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An OPC is also known by the name of One Person Company, which was introduced by the Companies Act, 2013 thus enabling even one person to open and run a company. The One Person Company may also be sometimes known as a sole proprietorship.
The idea behind its introduction was to enable the entrepreneurs having great potential by allowing them to start their own enterprise by giving them the opportunity to start a single person business entity.
The ability of an OPC to have just one member is the largest advantage as all the business structures available for choice before this required at least two members for the incorporation and registration of the business.
But an OPC has to keep a proper record and maintain proper books for its accounts and it is necessary for all OPCs to participate in the Statutory Audit of Financial Statements and also it is mandatory for every OPC to file an income tax return every year.
If an OPC hits an average three-year turnover of over INR 2 crore or has a paid-up capital of over INR 50 lakh, it must be turned into a private limited company or public limited company within six months.
We at Companyvakil help you register a One Person Company from Jaipur. Jaipur houses many royal palaces amongst which comes the City Palace. It consists of several gardens palaces and temples. Some of them are the museum, Maharani’s palace, Chandra Mahal, Mubarak Mahal etc. It also has Diwan-I-Khas and Diwan-I-Am, which are meant for private and public affairs respectively. Most of the area in this palace is still occupied by the descendants of the rulers of Jaipur. The decoration and art here attract millions of tourists each year.
1. Only one member is required for the incorporation of an OPC
2. A One Person Company remains unaffected by the death of the director or a change in ownership.
3. A One Person Company is very easy to set up and manage as compared to other forms of business structures such as Private Limited Company, LLP etc.
4. A One Person Company also limits the liability of its director and makes his personal assets free of any influence from affairs related to the company itself.
5. The registration process is quite easy, efficient, affordable, guaranteed and moreover, one can get the OPC registered online through CompanyVakil.com without any hassle.
6. A One Person Company requires meeting very few numbers of compliances than other business structures.
7. It costs just Rs. 8,999 for a person who is looking for One Person Company registration in Jaipur through ComapnyVakil.com.
1. Obtain DSC: DSC stands for Digital Signature Certificate. Obtaining the Digital Signature Certificate of the proposed director of the company is the first step.
2. Obtain DIN: DIN stands for Director Identification Number. After obtaining the Digital Signature Certificate for the proposed director, the proposed director has to apply for a DIN or Director Identification Number by filling the Form DIR – 3.
3. Apply for Name Approval: After both DSC and DIR have been procured by the Director, the next step is to decide a suitable name for the company. The best course of action for this is to check the availability of names to make sure that the proposed name has not already been registered for some other company. In order to get the name approved by the Ministry of Corporate Affairs, the INC – 1 Form needs to be filled. To do this one has to submit a list of six proposed names essentially in the order of preference.
4. Drafting of MoA and AoA: The next step is the drafting of two documents known as the Memorandum of Association (MoA) and Articles of Association (AoA) of the company which are in a way the charter documents of a One Person Company.
5. Submitting SPICE Form: SPICT stands for Simplified Proforma for Incorporating Company Electronically. All the documents need to be attached to the SPICE MoA, SPICE Form, SPICE AoA along with the DSC of the director, and it will be uploaded to the Ministry of Corporate Affairs site for their approval.
6. Certificate of Incorporation: The Registrar of Companies (RoC) issues a Certificate of Incorporation upon the completion of verification of documents. After the receiving of the Certificate of Incorporation, one can start their business.
There are certain basic and minimum requirements which need to be fulfilled by a One Person Company in Jaipur to be successfully registered. They are:
1. Minimum one shareholder and one director are required for the registration of an OPC through the shareholder and the director may very well be the same person.
2. One nominee is also required to be able to get through the registration process.
3. Only a natural person who must also be a resident of India can be a member or a nominee of a One Person Company.
4. The minimum authorized share capital is INR 1 Lakh.
5. DIN numbers are required for the directors.
6. A person can be a part of only one OPC at most.
7. A registered OPC has to maintain proper books and needs to take part in a Statutory Audit of the Financial Statements.
8. Every OPC also has to file a business income tax return annually before 30th September.
All the documents are required only in the scanned form. You can attach the document in the form after the payment or e-mail it to us on email@example.com. Feel free to get in touch for any query. Following documents need to be submitted by the applicant:
1. The Memorandum of Association or MoA is required for the One Person Company registration in Jaipur.
2. Also, the document called Articles of Association or AoA is required for OPC registration.
3. For any event such as the death of the director and the promoter or failure to perform their duties, a nominee on their behalf is required to assume their duties at such time. Nominee’s consent is taken in the Form INC – 3 along with his PAN Card and Aadhaar Card.
4. A proof of the proposed registered office of the proposed company is required together with the proof of ownership.
5. If the registered office is a rented premise, a No Objection Certificate (NOC) from the owner is also required.
6. Affidavit Certificate and a Consent Letter of the proposed Director of Form INC – 9 and DIR – 2 respectively.
7. A declaration by the professional certifying that all compliances have been made.
There are a number of advantages to forming a One Person Company in Jaipur. They are:
1. Limited Liability: An OPC offers the shield of limited liability to its director which means that the personal assets of the director of a One Person Company are always safe, no matter the debts of the company.
2. Separate Legal Identity: A One Person Company has a separate legal identity which means that it is considered to be legal and judicial personnel in the eyes of the law, and thus can own, buy, sell, and enjoy the property in its own name.
3. Easy Funding: Just like a Private Limited Company, a One Person Company can easily draw funds from various financial institutions and other money lending services.
4. No Collateral Loans: Just like the small-scale industries, a registered OPC can also have access to easy funding through banks on much lower interest rates without having to deposit any security for the loan.
5. Continued Existence: Since an OPC is a legal entity, the death or incapacity of its director doesn’t affect its existence. In any such event, the company passes on to the nominee director. Therefore, the OPC continues to exist.
6. More Opportunities due to Limited Liability: Since, the personal assets of the director are secured in a One Person Company the director of the company can take much more risk in business without affecting the personal properties of the director.
7. Easy Transferability: The ownership of a One Person Company can be easily transferred by bringing changes and alterations in the shareholding, directorship and nominee director information.
OPC i.e. One Person Company is a blend of both Sole Proprietorship and Private Limited Company and enjoy certain benefits of both types of organization.
OPC can be incorporated with any amount of Capital but no Proof for the same is required during Incorporation Process, Stamp Duty i.e. Govt. Fees have to be paid on Shares issued i.e. Authorized Capital (minimum Shares have to be of INR One Lakh).
Since only one person is the shareholder of the OPC hence, hence at the time of incorporation of a one-person company, any other person is nominated as a nominee with their consent.
Any individual/organization can become the member of One Person Company including foreigners/ NRI’s.
A person can be a member of only one OPC.
The Address of the registered office needs to be in India. It can be on an Industrial, Residential or Commercial Premises where Communication from MCA can be received.
There is no specific tax advantage to an OPC registration india over any other form. The tax rate is flat 30%, other tax provisions like MAT & Dividend Distribution Tax applies as they apply to any other form of company.
The cost of an OPC is only marginally lower than that of a Private Limited Company. You will be shelling out around INR 12000 to incorporate, than paying around INR 15000 a year in compliance fees and an auditor to inspect your books.
The OPC Can have an average turnover of INR 2 Crores during three years if the turnover exceeds the limit then the same need to mandatorily convert as a normal company.
A One Person Company can be registered with a maximum capital of INR 50 Lac. If the OPC wants to increase capital beyond INR 50 Lac, then the same needs to be converted as a normal company.
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