Opc registration in Chennai a new concept has been introduce in the Companies Act 2013. In a private company, at least 2 directors and 2 members are require while in a public company, at least 3 directors and at least 7 members are require. A single person could not previously include the company.
One Person Company (OPC) is a company own by one person. Prior to the implementation of the Companies Act, 201, not a single person could establish a company. If a person want to set up his own business, he could only choose sole proprietorship as there should be at least two directors and two members to set up a company.
According to Section 2 (62) of the Companies Act, 2013, a company can be form with only 1 director and 1 member. It is a form of a company where compliance requirements are lower than a private company.
The Companies Act, 2011 provides that a person can form a company with a single member and a director. The director and the member can be the same person. Thus, a one-person company means a person who may be a resident or an NRI may be involve in her business with the company’s facilities and sole proprietorship benefits.
Benefits of OPC
Obtains the status of a separate legal entity from the OPC member. The OPC’s separate legal entity protects the individual who has included it. The liability of the member is limit to his / her share, and he / she is not personally responsible for the loss of the company. Thus, creditors can sue the OPC, not the member or director.
Easy to get money
OPC registration in Chennai it is easy to raise funds through venture capitals, angel investors, incubators, etc. Banks and financial institutions prefer to lend to a company rather than a proprietorship company. Thus, it becomes easy to get money.
The Companies Act, 2013 provides certain exemptions to OPCs in respect of compliance. The OPC does not need to prepare a cash flow statement. The company secretary is not require to sign the books of accounts and annual returns and is only sign by the director.
It is easy to include OPC as a single member and only one nominee is require for its insertion. The member may also be a director. The minimum authorize capital for inclusion of OPC is Rs.1 lakh, but there is no minimum capital require to be paid. Thus, it is easier to incorporate it than other forms of company.
Easy to manage
A single person can set up and run an OPC, making it easier to manage. Decisions are easy to make, and the decision-making process is fast. General and special resolutions can be easily enter into the minute book by the member and sign by the sole member. Thus, the company is easy to operate and manage as there will be no contradictions or delays in the company.
The OPC has a permanent successor facility even when there is only one member. When involving the OPC, a single-member nominee needs to be appointed. After the death of the member, the nominee will run the company in place of the member.
Procedure of OPC
Step 1: Apply for DSC
The first step is to obtain the Digital Signature Certificate in Chennai (DSC) of the proposed director for which the following documents are required:
Proof of address
Step 2: Apply for DIN
Once the Digital Signature Certificate in Chennai (DSC) is done, the next step is to apply for the Director Identification Number (DIN) of the propose director in the SPIC form along with proof of the Director’s name and address. Form DIR-3 is an option available only to existing companies. This means that from January 2018, the applicant is not require to file DRI-3 separately. Up to three directors can now apply for the DIN spicy form.
Step 3: Name Approval Application
The next step when involving OPC is to decide on the name of the company. The name of the company will be “ABC (OPC) Pvt. Ltd.”
There are 2 options available for obtaining name recognition using MCA’s RUN web service by applying in Form Spicy 32 or giving only 1 select name with the importance of having that name. However, with effect from March 23, 2018, the Ministry has decided to approve two proposed names and one RFB, reserving unique names (RUN service) for companies.
Once the name is approve by the MCA we move on to the next step.
Step 4: Documents required
We need to prepare the following documents that need to be submit to the ROC:
Memorandum of Association (MOA) which will be follow by the company or the business for which the company will be involve
The Articles of Association (AOA) are the by-laws outline below on which the Company will operate.
As there is only 1 director and member, a nominee has to be appoint on behalf of such person as if he becomes incapacitated or dies and is unable to perform his duty he will perform on behalf of the director and take his place. Their consent will be taken along with their PAN card and Aadhaar card in Form INC-3.
Proof of registered office fee of the proposed company along with proof of ownership and NOC from the owner.
Declaration and consent of the proposed Director of Forms INC-9 and DIR-2 respectively.
A declaration by professional certification that all have been complied with.
Step 5: Fill out the form with MCA
All these documents will be attach with the Spicy Form, Spicy-MOA and Spicy-AO to the Director and DSC of the professional and will be upload on the MCA site for approval. Page number and TN are generate automatically at the time of company inclusion. No separate application is require to obtain page number and TAN.
Step 6: Issue certificate of installation
Upon verification, the Registrar of Companies (ROC) will issue a Certificate of Incorporation and we will be able to start our business.
Around One Person Company (OPC), another idea has been present in the Organizations Act 2013. In a privately owned business, at any rate 2 chiefs and 2 individuals are require while in a public company, in any event 3 chiefs and at any rate 7 individuals are require. A solitary person couldn’t beforehand incorporate the company.
One Person Company in (OPC) is a company claim by one person. Before the execution of the Organizations Act, 201, not a solitary person could set up a company. In the event that a person needed to set up his own business, he could just pick sole ownership as there ought to be at any rate two chiefs and two individuals to set up a company.
As per Area 2 (62) of the Organizations Act, 2013, a company can be form with just 1 chief and 1 part. It is a form of a company where consistence prerequisites are lower than a privately owned business.
The Organizations Act, 2011 gives that a person can form a company with a solitary part and a chief. The chief and the part can be a similar person. Along these lines, a one-person company implies a person who might be an occupant or a NRI might be engage with her business with the company’s offices and sole ownership benefits.
Advantages of OPC
Acquires the situation with a different lawful element from the OPC part. The OPC’s different legitimate element secures the person who has included it. The risk of the part is restrict to his/her offer, and he/she isn’t personally answerable for the misfortunes of the company. In this way, loan bosses can sue the OPC, not the part or chief.
Simple to get money
As OPC is a privately owned business, It is not difficult to raise assets through investments, private backers, hatcheries, and so forth Banks and monetary organizations like to loan to a company as oppose to an ownership company. Consequently, it turns out to be not difficult to get money.
The Organizations Act, 2013 gives certain exceptions to OPCs in regard of consistence. The OPC doesn’t have to set up an income explanation. The company secretary isn’t need to sign the books of records and yearly returns and is just endorsed by the chief.
It is not difficult to incorporate OPC as a solitary part and only one chose one is need for its addition. The part may likewise be a chief. The base approve capital for consideration of OPC is Rs.1 lakh, however there is no base capital necessity to be paid. Accordingly, it is simpler to fuse it than different forms of company.
Simple to oversee
A solitary person can set up and run an OPC, making it simpler to oversee. Choices are not difficult to make, and the dynamic interaction is quick. General and uncommon goals can be effortlessly gone into the moment book by the part and endorse by the sole part. Hence, the company is not difficult to work and oversee as there will be no inconsistencies or deferrals in the company.
The OPC registration in Chennai has a perpetual replacement office in any event, when there is just a single part. While including the OPC, a solitary part chose one should be selected. After the passing of the part, the chosen one will run the company instead of the part.
Method of OPC
Stage 1: Apply for DSC
The initial step is to get the Advance Mark Declaration (DSC) of the propose chief for which the accompanying archives are require:
Evidence of address
Stage 2: Apply for Commotion
When the Advance Mark Testament (DSC) is done, the subsequent stage is to apply for the Chief ID Number (Clamor) of the propose Chief in the SPIC form alongside verification of the Chief’s name and address. Form DIR-3 is an alternative accessible just to existing organizations. This implies that from January 2018, the candidate isn’t need to document DRI-3 independently. Up to three chiefs would now be able to apply for the Noise hot form.
Stage 3: Name Endorsement Application
The following stage while including OPC registration in Chennai is to settle on the name of the company. The name of the company will be “ABC (OPC) Pvt. Ltd.”
There are 2 choices accessible for acquiring name acknowledgment utilizing MCA’s RUN web administration by applying in Form Zesty 32 or giving just 1 chose name with the significance of having that name. Be that as it may, with impact from Walk 23, 2018, the Service has chosen to support two proposed names and one RFB, saving exceptional names (RUN administration) for organizations.
When the name is support by the MCA we proceed onward to the subsequent stage.
Stage 4: Records required
We need to set up the accompanying records that should be submit to the ROC:
Notice of Affiliation (MOA) which will be trail by the company or the business for which the company will be included.
The Articles of Affiliation (AOA) are the by-laws laid out beneath on which the Company will work.
As there is just 1 chief and part, a chosen one must be delegated in the interest of such person as though he gets debilitate or bites the dust and can’t perform his obligation he will perform for the chief and have his spot. Their assent will be brought with their Dish card and Aadhaar card in Form INC-3.
Evidence of enlisted office expense of the proposed company alongside confirmation of proprietorship and NOC from the proprietor.
Statement and assent of the proposed Head of Forms INC-9 and DIR-2 individually.
A presentation by proficient affirmation that all have been conform to.
Stage 5: Round out the form with MCA
Every one of these reports will be connect with the Fiery Form, Hot MOA and Zesty AO to the Chief and DSC of the expert and will be transferred on the MCA site for endorsement. Page number and TN are produce consequently at the hour of company incorporation. No different application is need to acquire page number and TAN.
Stage 6: Issue endorsement of establishment
Upon confirmation, the Recorder of Organizations (ROC) will give a Declaration of Consolidation and we will actually want to begin our business.