What is OPC?: A Complete Guide – One Person Company Registration

Entrepreneurship is a dream of many, but starting business yourself can be quite challengingOne Person Company is a company and its members are one and the same. The concept of One Person Company (OPC) has been introduced to simplify the structure of business ownership while offering the advantages that come with a corporate entity. If you're interested in registering One Person Company India this year, find out everything you need to know through our complete guide on what OPC registration entails and who offers the best service for such companies (right now).

What is a One Person Company (OPC)?

One Person Company (OPC) is a business structure for the single person to create and manage business

Introduced under the Companies Act, 2013, it helps business owners limit their liability and gain separate legal person status. Unlike a sole proprietorship, which carries little protection or benefit at all (to either party), OPC brings several features of a corporation like easier funding access and legal recognition in its own name. Plus it also replaces perpetual succession with owners inheriting their own estate bankruptcy affected language then please disregard the following sentence about whether that will ever matter for WhatsApp

Why Choose One Person Company Registration?

Here is the list of One Person Company registration offers which will help entrepreneurs get off to a good start and maybe give them something to smile about along the way:

Limited Liability Protection: The owner's personal assets are safe from company debts, lawsuits and any other liabilities.

Separate Legal Entity: The company exists independently, except for its relationship with you as proprietor when making decisions on your behalf or in connection with corporate decisions.

Single Ownership with Full Control: Unlike a Pvt Ltd Company, an OPC has just one owner.

Perpetual Succession: The company goes on after you die, with a nominee taking over.

Easy Compliance: Compared to other company forms, substantially reduced compliance needs (think of labor hours and expenses needed for both secretaries to operate a company)

Credibility & Brand Value: Having an OPC can boost trust in potential investors, customers and financiers.

Eligibility Criteria for One Person Company Registration in India

In India, one must meet the following requirements before registering an OPC online:

To establish an OPC, the applicant must meet the following conditions:

All The owner must nominate a person in case of death or incapacity.

Procedure for Registering One Person Company in India

The entire process of registering a One Person Company is done on the Internet. Here's how it's done:

Step 1: Obtain a Digital Signature Certificate (DSC)

Since all papers are submitted electronically, the first thing to do is obtain a DSC for single director.

Step 2: Apply for Director Identification Number (DIN)

The individual has to obtain a DIN, which is required for setting up as a director in a company.

Procedure 3: Name Approval via MCA Portal

The name of applicant company must be exceptional and match MCA rules. It is reserved by filling the SPICe+ form.

Step 4: Drafting of Memorandum & Articles of Association (MOA & AOA)

These MOA and AOA lay down the purposes, structure and regulations of an organization and must be sent to the Ministry of Corporate Affairs (MCA).

Procedure 5: Submit SPIC e+ Form for Incorporation

The SPIC e+ form includes all relevant information like proof of identity, proof of address and details of a nominee. It is then submitted along with DSC and DIN for the registration of a company.

Procedure 6: Issue of Certificate of Incorporation

When the documents have been verified by the Registrar of Companies (ROC), a Certificate of Incorporation is issued to make the OPC officially valid.

Procedure 7: Application for PAN & TAN

After incorporation, both PAN and TAN must be obtained for the purpose of taxation.

After register one person company in india Compliance Requirements for OPC Having succesfully registered a One Person Company, the following compliances must be observed:

Annual Filing:The ROC Consensual maintenance of financial statements and submission of annual returns.

GST Registration (if applicable): Depending on your business's turnover it could be required, regardless of where the company is within India only if its annual income exceeds Rs 20 lakh since otherwise any business conducted outside one's own state will certainly have an impact to compare and contrast between both headings during its original manufacture period.

Income Tax Return: If you do not forget to pay taxes correctly every year then it will result in higher levies than those of other companies even when turnover isn't all that different from these two.

Bookkeeping & Auditing: In addition to maintaining US records, trying over samples is recommended if your turnover exceeds the turnover limit.Subject to turnover limits.

Why Choose Services Plus for OPC Registration?

If you want the best website for OPC company registration in India, Services Plus is the top choice for you, you may not be satisfied with other vendors because they simply do not offer this level of service. Here's why:

Expert Consultation: Professional advice throughout the entire registration process.

Quick & Bold Music: Online registration is fast and painless, requiring only the least amount of physical action.

Cheap Pricing: As long as no extra charges are added on, cost effective solutions.

Legal, Financial & Compliance Matters: Supporting those officers with legal, and VOIP compliance issues.

100% Online Registration: A seamless online process that allows you to register OPC India from the comforts of your own home.

Frequently Asked Questions (FAQs)

1. Can an OPC be converted into a Private Limited Company?

Yes, an OPC must convert into a Private Limited Company if its annual turnover exceeds Rs. 2 crores or its paid-up capital crosses Rs. 50 lakhs.

2. Is GST registration mandatory for an OPC?

GST registration is necessary if the company’s turnover exceeds Rs. 20 lakhs (Rs. 10 lakhs for specific states) or if it engages in inter-state business transactions.

3. Can NRIs register an OPC in India?

No, only Indian residents are eligible to register an OPC.

4. What is the difference between an OPC and a Sole Proprietorship?

An OPC has a separate legal existence and limited liability, but a sole proprietorship does not give protection from any form of debts such as those owed in court for example.

5. Can an OPC raise funding from investors?

Yes, though to take advantage of better funding conditions it is suggested that the OPC be transformed into a Private Limited Company.

Conclusion

A small company with only one shareholder, this type of company is perfect for entrepreneurs who are looking for limited liability and regulatory benefits. When you employ the professionals from Services Plus, an One Person Company is an easy thing.

Are you prepared to get into business? Register for an One Person Company in India with Services Plus today. We make setting up your business smooth and easy.

If you would like to know more, please go to Services Plus  and take step one towards positive risk taking!