One Person Company is a separate legal entity that holds a perpetual succession. As per the abidance and regulatory rules and guidelines of the Ministry of Corporate Affairs (MCA), it is required to apply for One Person Company registration online in India online under the Companies Act, 2013. One Person Company (OPC) is an entity that can be organized with only 1 owner, who can act as both the shareholder as well as a director of the company.
Registering a Company is quick, easy, and can be done online with QuickTaxperts in 3 simple steps:
We help you register your directors with the Ministry of Corporate Affairs (MCA).
We help you pick the right company name.
We draft and file the documents required for your company registration (MoA and AoA).
One Person Company is a separate legal entity that holds a perpetual succession. As per the abidance and regulatory rules and guidelines of the Ministry of Corporate Affairs (MCA), it is required to apply for One Person Company registration online in India under the Companies Act, 2013. OPC Company is an entity that can be organized with only 1 owner, who can act as both the shareholder as well as a director of the company.
One Person Company is a separate legal entity that holds a perpetual succession. As per the abidance and regulatory rules and guidelines of the Ministry of Corporate Affairs (MCA), it is required to apply for One Person Company registration online under the Companies Act, 2013. OPC Company is an entity that can be organized with only 1 owner, who can act as both the shareholder as well as a director of the company.
A new concept in starting up a company has been introduced by Companies Act 2013 and the concept named as One Person Company. As per Section 2(62) of Companies Act, One Person Company is a company owned and run by a single person who will play the role of both shareholder and director of the company at the same time. One Person Company Registration in India has lower abidance when compared to a Private Limited Company.
OPC or One Person Company is a type of a company formed by a single person who is the director and owner of the company. According to the Company’s Act, 2013, OPC Registration in India in India is a type of sole proprietorship business structure in the form of a company which provides complete authority to the owner to run the business as limiting his duties and financial liabilities for the business.
Most of the business personnel choose a Private Limited Company to register because of its exclusive advantages but the hidden truth is OPC Registration can offer them better opportunities and exclusive advantages with very less compliance. Following are some of the benefits of One Person Company Registration in India
OPC Company Registration in India provides you more opportunities to take risks, research and explore better business opportunities without any pressure of shedding on any personal property. Therefore, one man company is a recommended option for the new, young and innovative entrepreneurs.
Single person owned company will majorly end or come to an end when there is the death of the proprietor or owner or the major person who owns the business. Whereas in the case of an OPC company, it enjoys the benefits of a separate legal identity. Due to this reason it would go on to the person who is the nominee director and, hence, it would be ensured that the company continues to run business or simply put, to exist.
A business entity which is owned and operated or managed by one person needs to have its accounts audited on an annual basis. And this is believed to have greater credibility and believability among investors or lending institutions and such other organizations and stakeholders on whom the entity is reliable.
Like a private limited company, One Person Company can also bring up its fund through financial institutions, angel investors, venture capitals, banks, other NBFC’s or non-banking financial corporations and such other credit and fund providing organizations. A One Person Company can also upgrade itself into a Private Limited Company to bring up its funds from outside.
Not any type of company can beat OPC when it comes to the registration process as it can be done with the least requirements. As of today not even one company can bet the simplicity and easiness with which an OPC can be registered as it holds the least requirements when compared to others.
An OPC registration online in India can use all the benefits offered to small scale industries like easy investment without depositing security to certain levels, financial help or loans at lower interest rates, advantages under foreign trade policy, and many more on the list. These are some of the important advantages which play a vital role in the development of the company in its starting days.
Any business structure which is registered under the Company Act, 2013 is recognized as a separate legal entity and it comes under more trustworthy company registration when compared to the non-registered companies.
Anyone can start an OPC or One Person Company by satisfying the below requirements. OPC Registration Requirements are below:
A shareholder or director is required as both can be the same person
The owner or director of the company should be a citizen of India.
Few little compliances of required documents
Due to this less burden, a person or the owner of the company can spend more time focusing on his company development and its functional areas.
Maximum and minimum membership requirements must be met
There should be a nominee chosen before incorporation
Use Form INC-3 to request the nominee's approval
The Companies (Incorporation Rules) 2014 mandate that the OPC name be selected
Minimum authorised capital of ₹1 Lakh
DSC of the potential director
Evidence of the OPC's registered office
We submit a name approval application for your sole proprietorship
Experts at Vakilsearch will draft the MOA and AOA on your behalf, and will file the necessary paperwork with the MCA to be incorporated
Allocation for PAN and TAN happens simultaneously
Our team of experts will let you know how your OPC Registration is progressing.
Basically we have got you completely covered.
Regarding the relationship between the various partners in the LLP, an LLP agreement is made between the partners and the LLP. An LLP agreement typically includes management guidelines, provisions for adding new partners, methods for formulating policy, etc.
An LLP must be established with at least two designated partners, as per the LLP Act. The designated partners are in charge of completing all requirements necessary to establish and maintain an LLP.
You can reach out to Vakilsearch to complete the process, we can register your LLP within just a few minutes. Make sure to resolve all your queries with our expert team.
Yes, running an LLP is significantly less expensive than running a private limited company, especially in the beginning. This is so because many compliances, like an audit, only apply to LLPs once they have a sizable turnover. In their first year, LLPs typically spend half as much on registrations and compliance tasks as a private limited company does.
Typically, only start-ups that will not be looking for venture capital funding register LLPs. This is because venture capitalists only invest in private and public limited companies.
The LLP Registration with foreign directors includes the following process.
For each of the company's foreign directors, a Digital Signature Certificate (DSC) is to be obtained. Any Certifying Authority (CA) in the directors' respective countries can provide this.
For each international director, a Director Identification Number (DIN) should be obtained. To accomplish this, submit the necessary paperwork to the Indian Ministry of Corporate Affairs (MCA).
With the Indian Registrar of Companies (ROC), register the name of the LLP. You can accomplish this by submitting an online request for name reservation through the MCA site.
Create the LLP agreement and have all of the LLP's partners, including the foreign directors, sign it.
Together with the LLP registration application, submit the LLP agreement and other necessary papers to the ROC.
For the LLP, pay the registration fee and stamp duty.
Following the completion of the registration procedure, the ROC will issue a Certificate of Incorporation, establishing the LLP as a legal entity.
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