Incorporation of OPC

SEO Article on Topic Incorporation of OPC

Incorporation of OPC

One Person Company is a new concept introduced under The Companies Act 2013. When we talk about the business structures which include the single person. There are basically two options i.e.,

  • Sole proprietorship and
  • One Person Company (OPC)

There is a lot of confusion in the minds of people regarding OPC, as it is newly introduced under the Companies Act, 2013.

Therefore, in this article, we will cover the various aspects of OPC Pvt Ltd Registration, OPC Registration Charges, and other aspects related thereto.

 

BENEFITS OF OPC REGISTRATION

Minimum Capital Requirement

There is no minimum capital requirement for OPC Registration.

Limited Liability

The liability of the owner is limited to the extent of the share held with him which acts as the protection to the personal assets of the company.

Lesser Compliance Requirements

There are multiple exemptions granted to OPC Company, the registration process is simple and minimal compliances are to be followed.

Perpetual Succession

The death or incapacity of the contract of directors or sole members will not affect the existence of OPC unless and until it is dissolved legally.

Privilege to the Small-Scale Business

An OPC can avail of all the benefits that are offered to the small-scale industries. These benefits include easy funding, low-interest rates, etc.

 

PROCESS TO REGISTER ONE PERSON’S COMPANY

 

Step-1 Checking Name Availability and Public Search of Trademark.

Step-2 Apply for Name Reservation and file form SPICe+ Part A along with the fee of 1000/-

Step-3 Once Name Approval Letter is received, the name is reserved for 20 days which can be extended for 20 days and further for 20 days (Max. 60 days) on filing an extension application along with additional fees.

Step-4 SPICe form PART-B for incorporation is to be filed along with AGILE-PRO-S, SPICe MOA, SPICe AOA, INC-9 along with the following attachments:

  • Declaration by Certifying Professional in form INC-8
  • Consent to act as Director in form DIR-2
  • Declaration from first Directors that they are not disqualified to get appointed in form DIR-8
  • Declaration by the Nominee to become Member in form INC-3
  • Self-attested copy of ID and address proof of Subscriber to MOA, Nominee, and first directors
  • Self-attested copy of Registered office proof

Step-5 Payment of Stamp duty and filing fees,

Note: Stamp duty depends upon the Authorized Share Capital and the state where the Registered Office of the company is situated.

Step-6 Obtain the PAN and TAN of the company.
Note: They get automatically generated on the incorporation of the company.

Step-7 Open a bank account to deposit subscription money so that company can file Commencement of Business in form INC-20A and carry out business transactions afterward.

FREQUENTLY ASKED QUESTIONS (FAQS)

Q1. Who is eligible to act as a member of an OPC?

Ans. Only a natural person, who is an Indian citizen and resident in India will be eligible to act as a member and nominee of an OPC.

For the above purpose, the term “resident in India” means a person who has stayed in India for a period of not less than one hundred and eighty-two days during the immediately preceding one financial year.

Q2. What if a member of an OPC becomes a member of another OPC by virtue of being a member of any other OPC?

Ans. Where a natural person, being a member in One Person Company becomes a member in another OPC by virtue of his being a nominee in that OPC, then such person shall meet the eligibility criteria of being a member in only one OPC within a period of one hundred and eighty days, i.e., he/she shall withdraw his membership from either of the OPCs within one hundred and eighty days.

We at Compliance Calendar LLP have a dedicated team of professionals who are experts in the OPC Registration Process. If you want to register an OPC kindly get in touch with us at 9988424211 or email us at info@ccoffice.in.

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