The OPC registration in Chennai was introduce by the Companies Act, 2013, which allows a sole proprietorship to register and operate as a business entity. Previously at least two people must have registered the company. But with the introduction of the One person company registration in chennai-T.nagar concept, now an individual can also register the business form.
Prior to this a person had no special legal status in India to act as sole proprietor and their business. Now OPC helps them to do business and gives them the opportunity to start their own venture.
Similarly,The process by which one person sets up a company is similar to that of a private limited company, with the death of the owner being very different with respect to another person nomination. Anyone interested in setting up a One person company registration in Chennai can set up such a company following the registration procedures with their state ROC.
OPC registration in Chennai states that in launching an Open Person Company (OPC) in India When setting up an OPC, it is not necessary to mention the name of the first director in the Article of Association. The shareholder or subscriber owner of the association memorandum will be consider as the first director of the organization.
Freedom from Consent after One Person Company Registration:
There is no need to hold annual or additional regular meetings. The resolution shall be communicate only by the member of the organization and shall be recorded in the minute’s book, sign by the member and given a date and such date shall be consider to be the date of the meeting.
Then for the purposes of conducting board meetings, in the case of an OPC where there is only one director, it is sufficient to record in the book one minute all the resolutions to be passed by such body at the board meeting. According to the Companies Act, 2013 the date of meeting of the Board for all purposes shall be deemed to be the member and such date.
No need to prepare cash flow statements.
The annual return may be sign by the Director.
Relevant party transactions apply for OPC registration in Chennai: If the OPC enters into an agreement with a sole proprietor / director, the Company must ensure that the terms of the agreement are entered into within minutes of the first meeting of the Board of Directors, if not in writing. The next company after the contract is sign
In addition, the Company shall notify the Registrar of each Agreement entered into by the Company and shall be recorded within minutes of the meeting of its Directors under sub-section (1) within 15 days from the date of its approval by the Board. .
Requirements of Opc registration Chennai
Unique name: Your business must have a unique name that is not identical, similar to other existing companies or business operating.
Capital Requirements: If you want to register as a one person company, you need a minimum authorized capital of Rs. 100,000 and the payment capital is Rs. 2.0. This means that with as little investment as possible, you can start your own company.
Minimum number of persons: If you want to register an OPC, a single director and a single nominee are sufficient for registration.
Firstly the sole shareholder / director must obtain DIN & DSC. Then the company name is apply. Consent is then file along with the incorporation forms. The COI is issue by the Registrar of Companies.
1. Apply for the DSC of the Promoter cum Director of OPC
2. Apply for OPC name under registration
3. Once the name is approve, file the documents relate to the incorporation, the DIN will be generate by the deadline.
4. File the required documents of the Promoter cum Director and the Promoter cum Director Nominee
5. Issued by COI, PAN, TAN MCA.
6. Finally, Open a current account and start doing business.
Terms and conditions after one person company registration:
An individual should not be eligible to be include in more than one OPC or to be a nominee in more than one such company. (A person can only be a member of OPC 1) So now Mr. A is a member of ABC OPC and a nominee of XYZ OPC.
Now if Mr. A becomes a member of the XYZ OPC through a nominee, he will become a member of both OPCs.
In this case he must leave one’s membership in the OPC within 180 days. OPC registration in Chennai-T.nagar cannot be incorporate into a company under Section 8 of the Act.
If the entry limit (paid up share capital) exceeds Rs.50 lakhs or its average annual turnover during the corresponding period is Rs. .2 crores, within a period of six months, the OPC must file forms with the ROC to convert it into a private or public company.
Features of One Person Company registration
One Person Company has a single shareholder:
Only Indian citizen and natural person residing in India is eligible to join One Person Company registration in Chennai The single shareholder holds 100 per cent stake. An individual may be the sole shareholder in an OPC at any time.
An individual company must have a nominee for an individual shareholder:
In case of death / incapacity of the original shareholder the shareholder has to nominate another person.
Such nominee must give his / her consent and consent to be nominate by the sole shareholder. Only an Indian citizen and a natural person residing in India should be the nominee for the sole member of the company. The member may have the rights to change the nominee at any time.
Tax after One Person Company Registration:
The tax rates applicable to a private limited company are assume to apply to the company. Net profits calculate by deducting all allowable expenses from sales turnover are tax at the rate of 30 per cent + education cess.
One person company has at least one director OPC registration:
There must be at least one director; the sole shareholder may be the sole director. The company may have a maximum of 15 directors.