One Person Company Registration
One Person Company Registration
Why Company Registration
Firm Company Registration is the most popular platform used by a person to run its business across national and international platforms. Registration of the company is regulated by Ministry of corporate affairs, Companies act 2013 and Companies rule 2014.
One Person Company(OPC) Registration
Concept of One person company was introduced to Companies act 2013 and is being appreciated by many entrepreneurs and start up’s across the nation because it helps them to meet their business needs by having following advantages attached to it
Only single person is sufficient to form a company
Separate Legal Existence than the individual identity of person incorporating One Person Company.
Ease in the process from incorporation to dissolution of the company.
Favorable funding opportunities
Limitations attached with formation of One person company
If an OPC exceeds a turnover of over Rs.2 crore or has a paid-up capital above Rs.50 lakhs, it
must be turned into a private or public limited company within six months
A Resident of India is a person who has stayed in India for at least 182 days in the preceding 1 year.
So If you are planning to start your venture alone, One Person company registration can be taken in just 10-15 working days through Salahkari.com from anywhere in India
Frequently Asked Questions
At least one nominee is required to start an OPC who can act as shareholder as well as director.
a) Scanned copy of PAN Card or Passport (Foreign Nationals & NRIs) b) Scanned copy of Voter’s ID/Passport/Driver’s License c) Scanned copy of Latest Bank Statement/Telephone or Mobile Bill/Electricity or Gas Bill d) Scanned passport-sized photograph Specimen signature (blank document with signature)
Only Indian citizen or resident of India can form or incorporate an OPC.
A person shall not be eligible to incorporate more than a One Person Company or become nominee in more than one such company.
As name suggests, there could not be more than one director and one shareholder to start a One Person Company.
You need to have a bank account with a minimum balance. This could be as little as Rs. 5000. You don’t need to invest any more capital to start the business.
A lot of people considering an OPC registration go with the private limited company structure because it is mandatory to convert an OPC to a private or public limited company if turnover is over Rs. 2 crore or paid up capital is over 50Lakhs.
An OPC limited by shares must comply with following requirements:
• Must have a minimum [paid up share capital of INR 1 Lac.
• Shares will not be allowed to be transferred to anyone else.
• An OPC is prohibited from giving any invitations to public to subscribe for the securities of the company.
An OPC is exempted from doing the following compliances : • Sign on annual returns
• Hold Annual General Meetings and Board Meetings
• Sign on Financial Statements
• Option to dispense with the requirement of holding an AGM
• Power of Tribunal to call meetings of members
• Calling of extraordinary general meeting
• Notice of meeting
• Statement to be annexed to notice
• Quorum for meetings
• Chairman of meetings
• Restriction on voting rights
• Voting by show of hands
• Voting through electronic means
• Demand for poll• Circulation of members’ resolution
• Postal ballot