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One Person Company is a new type of business which is run by one entrepreneur to operate the corporate entity with a limited liability protection for the member. It was introduced through the Companies Act,2013 allowing them to create a single person economic entity. It is the same as a Company different from its legal entity and offering limited liability protection to its shareholder while having a continuity of business. To form an OPC only one director or member in need, both can be the same person. Unlike in Limited Liability partnership and Private Limited Company, at least two members are required to do a business. If One Person Company crosses turnover of 2 crores it must be transferred to a Private Limited Company. However, before its introduction in India, it has got high prominence in countries like USA, UK, CHINA, AUSTRALIA, etc. They are not allowed to carry out activities of non-banking financial companies. An OPC is considered to be a fusion of a Sole Proprietorship and a private Limited Company because it is enjoying the benefits of a Private limited Company like separate legal entity, perpetual succession, etc and more it is a Sole Proprietorship as only one director is required to form an OPC.
Hyderabad is a very big city with around the size of 650 square kilometers. It was found in the year 1591. Religiously and culturally city is untied with Hindus ,Muslims and Christians. Hindi, Urdu, Telugu , English are the most spoken languages in Hyderabad. Also is the only city to have made Urdu as one of its official languages. It is also called as one of the safest cities with very low crime rates and safe streets.
The reasons for one person company registration in Hyderabad are:
1. It is the only type of corporate entity which is run by a single promoter. It also ensures that it has a perpetual existence and an easy transferability concept.
2. Until a Company is dissolved, it has a Perpetual Succession. It is unaffected by the death of any person and continues to be in existence.
3. Banks and other Financial Institutions prefer to provide funds to a Company rather than a Partnership. However, OPC cannot issue an Equity Security as it will be owned by one person every time.
4. Ownership of business can be easily transferred. In an OPC registration Hyderabad ownership is transferred by altering the shareholding, directorship and nominee feature.
The following are the need for OPC registration in Hyderabad are:
In India,OPC is a well-established business structure. Banks and other financial Institutions give funds to Companies rather than Partnership. Here with the OPC registration in Hyderabad fast decisions can be made.No annual or general meetings needs to be conducted after OPC registration Hyderabad.
The procedure for OPC Registration in Hyderabad is:
1. The basic step is to get Digital Signature Certificate made for all directors. The ITAct,2000 requires a digital signature on all certificates submitted online. NAME OF THE Certificate Agency must be given from where the DigitaL Certificate is acquired. It required certain documents of the director:
Address Proof, Aadhar Card, PAN card, Email Id, Phone Number, Photo.
2. After the DSC is made, the next step is to apply for Director Identification Number(DIN) of proposed Directors in form along with Address proof.
3. The next step is to decide the name of the Company. The name must get approved by the Ministry of Corporate Affairs.
4. Some documents must be submitted to the Registrar of Companies for OPC registration Hyderabad:
The MOA which is the object of the Company for which the Company is Incorporated.The AOA which laid down the rules and regulations of the Company.Since there are one director and one member, one nominee who will take over the Company on behalf of directors when he dies. So, his consent in Form INC-3 is needed along with PAN card and Aadhar Card. The proof of registered office of Company is needed.No objection Certificate is needed from the owner. A declaration must be given by the professional certifying that all compliances are made.
5. All these documents must be attached to e form and will be uploaded to the MCA site for approval. After uploading of documents, Form 49A and 49B will be generated for PAN and TAN generation of a Company which has to be uploaded to the Ministry of Corporate Affairs site along with the DSC of the proposed Directors.
6. On verification, the Registrar of Companies will issue a Certificate of Incorporation and then business can be commenced.
7.Get the online OPC registration in Hyderabad done by companyvakil.com
The minimum requirements for an OPC registration in Hyderabad are:
1. There should be one shareholder.
2. There should be a minimum of 1 director.
3. The Director and Shareholder can be the same person.
4. There should be one nominee.
5. Only Indian residents can become a nominee or a shareholder.
6. The minimum authorized Share Capital must be Rs/1 lac.
7.The DSC and DIN for all proposed Directors.
There are some documents required for formation of a One Person Company registration in Hyderabad are:
1.Reservation application of name in INC-1.
2.Identity Proof, Address Proof, Aadhar Card, PAN Card of nominee and director.
3.Written consent of nominee in INC-3.
4.MOA and AOA of The Company.
5.Registered office address proof.
6Application for one person Company Registration in Hyderabad.
The advantages of having an OPC registration in Hyderabad are:
1. It has a Perpetual Existence i.e. the Company never dies with the death of the member.
2.One person company Hyderabad books have more credibility and authenticity as compared to other books.
3. It has a concept of Limited Liability Protection.
4. It is considered to be a fusion of a Sole Proprietorship and a Private Limited Company.
5. If an One person company Hyderabad has a three year turnover of 2 crores and has a paid-up capital of over 50 lacs then it will be converted into a Private or Public Limited Company within six months.
Ans: No, a single person cannot hold more than one OPC registartion in india .
Ans: Yes, remuneration paid to the director will be allowed as a deduction under the income tax.
Ans: Only natural Indian resident can form an OPC, i.e. No body corporate or foreign resident can form an OPC.
Ans: OPC can get converted into a Private or Public Limited Company when:
(a) either it crosses the limit of paid-up capital of Rs 50 Lakh or more or crosses the turnover of Rs 2 Crore or more.
(b) when the OPC have completed 2 years from its incorporation.
Ans: A foreign national cannot register an OPC in India.
Ans: The sole member becomes the director of OPC if it is not mentioned in the Incorporation Certificate.
Ans: Yes, a Public Limited Company can be Converted into an OPC.
Ans: OPC has a sole member which is the policy just like sole proprietorship have and OPC has to follow the compliance as per the Private Limited Company.