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The Companies Act, 2013 introduced a new kind of Company called One Person Company or OPC registration. An OPC is like a regular company with benefits like limited liability and being treated as a separate legal entity.
A single individual could not establish a business prior to the Companies Act of 2013. A sole proprietorship was the only legal form of business ownership available to new entrepreneurs. This was due to the need for a business to be formed with a minimum of two directors and two members.
According to Section 2(62) of the Companies Act 2013, a company can now be made with just one director and one member. The director and member can be the same person. Compared to a private firm, an OPC has less regulations to follow.
Following are the benefits of OPC registration in India:
The following are the essentials for OPC registration online in India:
Eligibility Criteria |
Description |
Natural Person and Indian Citizen |
- Only an Indian citizen who is a natural person is eligible to establish a One Person Company (OPC). - Entities like for example companies or LLPs are not permitted to form an OPC. |
Resident in India |
- The individual seeking to establish an OPC must be a resident in India. - According to the law, residency is defined as residing in India for at least 182 days during the previous calendar year. |
Minimum Authorized Capital |
- For registration, an OPC must have a minimum authorized capital of Rs. 1,00,000, as stated in the company's capital clause. |
Nominee Appointment |
- During the registration, the promoter must appoint a nominee for the OPC. - This nominee will assume membership in the OPC in case of the promoter's demise or incapacity. |
Restrictions on Certain Businesses |
- OPCs cannot engage in financial activities such as banking, insurance, or investments. |
Conversion to Private Limited Company |
- If the paid-up share capital of the OPC exceeds 50 lakhs or its average annual turnover surpasses Rs. 2 Crores, it must be converted into a private limited company. - This conversion is necessary to adhere to regulatory requirements applicable to larger companies. |
Limitations |
- An individual is allowed to establish only one OPC. - Minors cannot be members of an OPC. |
Following documents are essential for OPC registration online:
Prepare documents for submission to ROC:
The Companies Act of 2013 has certain rules that need to be followed by companies within specific deadlines. These regulations can be broken down into four main groups: annual compliances, frequent compliances, compliances based on events and one-time compliances following incorporation.
The mandatory compliances for an OPC post registration include:
Mandatory Compliance |
Description |
Board Meetings |
Hold a minimum of one board meeting in each quarter with at least 90 days between each meeting. |
Bookkeeping |
Maintain proper books of accounts. |
Statutory Audit |
Conduct statutory audit of financial statements. |
Income Tax Returns |
File business income tax returns annually before September 30th. |
Financial Statements Filing |
Submit Financial Statements via Form AOC-4 and Annual Return via proposed Form MGT 7-A. |
Given below is the table showing the timelines for OPC compliances to be followed:
Compliance Requirement |
Due Date |
Appointment of the First Auditor |
Within 30 days of Registration |
Issuance of Share Certificate |
Within 60 days of Registration |
Payment of Stamp Duty on Share Certificate |
Within 30 days of Certificate Issuance |
|
Within 180 days of Registration, before commencing business |
The time required for registration of OPC is as given below:
Process |
Duration |
Obtain DSC and DIN |
1 day |
Certificate of Incorporation |
3-5 days |
Whole Registration Process |
Approximately 10 days, subject to departmental approval and reply from the respective department. |
One Person Companies have gained much popularity since they were introduced in 2008. While forming an OPC, certain requirements and compliances must be adhered to in order to make the incorporation and subsequent functioning effective.
StartupFino is a company that specialises in offering complete services for OPCs registration online. We can help you with everything from providing advice in the initial phase to ensuring that you meet all the necessary requirements, while also keeping your OPC in good legal standing.
StartupFino manages legal, financial & Compliance services through its team of professionals with the help our own technology.
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Startupfino has been awarded as the Best Virtual CFO of 2023 held at Global Startup and Entrepreneurship Conclave 2023. It was decisive to get recognition as a startup in this competitive industry.
Startupfino is honoured to recognise as a Best Tax and Legal Compliance Management Agency in the India Stratup Summit and Startup Achievers Awards 2022.
Startupfino is honoured as a Best Financial Advisor Agency at the World Startup Convention 2023. This acknowledgment shows commitment towards delivering innovative solutions.
Startupfino is working with Startups since last 10 years with an unparalleled experience of helping fast growing startups. Our Success can be witnessed through the numbers given below.
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