One Person Company / OPC Registration In Chennai

One Person Company (OPC) REGISTRATION In Chennai

OPC Registration in India

OPC stands for ‘One Person Company’ which has been introduced in the provisions of the Companies Act, 2013. The OPCs are the most famous and easiest form of business administration among the start-ups. The biggest advantage of introducing an OPC is that it gives business freedom to the people; a person single-handedly is capable of starting and operating an OPC. The OPC can be actively operated by a single promoter while at the same time having limited liability. OPC registration has been a turning point in the Companies Act since it is a proof that the laws are changing according to the time and needs of people. Though it is mandatory that the OPC should nominate a director in their documents, and if the OPC turnover exceeds a certain monetary threshold it has to be converted

in to a PLC i.e. Private Limited Company. Hence, OPC registration has a comprehensive process of registration, and there are many benefits why one should opt for OPC registration in India.

Reasons to get OPC Registration In Chennai

Apart from the fact that an OPC is a flag bearer of economic and business independence amongst the potential businessmen and stakeholders, who want to start an entity, single-handedly. The further reasons why one should opt for OPC registration can be enumerated as the following-

1. Limited Liability – When the OPC comes into operation, the nominated director's assets are safe and protected due to the provisions, hence there is a limited liability that is imposed, in case of a loss of capital or loan amount.
2. Property Benefits – An OPC is legible for the sale, purchase, and rent of the property. The OPC can take up property under its name, through the process of completion of registration.
3. Continual Survival of the OPC – Any untimely death or any other circumstance due to which a member has to leave the OPC, doesn't have any consequence on the existence of the OPC, an OPC can only be dissolved through legal machinery.
4. Independence of operation – The OPC doesn’t have a minimum requirement on the number of members that are required for the formation and operation of OPC; hence the person who is individually heading the OPC is responsible for the operations of the company.

Process of OPC Registration In Chennai

OPC registration is usually done by following the procedure of opening an account with the MCA (ministry of corporate affairs) and follow the guidelines that have been provided by the same, further professional services like that of Company Vakil also provides services of OPC registration, the procedure of an OPC registration can be understood as the following –

• Application for DSC & DIN: The digital signature certificate (DSC) and the director identification number (DIN) is primarily applied for as the first step for registration of an OPC. Supporting documents are submitted with each of the DSC and DIN.
• Name of the OPC – The name of the OPC which has been formulated by the applicant is searched, verified so as to be sure that it’s not in existence and then sought for approval with the MCA, which scrutinizes this.
• Submission of the required documents – There are certain proofs that are to be submitted to the concerned authority, which supports the genuineness of the OPC, this includes the main documents which are the MOA and AOA along with supporting affidavits and compliance certificate.
• Formalities of MCA – There are certain forms that have to be filled out before applying for an OPC registration, which includes SPICe form, along with the forms that have to attest with the MOA & AOA, among other forms if necessary.
• Incorporation – The final step of OPC registration is the incorporation of the OPC itself, the Registrar will go through the documents submitted and everything in detail with great scrutiny. Then incorporate the OPC, as required.

Minimum Requirements of OPC Registration Chennai

There are certain minimum requirements that one has to keep in their mind while getting their OPC registered which can be enumerated as the followings

1. The number of Shareholder & Director – There is at least 1 person required in order to get the OPC registered, and in order to operate the OPC. It is also required that at least one of the shareholders or the director should be of the same domestic territory or resident of the country.
2. DSC (Digital Signature Certificate) – This is obtained for the promoters and the shareholders, this DSC plays the role of the signatory purpose of the OPC establishment. This is also the first and foremost document that is required for the initiation of the OPC registration.
3. DIN (Director Identification Number) – This is the unique number that is assigned to the said directors of the company, and plays a role for the unique identification of the directors of the OPC.