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It is easy to incorporate OPC as only one member and one nominee is required for its incorporation. The member can be the director also. The minimum authorised capital for incorporating OPC is Rs. 1 lakh but there is no minimum paid-up capital requirement.
faqs
One Person Company in India is a new concept that has been introduced with the Company’s Act 2013. An OPC is owned and managed by a single person, it combines the advantages of a sole proprietorship with those of a company.
OPCs are easy to set up and manage, require minimal maintenance, and can offer better operational control and taxation benefits. With the ease of registration and low cost of operation, OPCs are the ideal way for small businesses to get started.
One Person Company (OPC) is the perfect hybrid of a Private Limited Company and a Limited Liability Partnership (LLP). It offers the limited liability benefits of a Pvt Ltd as well as the flexibility of an LLP.
If the annual compliances are not met with the becomes a Dormant Company and can be struck off after some time. A Struck company can be revived for a period of up to 20 years.
The DSC establishes the identity of the sender or the signee electronically while filing the document online. The MCA mandates that the Directors sign some of the application documents using their Digital Signature.
It is the Unique Identification Number that is assigned to all existing and proposed Directors of a Company. All proposed Directors must have Director Identification Number. The DIN never expires and a person can have only one DIN.
OPC is a Company that has a separate existence and is owned by one single member. One person happens to be a mixture of proprietorship and company forms of business.
For an OPC statutory audit is mandatory. A company needs to appoint a CA as the auditor of the Company. The auditor needs to verify the books of accounts and issue a Statutory Audit report.
GST registration for a Person Company is necessary if the supply of goods or services is in another state irrespective of annual turnover.
An OPC can raise funds through venture capital, financial institutions. An OPC can also raise funds by converting into a Private Limited Company.
In a Person Company, a single person runs a company limited by shares whereas a Sole Proprietorship means an entity that is run by one individual, and the owner and business are considered as the same entity.
Except for OPCs, all entities are required to conduct an Annual General Meeting every year.
A nominee is an individual who becomes a member of the company in case of the promoter’s death or incapacitation.
Authorized Capital of a Company is the number of shares a company can issue to the shareholders. A Company is required to pay the Government an authorized capital fee to issue shares.
Ensure that the name you choose is unique and you have all the required documents before the process of incorporation for speedy incorporation.
