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ONE PERSON COMPANY

The concept of One Person Company in India was introduced by Dr. Jamshed J. Irani in his Report on Company Law dated 31st May, 2oo5 through the Companies Act, 2013 to support entrepreneurs who are capable of starting a venture by allowing them to create a single person economic entity.
The biggest advantage of a One Person Company is that there can be only 1 member in a One Person Company. As a Private Limited Company, One Person Company is also a separate legal entity from its promoter, which provides limited liability protection to its sole shareholder, while continuing business and being easy to incorporate.
Though a One Person Company allows a single Entrepreneur to run a corporate entity with limited liability protection, an OPC does have a few limitations. For example, every One Person Company has to nominate a nominee Director in the MOA and AOA of the Company - who will be the owner of the OPC in case the only Director is disabled. Also, a One Person Company has to be converted into a Private Limited Company if its annual turnover crosses Rs.2 crores and is supposed to file audited financial statements with the Ministry of Corporate Affairs by the end of each Financial Year.

There are various constraints on starting a One Person Company, you can reach out to us for detailed discussion. Some of the constraints are as follows:

Only an Indian Citizen and resident in India can incorporate a One Person Company. Resident in India means a person who had resided in India for a period of no less than 182 days in the previous calendar year.
One person company cannot be incorporated by Legal entities like Company or LLP.
For One Person Company, the minimum authorized capital is Rs 1,00,000.
A nominee has to be appointed by the promoter during incorporation.
OPC has to be converted into a private limited company if paid-up share capital exceeds Rs.50 lakhs or if the turnover crosses Rs.2 crore.

There are various constraints on starting a One Person Company, you can reach out to us for detailed discussion.
Some of the constraints are as follows:

Only an Indian Citizen and resident in India can incorporate a One Person Company. Resident in India means a person who had resided in India for a period of no less than 182 days in the previous calendar year.
One person company cannot be incorporated by Legal entities like Company or LLP.
For One Person Company, the minimum authorized capital is Rs 1,00,000.
A nominee has to be appointed by the promoter during incorporation.
OPC has to be converted into a private limited company if paid-up share capital exceeds Rs.50 lakh or if the turnover crosses Rs.2 crore.


Well throughout our plans

Pricings

STARTUP

6589

  • 2 - CLASS -3 DIGITAL SIGNATURE
  • 1 - DIN
  • 1 RUN NAME APPROVAL*
  • 1 LAKH AUTHORISED CAPITAL
  • INCORPORATION FEE
  • STAMP DUTY*
  • CERTIFICATE OF INCORPORATION
  • MOA & AOA
  • GST REGISTRATION
  • EPF & ESI REGISTRATION
  • PAN & TAN


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Executive

14989

  • 2 - CLASS -3 DIGITAL SIGNATURE
  • 1 - DIN
  • 1 RUN NAME APPROVAL*
  • 1 LAKH AUTHORISED CAPITAL
  • INCORPORATION FEE
  • STAMP DUTY*
  • CERTIFICATE OF INCORPORATION
  • MOA & AOA
  • GST REGISTRATION
  • EPF & ESI REGISTRATION
  • PAN & TAN
  • SHARE CERTIFICATE
  • BUSINESS COMMENCEMENT CERTIFICATE
  • BOARD RESOLUTION FOR BANK OPENING
  • ACCOUNTING SOFTWARE

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PREMIUM

27589

  • 2 - CLASS -3 DIGITAL SIGNATURE
  • 1 - DIN
  • 1 RUN NAME APPROVAL*
  • 1 LAKH AUTHORISED CAPITAL
  • INCORPORATION FEE
  • STAMP DUTY*
  • CERTIFICATE OF INCORPORATION
  • MOA & AOA
  • GST REGISTRATION
  • EPF & ESI REGISTRATION
  • PAN & TAN
  • SHARE CERTIFICATE
  • BUSINESS COMMENCEMENT CERTIFICATE
  • BOARD RESOLUTION FOR BANK OPENING
  • ACCOUNTING SOFTWARE
  • UDHYAM REGISTRATION
  • 1 YEAR DEDICATED SUPPORT
  • DIRECTOR REPORT
  • MCA ANNUAL FILING
  • 1 YEAR INCOME TAX RETURN FILING
  • TRADEMARK FILING


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Advantages

    As One Person Company has just one member, it has been mandatory by the law for the single person of Company to designate another person in the MOA, who in case of subscriber’s death or incapacity would become the person to contract. This mechanism ensures continuous existence of the entity even in case of incapacitation of the single member.
    One Person Company has been exempted from holding annual general meetings or extraordinary general meetings. The resolution duly signed by the Director and entered into the minutes book is sufficient.
    In One Person Company, cash flow statement is not required whereas in other type of companies in India are required to prepare and file financial statements that includes balance sheet, profit and loss account, etc.

Disadvantages

As a corporate form, you cannot avail yourself of the tax slab advantage. In proprietary, you are required to pay according to your salary at 10%, 20% or 30% tax rate. However, in the case of a one person company, you are directly charged 30% income tax.
Compliance cost of partnership firm or proprietary is very low compared to One Person Company.
You are required to specify a one-person company in your company name in the bracket. There is a slightly lower impression that the organization is kept running by one and only person

FAQs Section

    You require only one person to incorporate a One Person Company. However, a nominee is also required.
    Only an Indian citizen residing in India is eligible to incorporate a One Person Company or be a nominee member. The Director or Nominee has to be over 18 years of age.
    You would need a minimum of 1 lakh rupees to start a one-person company. This is basically the fees that have to be paid to the government for issuing shares. However, you can start with any amount of capital.
    No, you can't form more than 1 OPC and even your nominee of OPC cannot be a nominee of another OPC.
    You would need to file Form INC-4 in case of withdrawal of consent by the nominee.
    It is not mandatory to have a GST number at the time of registration. However you will need it in the future so, apply for the same.
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Taxcellent Legal Consultant Private Limited, Bareilly,UP,India.

Address: 204,Above Central Bank Of India 64, Near Office Outpost,Shyamganj, Bareilly, Uttar Pradesh 243005

+917302218229

contact@taxlc.in

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