ONE PERSON COMPANY
REGISTRATION IN INDIA
The revolutionary new concept of one person company has been introduced in the Companies Act 2013. Often we see many Sole Proprietorship concern working in its individual name as a proprietorship concern. Sole means single and proprietorship means ownership. Sole Proprietor is the business which is owned and controlled by a single owner and have unlimited liability. This mean if a proprietor is failed to meet his debts or obligation, his personal property can be used to dispose off or to satisfy the liability, but OPC creates a separate legal entity and allows for the limitation of liability. The biggest reason to start an OPC would be that it could be converted in to private limited company in future
Requirement for Registration
One PersonCompany (OPC)
- 1. OPC requires only one person as a shareholder i.e. 100% shareholding in one hand.
- 2. Apart from shareholder appointment of one nominee is requisite in OPC.
- 3. Maximum number of Director in an OPC can be raised to 15 only by passing special resolution.
- 4. Maximum Paid Capital in an OPC can be Rs. 50 Lac and Average turnover limit is Rs. 2 Crores.
- 5. Mandatory Conversion to Private limited Company is necessary in case an OPC exceeds the limit of Rs 2 crores turnover.
Benefits of Registration of One Person Company(OPC)
- 1. Quick Online Registration of One Person Company (10-20 days varying state to state).
- 2. An OPC is one man show and has more work independence (100% Shareholding of one person).
- 3. Voluntary Conversion of an OPC into a Public/Private Limited Company is allowed subject to expiry of 2 years after incorporation
- 4. An OPC structure has very basic Post Incorporation Compliances .
PROCEDURE OF ONLINE ONE PERSON COMPANY REGISTRATION
DIN OF DIRECTOR
Preparation of INC- 29
(which Includes Name reservation, various declaration, MOA/AOA Registration etc)
Filing of INC -29
Wait for approval from ROC
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