OPC or One Person Company is a type of company made up of one person who is a director and owner of a company. According to Company Law, 2013, OPC Registration in Chennai is a form of sole proprietary business structure in the form of a company that gives full authority to the owner to conduct business such as reducing his duties and financial liabilities of the business.
Benefits of one person Company Registration
Most business employees choose Private Limited Company to register because of its special benefits but the hidden fact is that OPC Registration in Chennai can offer them better opportunities and special benefits with very little compliance. The following are some of the benefits of single company registration in India
OPC Company Registration gives you many opportunities to take risks, research and explore better business opportunities without the pressure of wasting any personal property. Therefore, a one-man company is a recommended option for young, small and medium-sized entrepreneurs.
The presence continues
The sole proprietorship will end with the death of the owner or owner while in the case of an OPC company, it has a separate legal ownership and will pass to the designated director and, hence, the company continues to exist.
An individual-owned business needs to have its accounts audited annually, which also has greater reliability and credibility between traffickers and lending institutions.
As a limited private company, the one person Company can also bring its own funds through angelic investors, financial institutions, venture capitals, and so on. One Person Company can also develop itself into a Private Limited Company to bring its funds abroad.
Registration for Minimum Requirements
No type of company can beat OPC when it comes to registration process as it can be done with minimal requirements.
Benefits of Small Industries
OPC can use all the benefits offered by small industries such as easy investment without collateral at certain rates, financial assistance or loans at low interest rates, profits under foreign trade policy, and much more on the list. These are some of the key benefits that play a key role in the development of a company in its early days.
Approved as a Trusted Legal Entity
Any business premises registered under the Company Act, 2013 is regarded as a separate legal entity and falls under the company’s most reliable company registration compared to unregistered companies.
Anyone can start an OPC or Individual Company by satisfying the requirements below. OPC Registration in Chennai Requirements are below:
A shareholder or director is required as both can be one person
The owner or director of a company must be a citizen of India.
Minimum compliance of required documents
Because of this small responsibility, a person or company owner can spend a lot of time focusing on the development of his company and its workplace.
Documents required to register OPC in India
Registering for the opc is a simple process but access to the documents listed below is required.
Proof of identity of the director and nominee, can be their Aadhar card, voting card, PAN card, driver’s license, etc.
Composition of Memorandum of Association (MOA) and Article of Association (AOA) Company. Both of these are very important and should be submitted at the time of registration. Do not forget to highlight all the goals and objectives of your company.
A nominee’s permit is required and completed on form INC-3. The OPC nominee must submit his or her PAN card and Aadhar card to proceed with the registration.
The designated director and nominee of One Person Company must submit the affidavit in the form INC-9 and DIR-2.
Proof of the accommodation of the registered office premises where business-related activities and communications are to be submitted at the time of registration. It can be any utility bills such as electricity bill, gas bill, telephone bill etc. and these debts should not be older than two months.
No Certificate of Resistance
A lease agreement is required in case you run your business in a rented area.
A copy of the PAN card of the nominated and nominated director
Photographs of director and nominee passport size and form.
DSC and director DIN are essential for the purpose of OPC registration in Chennai
What is the Qualification Requirement for OPC Registration in India?
To register for the OPC the applicant must complete the following:
The applicant must be an Indian citizen who can start a Single Company and must stay in India for at least 182 days before one year. If the Company’s Profit Limit exceeds Rs 2 crores the company must be upgraded to a limited private or public Limited company within 6 months.
To Register OPC You Must Complete the following Conditions:
Only a citizen of India
It can include OPC
He or she may be nominated to be a member of the company
He must stay in India for at least 182 days from the previous year.
In the event that the OPC monetary limit exceeds Rs 2 crores, it must be converted into a Private or Public Limited company within a period of 6 months.
Important Features of Individual Company Registration
OPC is a new concept governed by the Department of Labor under the Companies Act, 2013.
It takes only one shareholder to establish an Individual Company in India. The shareholder must have resided in India for a minimum period of 182 days, which is why he or she must be a resident of India.
Although a company can be started by one person there must be a nominee who can take responsibility for the shareholder in the worst case of death or incapacity. The nominee must be a citizen of India and must provide his / her consent as a nominee for a shareholder of OPC. Under OPC registration in Chennai the company operates as a separate legal entity.
A limited private company requires a minimum of two directors while the community limit requires 7 but an OPC can be built with one director who can be a shareholder and a company owner. The OPC may appoint a maximum of 15 directors.
As a rule, a one-person company can be established with one member and a director, therefore, it has less compliance compared to a limited private company.
Different Legal Organization
Like limited private and public companies, the OPC is also a separate legal entity.
Under Individual Company registration the company enjoys limited liability benefits for its directors where personal assets and funds may not be used to incur corporate debt.