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ENTERSLICE FINTECH
One Person Company The Registration Guide by Enterslice Fintech
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ENTERSLICE FINTECH
What is a One Person Company? Section 2 (62) of Companies Act says a company with only one person as its member falls under the criteria of One Person Company or OPC. OPC is owned and managed by one person only. Moreover, all the members of the OPC are followers to its memorandum of association or its shareholders.
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Easy Steps for Incorporation Apply for FSC
Apply for DIN
Documents Required
Name Approval Application
Filing Forms with MCA
ELIGIBILITY CRITERIA
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The following is the eligibility criteria for OPC Registration in India. Only a natural person who is a citizen of India and resident in India-
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is a person who is eligible to incorporate an OPC
182 Days A resident of India is a person who has stayed in India for at least 182 days in the preceding one year
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Registered ID is eligible to be a nominee for the sole member of an OPC
No Limit
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If an OPC exceeds a turnover of over Rs 2 crores or has a paid-up capital above Rs 50 lakhs. It must be turned into a private or public within six months.
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Indian Citizen
Advantages of OPC
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2. Liability on Director is Limited
3. Fewer Compliances
There is no minimum capital required for OPC registration. However, the maximum Authorize capital of One Person Company shall not exceed Rs 50 lakhs at any point in time.
There is a limited liability related to One Person Company which means the liability on the Director is limited. The personal asset of the Director won’t be attached to the debt of the business. The property is safe.
The compliances under OPC registration are very less as compared to any other company. OPC registration process can be done with minimum paperwork.
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1. No Minimum Capital
& More...
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5. Greater Credibility
6. No legal Disputes
The death or illness or incapacity of the director won’t disturb the ongoing process of the company as the nominee director will hold the rope to continue the business.
As an OPC needs to have its books audited annually, it has greater credibility among the vendors and the lending institution.
Now, when the company is registered with one person, then there is no chance of any legal disputes arises between the director or any other third party.
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4. Continuous Existence
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Apply for DSC ENTERSLICE FINTECH
The proposed directors must obtain Digital Signature Certificate (DSC), which cannot be obtained without submitting the following documents:
Address Proof Aadhar Card Photo Email-id PAN Card Phone Number
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Apply for DIN Obtain the Director Identification Number (DIN) of the proposed Director. Provide the details like name and address proof of the proposed director in SPICe form. Now up to three directors can apply for the DIN within SPICe form.
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Name Approval Application Once you have applied for DSC and DIN, the next step is to process for name approval application. The name of the company will be available in the form of “ABC (OPC) Private Limited�. There are two ways to get name approved: first is to make application in Form SPICe 32 or the second way is to use RUN Web service of MCA by providing one preferred name along with the reason of keeping it. Though, on March 23, 2018, Ministry has come to a decision to permit two proposed Names and one re-submission (RSUB) at the time of preserving Unique Names (RUN) for the companies.
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Documents... Memorandum of Association; states why the company come into existence. Article of Association (AoA), consists of the laws on which the company will operate. A proof of nominee consent in Form INC-3 along with nominee’s PAN card and Aadhar card. NOC from the owner and proof of registered company office Affidavit of the proposed director in the Form INC-9 and DIR-2 respectively
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Mandatory Compliance Conducting a minimum two board meetings as stated under the Act. Statutory audit of financial statements by a chartered accountant Appointment of Auditor Filing of ITR Annual filings to the registrar of companies Keeping up statutory registers Form AOC-4 for financial statement MGT-7 for an annual return
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