One Person Company | OPC Registration | OPC Company Registration

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Introduction to a One Person Company

• The concept of the one-person company was brought
  to India by the Companies Act, 2013 to assist the
  entrepreneurs. They are the people who are
  capable enough to start a venture allowing them
  to create a single person economic entity.

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Advantages of having an OPC

• Following are the advantages of a One Person
  Company

1. You can have more than 1 directors but
   shareholders cannot be more than 1
2. Members death doesnt affect the OPC
3. OPC is effortless to set up and maintain
4. Members have restricted Liability Under OPC
   liability
5. Registration and incorporation of OPC requires
   less paperwork
6. OPC enjoys no interference from third parties.

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Eligibility criteria for the incorporation of OPC

1. The entrepreneur desirous of incorporating an OPC
   must a citizen of India and resident in India.
2. Legal entities like LLP and company cannot be an
   OPC.
3. Promotor selects a nominee during the
   incorporation process
4. The minimum authorized capital must be Rs 1 Lakh.
5. Minors, foreign citizens, any person
   incapacitated by contract cannot be members of an
   OPC
6. If the paid-up capital is more than Rs 50 lakhs
   or if the turnover is above 2 crores OPC cannot
   exist.
7. The OPC must have at least 1 shareholder/Nominee/D
   irectors.

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Documents required for registration of OPC

• PAN card or scanned copy of passport in case of
  foreign nationals and NRI
• Scanned copy of passport, voter ID or driving
  license. 
• Copy of current bank account, phone or mobile
  bill, electricity or gas bill.
• Passport size photographs
• Signature or thumb impression 
• Memorandum of Association 
• Articles of Association 
• Affidavit and consent of the proposed director

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Fees required for registration of OPC
Nominal share capital limited to Rs. 10,00,000 Rs 2000
Nominal share capital between Rs.  10,00,000 to Rs 50,00,000 Rs 2000 Rs 200 added for every 10,000 or part thereof of nominal share capital.
Nominal share capital between Rs. 50,00,000 to Rs 1 crore Rs 1,56,000. Rs 100 added for every Rs. 10,000 or part thereof of nominal share capital
Nominal share capital amounts to Rs 1 crore and above Rs 2,06,000. Rs 75 added for every Rs. 10,000 or part thereof of nominal share capital to a maximum of Rs 250 crore.
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Procedure for registration of OPC

• The process for registration of OPC is as
  follows
• Digital Signature Certificate (DSC) The first
  step is to obtain a DSC, the director would
  require documents for address proof (Aadhar Card,
  Pan Card etc.). It is mandatory for digital
  company registrations.
• Director Identification Number (DIN) The
  director has to fill the SPICe form to avail DIN.
  Directors name and address proof have to be
  submitted. Form DIR-3 is filled for an existing
  company.
• Name approval application Moreover, the name for
  company registration can be approved either
  through the RUN web service of MCA (Ministry of
  Corporate Affairs) or Form SPICe32. Submitting a
  preferred name with signature. The ministry will
  decide to approve that name. The companys name
  once approved shall affix Private Limited at the
  end for example XYZ (OPC) PVT. LTD.
• Filling the forms with MCA To complete the OPC
  registration, the above-mentioned documents will
  have to be attached with the SPICe form,
  SPICe-MoA and SPICe-AoA along with DSC

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Compliances Post OPC Registration

1. A minimum 1 board meeting every 6 months. The
   time gap between meetings shouldnt be less than
   90 days.
2. properly mention the books of accounts
3. Likewise, timely completion of Statutory audit of
   financial statements
4. Thereby, income tax returns have to be filed
   every 30th September
5. Similarly, Financial statements in Form AoC-4 and
   RoC annual return in Form MGT7 have to be filed.

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