One Person Company Registration In India

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About

One Person Company Registration  in India

Raj Softech Business Consultancy is one of the leading company registration service providers in Coimbatore. We have the professional experts of CA, Cs, Lawyers, and Auditors for your flawless registration and additional legal compliances. Our company supports the formation of a business to the subordinate services like GST registration, IT filing, and ROC works.

All You Need to Know

What is One Person Company?

One Person Company registration is a new form of business that is operated by an individual. One Person Company comes under the regulation of Companies Act, 2013. OPC form of business encourages the business individual to start their own business without any partnership collaboration. At the same time, this form of business enjoys the status of a company. Only one shareholder acts as the founder, owner, and shareholder of this company. The entire control of the business comes into the hand of a single individual. One Person Company is renowned as a legal entity. There is no specified amount mention as share capital to start an OPC. Director appointment is mere optional to operate this business. Annual compliances of an OPC is too minimal rather than a private limited company.

Mandatory Conversion of OPC to a Private Limited Company

Share capital limit is one of the primary factors that leads an OPC to convert into a Private Limited or Public limited company. The capital investment of an OPC should not be more than Rs. 50 lakhs. The annual turnover of the OPC should maintain the limit of Rs.2 crores. When these limitations exceed obviously the company must convert into a private limited or public limited company according to the norms of the Indian Companies Act.

Points to Remember

A One Person Company Vs

An Individual can easily start a One Person Company with the option of limited liability. OPC registration follows the norms of the Indian Companies Act, 2013. A single person can easily expand to a Private Limited Company under this business structure. Investment, Capital, and Fundraising are complex-free, but business expansion is a limited one. Minimal compliance and business conventions are preferable options.

Vs SoleProprietorship

Anyone can easily start the Proprietorship form of business. This business unlike Pvt Ltd does not involve other's participation. An individual who carries the business can become the owner of the firm. Both the owner and his/her business identity are not different. The owner has to take all responsibilities and/or liability of the business. There is no proper regulation followed for Proprietorship firm registration.

Vs LLP

An LLP is a corporate body registered under the Limited Liability Partnetship Act, 2008. This form of business is similar to Pvt Ltd, but the owners are called Limited Liable Partners. This type of registration is suitable for particular forms of businesses where two or more persons are involved in the conventional partnership. Ownership Transfer is a risky process as compared to Pvt Ltd. Hence, the fund-raising is becoming a difficult part.

Vs Partnership Firm

A partnership is an agreement carried out by two or more partners. The partnership firm follows the regulation of the Indian Partnership Act of 1932. The fundraising process and business expansion are too limited. Partnership functions under unlimited liability which involves high risk of personal debt and loss.
Though it carries minimal compliance the business expansion requires all the legal compliance of a company.

Vs Pvt Ltd

A Private Limited Company is registered under the Indian Companies Act, 2013. The liability of the Private Limited Company is a limited one. Share transfer of ownership in Pvt Ltd follows the transfer deed and stamp duty.
Future Business Expansion is simple through investments raised from Venture Capitalist funding, and Fundraising, etc.

How We Work?

Our One Person Registration Process

Rajsoftech business consultancy offering the complex-free process for your fast and easy company registration anywhere in India. Though it involves multiple procedures and complicated compliances our expert team will help you to register and further proceedings of your company.

Directly check the company’s name availability on the portal of the Ministry of Corporate Affairs.

Reserve Unique Name ( RUN) form fill shows the name availability checking process.

Incorporate a company under the norms of MCA through Form SPICe (INC-32)

Applying for DIN ( Director Identification Number) DSC (Digital Signature Certificate) require for company registration.

Filing the MOA& AoA (Memorandum of Association & Article of Association) for company registration

Get the company’s incorporation certification directly from the Registrar of Companies (ROC).

Applying for PAN and TAN

Opening a current account on the name of the registered company.

What You Need to Prepare?

Documents Required for the Process

Passport Size Photo of Two Directors

PAN Card of Two Directors

Copy of Electricity Bill where the office opens

Rental / Sale Deed

Aadhar Card of Two Directors

Address Proof (Bank Statement)

Rental Agreement

NOC

Is it Mandatory?

Advantages of OPC

  1. No Minimum Capital to Start: There is no prescribed monetary limitation for the initiation of OPC.
  2. Protects Owner’s Liability: As an individual business owner, OPC is limited to its liability on the amount of investment.
  3. High Credibility: As similar to the private and public limited companies, OPC is also renowned as a single owner company.
  4. Separate Legal Entity: Both the owner and company are distinct. It is the big difference between OPC and proprietorship firm.
  5. Easy Governance: Without annual meetings, and the approval of partners, the single owner can easily manage his business.
  6. Increase Potential Growth: The growth of the company is a possible one, but the growth of the company requires obligatory conversion.

Who needs to register OPC:

An aspiring business individual who wants to start a new business with a minimal amount of share capital can start his company under the form of One Person Company. Business people who want to protect their business under the option of limited liability also switch to this OPC. Otherwise, the proprietorship firms who want to convert their business to the status of a company can register under this OPC form.

About OPC Company

Important Terms to Remember

  • DSC

  • DIN

  • Form SPICe (INC-32)

  • e-MoA (INC-33)

  • e-AoA (INC-34)

  • PAN and TAN

  • Docs Required

About SPICe (INC-32)

SPICe form or SPICe (INC-32) is a form directly issued from the Ministry of Corporate Affairs to reserve the name, incorporate a company, allotment of PAN and TAN in a single process. A new company, producer company, section 8 companies all should file this form before their company incorporation. To apply for SPICe (INC-32), we need,

  1. Address proof, Id proof of the directors and shareholders
  2. Memorandum of Association
  3. Articles of Association
  4. Affidavit and directors and shareholders declaration
  5. NOC from the partners or other associates relating to the company

What you need to prepare

Comparison Chart

Description

Private Limited Company

Proprietorship Company

Limited Liability Partnership

Partnership Firm

One Person Company

Legal Act

The company should be registered under Companies Act 2013

There is no legal constitution framed by our government.

The company should be registered under Limited Liability Partnership Act 2008

The registration of this firm is optional, but it's necessary to get registered by State Government

The company should be registered under Companies Act 2013

Registration Requirement

Registration under the Act is mandatory to set up business as a Private Limited Company

Registration under the Act is mandatory to set up business as a Private Limited Company

Registration under the Act is mandatory to set up business as a Private Limited Company

Both registered and unregistered partnerships are legal, but registered entity is preferred

Registration under the Act is mandatory to set up business as a Private Limited Company

Separate Legal Entity

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Liability Protection

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Statutory Audit

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Number of Members

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Ownership Transfer ability

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Foreign Participation

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Tax Rates

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Statutory Compliances

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Existence

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Current Account Opening

For the GST filings, the current account plays a major role because all the inflows and outflows will be received through some sources. If we have a good track to start to stand with the current account it gives more clarity and transparency for all the legal persons and the promoters. For the GST filings, the current account plays a major role because all the inflows and outflows will be received through some sources. If we have a good track to start to stand with the current account it gives more clarity and transparency for all the legal persons and the promoters.

For the GST filings, the current account plays a major role because all the inflows and outflows will be received through some sources. If we have a good track to start to stand with the current account it gives more clarity and transparency for all the legal persons and the promoters. For the GST filings, the current account plays a major role because all the inflows and outflows will be received through some sources. If we have a good track to start to stand with the current account it gives more clarity and transparency for all the legal persons and the promoters.

Frequently Asked Questions

What are the prerequisites to incorporate a Private Limited Company?

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Can the private company be incorporated with a residential address?

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What are MOA and AOA?

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What are the attachments to Form 8?

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How is SPICe INC 32 different from INC 29?

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Are PAN and AADHAR mandatory?

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Is it mandatory to file eMOA and AOA along with SPICe INC 32?

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How are PAN and TAN communicated to the user once SPICe INC 32 is accepted?

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