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One person company is similar to the private limited company but it requires only one person. so you can enjoy the similar advantages but you can add the partners. So its for those solo entrepreneurs who need 100% control of the business.
The idea of One Person Company (OPC) in India was introduced to give boost to entrepreneurs who have great potential to start their own venture by allowing them to create a single person company. Since, no intervention from any third party is seen, it makes it more beneficial. So, if you want to start up your own business, you dont have to worry about all the complex and tedious processes.
Before preparing for OPC, please keep in mind the following points -
1. Only a natural person (Not Association of persons, Body of Individuals, Company, or any other entity) who is a resident of India in preceding calendar year (stayed in India for 182 days) can form OPC.
2. You cannot incorporate more than one OPC or be the nominee of more than one OPC.
3. There is threshold of paid up capital (Rs. 50 lakh) and average annual turnover (Rs. 2 crore in 3 immediate preceding financial year) beyond which the status of OPC is lost.
4. Rules of OPC do not permit Non-Banking Financial Institutions.
Choose OPC because
* Only one member is required.
* Unaffected by death of member or change in ownership.
* Easy to set up and maintain.
* Limits the liabilities of its members.
* Minimal Paperwork is required.
* Can act as Stockbroker or Sub-broker
* Not many compliances
Receiving Documents & Apply, DIN & DSC 1-2 Days
Drafting MOA and AOA electronically in Spice MOA (INC-33) and Spice AOA (INC-34) 3-5 Days
Submission of Spice Form INC-32 along with link Form Spice MOA (INC-33) and Spice AOA (INC-34) 6 to 9 Days
Certificate Of Incorporation, PAN & TAN 10 to 12 Days
OPC is one of the most feasible types of business formats when it comes to its management. An OPC needs to face lesser number of legal compliances as compared to Private Limited Company and Public Limited Company. For example, such companies have no need to hold Annual General Meeting (AGM).
No. Once the company is created, it will be valid till it gets officially dissolved down by the owners. No renewal or fees is required. However, every year one man companies have to file very basic returns with ROC office.
Not necessarily, the minimum capital is required to incorporate Guarantee Company not having share capital and in the case of company limited by shares, the minimum capital can be Rs. 10.
Only a natural person who is an Indian citizen and a resident in India can choose to become a nominee. Nominee must also be over 18 years of age. He cannot become a nominee for more than one OPC.
It takes around 5 to 8 days to setup a (OPC). The time to be consumed generally depends on the submission of necessary documents to respective authority and obtaining government approvals. It is suggested to pick a unique company name and furnish all required documents for speedy processing of application.