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One Person Company (OPC)

One individual organization (OPC) in India is perhaps the least demanding type of corporate substance to oversee. OPC is a mixture of Sole-Proprietorship and Corporate type of business. It has been furnished with different concessions in consistent prerequisites under the Companies Act. It is a type of organization where the consistency necessities are lesser than a privately owned business. OPC enrollment is a simple and modest cycle. OPC Registration starts up new business openings for sole owners and business visionaries who additionally wish to appreciate the benefits of restricted obligation, and a different lawful element too. OPC does away with the problems of finding the correct accomplice for beginning a business as the enlisted substance. It requires just a single individual who will go about as a part, investor, and chief.

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all you need to know
One Person Company (OPC)

Separate Legal Existence

A One Person Company would acquire the situation with a different lawful substance. Such OPC enrollment guarantees that the element is discrete from the proprietor, dissimilar to an ownership firm. OPC can possess the resources in its own name and go into an agreement with the gatherings. The activities of the organization are free of the proprietor. This is the fundamental advantage of OPC enrollment.

Lower Compliance Requirements

A Single Person Company is profited with an exception to numerous compliances, not at all like a privately owned business. Compliances like holding General and Board Meeting, and so forth are not pertinent to OPC. Nonetheless, Board Meeting should be held if more than one chief is ready.

Restricted Liability of Owners

One of the advantages of enlisting OPC lies in the different legitimate elements of the organization where the responsibility and commitments are not charged over the individual resources of the sole part. The risk of a part is restricted to the neglected measure of the capital bought in by the part. Indeed, even on account of liquidation, the individual resources of the part are ensured, besides in certain predefined cases.

Division of Management and Ownership

Even if the OPC is claimed by the sole workforce, the proprietor may choose a chief owing up to the obligation to work and run an organization. The operational obligations are allocated to the director(s) while the part would have the option to bring benefits diverting endeavors towards different organizations. Nonetheless, in One Person Company, the investor holds full oversight over being a partner.

document required
One Person Company (OPC)

1

NOC from owner

No Objection Certificate to be obtained from the owner(s) of registered office

2

Business Address Proof

Latest Electricity Bill/ Telephone Bill of the registered office address

3

Photograph

Latest Passport size photograph of Shareholder, Nominee, and Directors

4

Director’s Address Proof

Latest Telephone Bill /Electricity Bill/ Bank Account Statement of Shareholder, Nominee, and Directors.

5

PAN Card

PAN Card of shareholder, nominee, and Directors.

6

Identity Proof

Aadhar card and Voter ID/ Passport/ Driving License of Shareholder, Nominee, and Directors.

7

Rent Agreement

Rent Agreement of the registered office should be provided, if any

steps involved in
One Person Company (OPC)

Step 1 1-2 Days
  • Audit of reports and data gave
  • Application for Digital Signature Certificate
Step 2 3-6 Days
  • Checking Name accessibility
  • Drafting of MoA, AoA, and other required records
Step 3 7-9 Days
  • Name reservation application under SPICe
  • Recording organization enlistment application
  • Racket allocation application
  • Application for PAN and TAN of organization
Step 4 10-12 Days
  • Government processing time

Frequently Asked Questions
One Person Company (OPC)

Which are the fundamental consistence that an OPC needs to perceive?

The fundamental important consistency is:-

  • Keeping a legitimate book of records
  • Statutory review of Financial Statements
  • Filing of organization personal expense form throughout the prior year 30th September
  • Recording Annual ROC return which covers structure MGT
What moves are made if there should be an occurrence of death of an individual from the OPC organization?

On the off chance that the part passes on, the chosen one assumes control over the exercises of the organization, and within 15 days, the organization needs to imply the Registrar of Companies by enlisting Form INC-4 with the assigned charge.

What amount of cash do I need to contribute forthright to begin the business?

You need to have a financial balance with a base equilibrium. This could be just about as little as Rs. 5000. You don't have to contribute any more funding to begin the business.

Is there any punishment for defaulting the arrangements in OPC Company?

If OPC or any official of such organization abuses the arrangements of Companies Rules 2014, they will be culpable with a punishment which may reach Rs.10,000. Also, on the off chance that you overlook this punishment will reach out to Rs.1,000 consistently alongside Rs.10,000 and proceeds.

Is it important to get a mark from PCS in Annual Return for OPC ( Section 92)?

The yearly return will be affirmed and endorsed by the Company Secretary (CS) or if there is no organization secretary complete it by the Director of the Company.

Regardless of whether earlier suggestion to Registrar is required for stopping the situation with OPC organization?

Indeed, the OPC inside 60 days from the date of materialness of sub-rule (1), gives a notification to the Registrar and advising that it has stopped being an OPC. Additionally, it is presently needed to change itself into a privately owned business or a public organization via its settled-up share capital or normal yearly turnover.

What are the Annual Compliance necessities to be satisfied by a One Person Company?

During each monetary year, the organization should hold executive gatherings in the event of more than 1 chief. Besides, the records and fiscal summaries should be evaluated by an autonomous inspector. In this manner, it will record structure AOC – 4 and MGT – 7 as a piece of Annual Compliance inside the given time.

Who can turn into an individual from One Person Company?

Any individual/association can turn into an individual from One individual organization including outsiders/NRI's.

Who is a chosen one of every a One Person Company?

A candidate is an individual who in case of death or inability of the endorser of the One Person Company will accept his position. Update of Association of a One Person Company will compulsorily recommend the name of the individual.

Is there any duty advantage relevant to an OPC?

No there are no uncommon duty benefits accessible for OPC. Expense is paid at the level pace of 30% on benefits.

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One Person Company (OPC)