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One Person Company Registration With Smart Accountants
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Process for One Person Company Incorporation
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OPC Registration
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As per Rule 3 of the Companies (Incorporation) Act, you need to be eligible for this.
- A natural person who is an Indian citizen and has lived in India for at least 182 days in the last year.
- They cannot be a member or nominee of more than one OPC.
- A minor is not allowed to be a member or nomine
The following are the list of forms required to register for One Person Company (OPC)
- INC9 Declaration of Promoter
- Declaration of Promoter-Non Deposit under FEMA and SEBI
- DIR2 – Consent of Director
- Question form – Company Registration
- MOA and AOA
- No Objection Certificate of owner
Easier to head start and operate: OPC stands for One Person Company. You do not need to register it with the Registrar of Companies and you don't need to do Annual General Meeting.
Complete Control: This means we can make fast decisions. The board can choose up to 15 people for official functions without sharing any of their shares.
Quick Transferability: The OPC Company is easy to sell because there are only a few documents needed.
Limited Liability: The directors' personal property is safe. It doesn't matter if the company face loss. The company might lose a lot of money, but a director's personal assets are safe from being taken.
Frequently Asked Questions on One Person Company (OPC)
How is One Person Company(OPC) different from an ordinary private limited company?
A one person company is a new type of business. A limited company can be formed with two directors and shareholders. The directors and shareholders can be the same. There is no minimum requirement for the number of shareholders in this type of company, so someone who wants to start a business can do it alone. They will also get limited liability protection from a one person company.
What is the minimum capital investment to start an OPC (One Person Company)?
An OPC can start with a minimum authorized capital of Rs. 10,00,000. There is no compulsory requirement for minimum paid up capital. So you can have an OPC that’s just starting out with just Rs. 2, but when the average turnover for 3 consecutive years becomes more than 2 crore rupees, the company must change to a private limited company (Pvt Ltd).
What is my tax benefit on forming an OPC?
There is no advantage to owning an OPC over another form. The tax rate is the same, flat 30%. Other taxes like MAT and Dividend Distribution Tax apply just like they do for any other company.
What are the rules and laws that an OPC needs to follow?
The basic mandatory compliance is:
– Keeping good records of your company’s finances
-Annual auditing of financial statements
– Filing a tax return before September 30th every year.
– Filing a report showing who the shareholders and directors are.
What is the basic requirement to be a member of OPC?
If you are a natural person who stays in India and an Indian citizen who lives in India for 182 days, you are eligible to be a member of the OPC. One person can only be one member of the OPC. If you are also a member or nominee of two or more OPCs, then you must withdraw your membership from the OPC within 182 days.
Do I need to be there in person for the registration of OPC?
The Ministry of Corporate Affairs has made the new OPC registration process completely online. All document flow happens in electronic form and no physical presence is needed.
Is stamp duty payable when you start a company?
Yes, the state in which you’re registering your company will charge you a fee. The fees are for the MOA, AOA and INC 32 forms. These costs are covered by all states except Punjab and Madhya Pradesh. You might have to pay additional charges when registering in these states. Our experts can help you find out if there are any other charges.
What is the fee charge applicable for an OPC incorporation?
Below are the charges for DIN, RUN, AoA and MoA. You will need to pay Rs.500 per DIN. For RUN, you will need to pay Rs.1000 up to Rs 10 lakh of authorized capital. For AoA, you will need to pay Rs 1000 up to 10 lakhs of authorized capital as well. Finally for MoA also you will have to pay Rs 1000 up to 10 lakhs of authorized capital too
What is the stamp duty charges for incorporation of a company?
Below is what you need to pay if you incorporate a company. The amount depends on the state and the authorized share capital. In Karnataka, for example, there are two charges: AoA and MoA. AoA costs 1000Rs and MoA costs 1000Rs as well. Apart from that, there is notary charge of Rs.340 for two director affidavits related to stamp duty as well as other fees depending upon the state you incorporate in.
Is it possible to bring a non-resident Indian as a director in the company?
To bring in another director, you need two dsc. If they are outside India at the time, they also need to get a PAN and an Aadhaar. They also need their current address (in the country of residence) and their permanent address (in India) attested by the Indian embassy there. Any incidental charges here is not covered in this package.
I have different details on my documents. Does that mean I can’t start a company?
When you start a company, be sure to have the same information on all of your documents.
Why do we need to wait so long to get our incorporation certificate?
There is a long queue of people who want to start their own company. We need rules to approve the company name and issue a certificate of incorporation. Because there are so many people wanting this, it will take time to get your certificate of incorporation. It could take between 20-25 working days.