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One Person Company Registration

One person company registration in Madurai and Karur can be done easily with Corpstore Business Solutions. Our dedicated team of professionals will help you to register your OPC with online documentation and simplified process. An OPC is the newest form of business in India introduced by the Companies Act, 2013. Section 2(62) of Companies Act defines a one-person company as a company which has only one person as its member. Furthermore, members of a company are subscribers to its memorandum of association, or its shareholders. So, an OPC is a company with one shareholder as its member. .

The OPC is suitable for small businesses whose turnover is not likely to cross Rs. 2 Crores and the maximum amount of capital to be invested is limited to Rs. 50 lakh. An OPC can have more than one director. However, one of the director should be an Indian Resident.

Conversion of OPCs into other Companies

Rules regarding to the formation of one-person companies strictly restricts the conversion of OPCs into Section 8 companies, i.e. companies that have charitable objectives. Moreover, OPCs also cannot convert voluntarily into other kinds of companies until the completion of two years from the date of their incorporation.

Features of One Person Company:

  • An OPC has a separate legal entity just like companies and the liability of each partner is limited to the contribution made by partner
  • An OPC can be registered in India with one person, who act as the directors or shareholders of the company.
  • The maximum number of directors of an OPC is 15 and the number of shareholder cannot go beyond the limit.
  • One of the director must be resident in India. A person is said to be resident if he or she stays in India for at least 182 days during the preceding financial year irrespective of their citizenship.
  • No Minimum Capital Required for one Person Company.
  • The rights and duties of designated partners are controlled by the LLP agreement. They are responsible for the compliance of all the provisions of LLP Act, 2008 and those provisions specified in LLP agreement.

Documents Required for OPC Registration

  • Passport Photographs of Promoter
  • PAN Card of Each Promoter
  • Identity Proof such as Voter ID / Driving License/ Passport
  • Address Proof such as Bank Statement / Electricity, Mobile, Telephone Bill
  • Proof of Registered Office
  • Utility Bill as proof must be latest
  • NOC from the owner of the premises

OPC Registration Process

Digital signature

As the application for LLP Registration is filed completely through online, the process starts with the issuance of the digital signature of class-2 for the partners.

Company name approval

The name of the company should be unique and new name which should not be the same or similar to an already registered company, LLP or a registered or applied trademark.

COI (certificate)

One single application (spice 32) is filed for allotment of DIN, and incorporation of the company. Only with the approval of this form, the Certificate of Incorporation is issued.

PAN and TAN

Usually Income-tax Department allots a PAN and TAN, which is mentioned on the certificate of incorporation.

FAQ'S

  • Q. What is the maximum turnover limit for a one person company?
    The average turnover of OPC is Rs. 2 Crores for three years, if the turnover exceeds the limit then it is mandatory to convert as a normal company.
  • Q. Who is eligible to act as the member of an OPC?
    Only a natural person who is an Indian citizen and resident in India are eligible to act as a member and nominee of an OPC.
  • Q. How many shareholders are in OPC?
    As the name suggests that it is a company of one person. Hence, an OPC cannot have more than one shareholder. However, it can have more than one director to manage the company.
  • Q. What is the meaning of “limited liability” in Opc Company?
    The word Limited Liability implies that the owner or shareholder of the OPC is not personally liable to pay debts of the business. They are only responsible for the unpaid shares of the capital of the company.