ONE PERSON COMPANY
India Tax Filling helps you to Register One Person Company (OPC) in India in a very simple way. Prices starting from INR 6999/- only.
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One Person Company (OPC) can be formed with only 1 owner, who acts as both the director as well as a shareholder of the company. There can be more than 1 director, but not more than 1 shareholder. It is registered as per the compliance and regulatory guidelines of the Ministry of Corporate Affairs (MCA). It is a type of company where the compliance requirements are lesser than a private company. OPC registration is an extremely simple and cheap process.
One person company Registration opens up new business doors for sole proprietors and entrepreneurs who also wish to enjoy the advantages of limited liability, and a separate legal entity as well. One person company does away with the hassles of finding the right partner for beginning a business as the registered entity. It requires just a single person who will act as a member, shareholder, and director.
OPC Registration Process Duration:
5 Business Days: Firstly, the OPC director should petition or apply for the DSC otherwise known as Digital Signature Certificate, which is mandatory to file for the company registration records. For this to come through, one only needs to submit a few scanned documents; after which our agents will file the form by filling it and put it online for submission.
7 Business Days: Once the application for the DSC is done, our agents will ask you to choose a name for your business and send us the relevant scanned documents for the same. The sent documents will be used to file for the SPICe i.e. INC-32 and the MoA is otherwise known as the Memorandum of Association and the AoA also known as the Articles of Association. Finally, at the end of this process, the Certificate of Incorporation will be processed and approved.
2 Business Days: All companies need a registered PAN or Permanent Account Number and TAN or Tax Account Number. The application will be filed online by our representatives, however, you will be asked to courier the hard copies of the relevant and required documents yourself. Post the processing, the TAN and PAN will be dispatched to you to your registered office address only within 21 business days.
One Person Company (OPC) registration fees:
Government fees for registering a One Person Company (OPC) in India depends on the nominal Share Capital of the company. For example The Government fees for the OPC registration whose Share Capital is 10,00,000 the Government fees would be 2,000/- rupees. Whereas if nominal share capital ranges between Rs. 10,00,000 to Rs. 50,00,000 – Rs 2,000. Rs. 200 will be added for every Rs. 10,000 or part thereof of nominal share capital.
However, there would be extra costs such as DIN application expenses, stamp duties, form filing fees as well for OPC Incorporation in India.
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Compliance required by a One Person Company
Every One Person Company is required to get their GST Registration within 30 days of business consolidation in India Under the Goods & Service Tax Act. GST Registration is required when the turnover is more than INR 40 lakhs or INR 20 lakhs in Special category states or If the One Person Company supplies goods intra-state or Provides goods and services online.
When a One Person Company gets registered under GST, it becomes important to file GST returns for Private Limited Company. As the filing of GST returns is obligatory for all the enlisted Taxpayers including companies. GST returns can be filed monthly, quarterly, or yearly depending upon the types of GST returns form you are filing.
Every One Person company should maintain proper books of accounts which should represent an accurate and fair view of the state of affairs of the company. Accounting is necessary for the statutory audit, Annual filing and IT return filing which is mandatory once you start your Company. These books of accounts shall be audited by the auditor appointed by the company.
Every One Person Company registered under the Companies Act, 2013, irrespective of its business turnover or nature of business or capital must have its book of accounts audited each financial year. Thus, the Board of Directors of a One Person Company is required by law to appoint an Auditor within 30 days of joining the company and thereafter conduct an audit of its financial statements each FY.
The One Person Company must get their accounts audited under MAT i.e. Minimum Alternate Tax. The motto of the introduction of MAT was to bring into the tax net “zero tax companies” which despite having earned considerable book profits and having paid handsome dividends, do not pay any tax due to various tax concessions and incentives provided under the Income-tax Law.
Income Tax Audit
Irrespective of turnover every One Person Company requires to get the tax audits under section 44AB done. The Tax audit under section 44AB aims to ascertain the compliance of various provisions of the Income-tax Law and the fulfillment of other requirements of the Income-tax Law. The tax audit limit under section 44AB is INR 1 Crores (5 crores where at least 95 percent turnover is made on digital transactions)
Documents Required for One Person Company (OPC) Registration Process
- PAN card or Passport
- Passport, for NRIs and Foreign Nationals
- Scanned transcript of Driver’s License or Voter’s ID
- Updated gas or electricity invoice/Bank account Statement/Mobile or landline phone invoice
- Specimen signature or impression
- passport-sized photo
A Company must have a registered office in India. Documents like bank statements or electricity bills should not be older than 2 months. Along with that utility bill, rent agreement or sale deed and a No Objection Letter (NOC) from the landlord with his/her consent to use the office as a registered office of a company must be submitted.
Benefits of One Person Company (OPC)
No minimum capital compulsion
There is no minimum capital required to form a One Person Company. It can be registered even with Rs. 10,000 as total Authorized Share capital.
Separate Legal Entity
An Open Person Company enjoys the benefit of Separate Legal Identity which clearly states that assets and liabilities of the business are not the assets and liabilities of the Directors or investors.
An investor or the owner of a Company has a limited liability towards the company. His/her liability is limited up to the shares subscribed by him/her.
For Annual filing and other compliances, One Person Company is treated as a Private Limited Company. Moreover, it is exempted from many compliances. It does not have to hold AGM every year.
All the information relating to the one person company are made available in a public database. This feature makes it easy to authenticate the existence of the business that ultimately helps in improving business credibility.
The company keeps on existing in the eyes of law even in the case of death, insolvency, the bankruptcy of any of its members or shareholder. It continues as a legal person until it is legally dissolved.
Steps to form One Person Company (OPC)
Get DSC and reserve your company name
Submission of MOA & AOA
Get Company’s Incorporation Certificate.
Get Company’s PAN & TAN
Fill Simple Checklist
A compliance manager will get in touch with you to collect your documents along with a simple checklist. You need to fill up that checklist and submit along with your documents for verification. Our team of experts will verify the documents provided by you and take the procedure further. The compliance manager dedicated to you will keep you updated on the progress of Company Registration throughout the process.
Once your documents along with Checklist are submitted, we shall proceed with the application of your Digital Signature and subsequently the approval of your name for your Private Limited Company. You may suggest up to three names of your choice. Names should be unique and suggestive of the Company’s business. We will proceed with application for name for your Private Limited Company in Part A of SPICe Plus form.
We will draft the MOA (Memorandum of association) and AOA (Articles of association). We will file the incorporation documents with MCA through in part B of a form called “SPICe Plus (SPICe +)” along with the subscription statement. Usually, MCA approves the forms within 4-5 days once filed and issues Incorporation Certificate with CIN. PAN & TAN are allotted alongside. You may then proceed to open your Company Bank Account.