One Person Company Registration
One Person Company (OPC) Registration is a business entity in which there is only one owner with limited liabilities who can act both as a shareholder as well as the director. In India One Person Company (OPC) was introduced through the Companies Act, 2013 to support entrepreneurs who on their own are capable of starting a venture by allowing them to create a single person economic entity.
One Person Company Features
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. In a Private Company, a minimum of two Directors and Members are required whereas during a Public Company, a minimum of three Directors and a minimum of seven members. one person couldn’t incorporate a corporation previously. Incorporate your Business Now: Fast, Easy, and Get Expert Support. But now as per Section 2(62) of the Companies Act 2013, a corporation is often formed with just 1 Director and 1 member. it’s a sort of a corporation where the compliance requirements are lesser than that of a personal company.
Benefits Of One Person Company
Advantages of One Person Company (OPC) Registration
- Single Shareholder and Director can be same person.
- Separate Legal Entity and Limited Liability
- Minimum 1 Nominee is mandatory (Indian Resident)
- Maximum 15 Directors allowed
- A person can be member in only for one OPC. Means a Person can’t start more than one OPC.
- IF OPC crosses a turnover of over Rs 2 crores or has a paid-up capital more than Rs 50 lakhs. It must be converted into a private or public within 6 months.
- Annual Statutory Audit compulsory by Practicing CA
- Separate Legal Entity and Limited Liability
- Annual ROC Filing is Mandatory
- Eligible to apply for Start-up Recognition
One Person Company Registration Documents
Documents required for One Person Company Registration:
The director of the OPC should submit the scanned transcripts/ copies of the following documents mandatory for OPC registration-
- PAN card or Passport (NRIs and Foreign Nationals)
- Scanned transcript of Driver’s License or Voter’s ID
- Updated gas or electricity invoice/Bank account Statement/Mobile or landline phone invoice
- Specimen signature or impression
- passport-sized photo
Please Note: The first 3 documents should be self-attested by the OPC director. All the documents for a foreign national or an NRI must be notarized (if residing in India or a non-Commonwealth country at present) or apostilled (if living in a Commonwealth country at present). Under the guidance of the Ministry of Corporate Affairs
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