was started by The Companies Act, 2013. It best suits entrepreneurs certain to operate their business themselves but wants the status of a private limited company. A one person company is a distinct legal body providing limited liability protection to its only shareholder while possessing continuous succession.
In case the turnover exceeds Rs.2 crores and if it has paid more than Rs.50 lakhs capital, within 6 months the OPC has to be converted into a private/public limited company.
An OPC can be registered in India by only one person. To incorporate a one person company you also need a nominee director, nominated in Memorandum of Association & Articles of Association. This person owns the OPC in case of the demise of the promoter. At the closing of every financial year, the OPC like other companies must file audited financial statements with the Ministry of Corporate Affairs. Incorporation of an OPC requires limited documentation and there is no mandate to conduct annual general meeting (AGM).
MyEfilings provide the most reasonable and competent services for a one person company registration.
A one person company on inception is recognized as an artificial judicial person. An OPC company is a distinct judicial entity. It can purchase its assets or borrow own funds as a distinct judicial body. The shareholders are accountable for the company’s debts only as far as the shares they own.
While incorporating a one person company, a nominee has to be designated by the promoter member. The nominee turns into a member and operates the business in the event of the demise of the member. Thus, a one person company receives the advantage of perpetual succession due to the presence of a nominee.
In a one person company you can easily transfer shares by submitting the signed share transfer forms along with the share certificates.
Being an artificial judicial person, a one person company has the power to buy property under its name and be the owner of the property.
A one person company enjoys the benefit of limited liability. This ensures that a member of an OPC company is liable only for the unpaid amount of shares he/she holds. In case the company defaults, the personal property of the member cannot be liquidated.
Since an OPC company is an artificial judicial entity, it has the power to initiate legal proceedings against another person, just like an individual. Further, it can start a legal proceeding against a company too.
An OPC company enjoys greater credibility amidst lending institutions and vendors as it has to get its books audited yearly.
Based on your needs, you can select any of our packages.
In line with your business activity, you are to apply two different names with the MCA, in case of an OPC registration. Of those, one of the names will be approved. The free name search facility provided by the MCA portal is a good option for you to use. You can get a list of closely resembling names of present companies.
In a one person company registration, acquiring DSC (Digital Signature Certificate) to digitally sign e-forms is a pre-requisite.
The form for the Incorporation of a company is filed online.
As evidence of your company formation, you will get a certificate of incorporation.
Congratulations!!! You are ready to start your business as a one person company and take it to great heights of excellence!
It is mandatory to maintain compliance under various regulations by all the LLPs registered in India.
Failure to adhere to the same may result in huge penalties and even disqualification of the designated partners.
The first step is to open a current bank account in the name of the company.
Within 30 days of the incorporation of a company, the Board of Directors should appoint an auditor.
You must file the Commencement of Business i.e. form INC 20A within 180 days from the date of the company’s incorporation. This indicates that your company needs to deposit the amount of share capital in the bank.
The timeframe for any company to allot share is within 60 days from the receipt of the application money. Also, within 2 months of the incorporation of the company, you have to issue the share certificates for which paying the stamp duty is mandatory.
Every year, companies are required to file their annual accounts and returns along with the income tax and ROC. MyEfilings will help you register as well as get your compliances done at an affordable cost.
The specific records about a company and shareholders, directors, and the meetings held are mentioned in a statutory register. The companies are also meant to keep these records along with the normal accounting records.
A natural person born in India and residing in India:
a)Is eligible to start an OPC company
b) Is eligible to be a nominee for the only member of an OPC Company
An individual can be a member of only one OPC.
An OPC company can be set up for any legal purpose. However, an OPC does not have the freedom to be involved in activities that are “Non-Banking Financial Investments” including investment in securities of any other body corporate.
No, as per the Act the nominee has to be an Indian resident citizen only.
You can convert an OPC company into a Public Limited Company, however you cannot convert a Public Limited Company into an OPC.
You can change your company’s nominee by providing proper intimation and filing the required forms with the registrar of companies.
You can start an OPC with any amount of paid-up capital.
