Overview of OPC Registration in Visakhapatnam

Visakhapatnam, often called "Vizag," is a major industrial and port city with a diverse business landscape. The city's manufacturing, shipping, and information technology sectors provide a range of opportunities. Andhra Pradesh's efficient OPC registration in Visakhapatnam enables entrepreneurs to quickly set up their businesses in Vizag and become part of its dynamic economic ecosystem.

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 in case of OPC registration in Visakhapatnam.

What Are the Benefits of One Person Company Registration in Visakhapatnam?

Following are the benefits of OPC registration in Visakhapatnam:

Legal Protection by OPC Registration in Visakhapatnam:

The One Person Company (OPC) has its own legal identity separate from its member. This protects the individual who started the company. The member's liability is limited to their shares and they are not responsible in personal capacity for the company's losses. This means that creditors can only take legal action against the OPC and not the member or director.

Simple Incorporation:

Incorporating an OPC is easy as it only requires one member and one nominee. The member can also act as the director. While there is a minimum authorised capital requirement of Rs. 1 lakh, there is no minimum paid-up capital requirement. This makes the incorporation process simpler compared to other types of companies.

Benefits for Small Scale Industries in Visakhapatnam:

OPCs can avail the benefits offered to small-scale industries in Visakhapatnam. These benefits include easy funding without collateral security up to certain limits, lower interest rate loans and privileges under the foreign trade policy. These advantages contribute to the progress and development of the OPC in its early stages.

What are the Eligibility Criteria for One Person Company Registration in Visakhapatnam?

The following are the essentials for OPC registration in Visakhapatnam:

• One person who is an Indian citizen as well as resident is sufficient to form an OPC.
• Business models like a Company or LLP cannot become a part of a One Person Company.
• The person establishing the OPC must choose a nominee during the incorporation process.
• The minimum authorised capital for an OPC must be at least Rs 1 Lakh.
• An OPC cannot have a minor as its member.
• There must be at least one nominee and one director in an OPC.

Documents Required for One Person Company Registration in Visakhapatnam

Following documents are essential for OPC registration in Visakhapatnam:

• A scanned duplicate of current bank statement.
• Scanned copies of an electricity bill, gas bill and phone bill.
• Utility bills typically include electricity, gas, water/sewage and waste disposal. Additional services like internet, cable TV and phone service may also be regarded as utilities in some circumstances.
• A digital copy of a rental agreement written in English.
• A digital copy of a no-objection certificate from the property owner.
• Every company must have a registered address, as per Section 12 of The Companies Act, 2013. The registered address is initially provided during the incorporation process through the Spice+ form. If the address changes after incorporation, a notification on Form INC-22 with the new registered address must be submitted to the Registrar of Companies (ROC).
• If the property is owned, a scanned copy of the property or sale deed is also required.

Procedure for One Person Company Registration in Visakhapatnam

Following are the steps to register a OPC in Visakhapatnam:

Step 1: Get a Digital Signature Certificate (DSC).

Step 2: Apply for Director Identification Number (DIN).

Step 3: Decide on a name and request Ministry of Corporate Affairs (MCA) permission.

Step 4: Write and sign the articles of association (AOA) and memorandum of association (MOA).

Step 5: Compile all required documentation and submit it, in addition to the registration cost and stamp duty.

Step 6: Fill out and submit the application forms to the MCA for review and approval.

Step 7: Receive the certificate of establishment or incorporation.

Why Choose StartupFino for OPC Registration Services?

One Person Company registration in Visakhapatnam has gained much popularity since it was introduced in 2008. During OPC registration in Visakhapatnam, 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 OPC registration in Visakhapatnam. 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.