Start your new
One Person CompanySTART YOUR COMPANY WITHIN 2 WEEKS
₹ 10000/- (Except Govt. Fees) (DISCOUNT CODE APPLIED: GET60OFF) ₹ 4000/- Only Government fees and stamp duties Additional vary from state to state.
So why pay more? As a Sikkim state, it has the lowest charges while the Punjab state has the highest charges.
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About this Plan
Who should buy this package?
- Sole Entrepreneurs who want to start a company
- Proprietorship Firm looking for company status
What services offered under this package?
- Brainstorm business ideas
- Application for DSC class 3 (1 no.)
- Reservation of the company name
- Registration of the company
- Drafting article of association
- Drafting memorandum of association
- Filing declaration by subscriber/first director
- Assistance in the opening bank account
- Registration of PAN and TAN
- Receipt of Incorporation Certificate
- Receipt of Share Certificate
What details and documents are required?
- Photo of directors/shareholders/nominee
- PAN & Aadhaar of directors/shareholders/nominee
- Basic details of directors/shareholders/nominee
- Voter ID, Driving License, Passport (Any 1)
- Bank Statement, Light Bill, Phone Bill (Any 1)
- The electricity bill for the registered address
- Rent Agreement/No Objection Certificate (Any 1)
- Director consent form DIR 2 (Format will be provided)
- Nominee consent form INC 3 (Format will be provided)
- Letter of authorization for other registrations
- Specimen signature form for PF
- Bank name for opening the current account
"If you find that this plan is not for you, I can customize a plan for you."
Feel free to contact me and let me know your concern. PapelWork will charge you according to your requirements.
You can also drop me a Whatsapp message. I hope this helps. 🙂
Frequently Asked Questions
What will be the expected time duration to registered a One Person Company?
The Indian government simplifies the process of registration by introducing the SPICe plus mechanism under the Startup initiative. Papelwork will apply through SPICe Plus, the fastest registration process, and incorporate your company within seven working days.
Do I need to have a commercial office to start a business?
No, a commercial office is not required. You can also start your company from your home address as the company's registered address. The company can change the registered address at any time after the incorporation. Once you find a scale in your business and have a larger office, you can change it by applying to the Registrar.
Is DIN individual specific or Company Specific?
DIN is mandatory for all directors. It is Individual specific and not Company-specific, so only One DIN is required for one person, regardless of how many companies it manages.
Do we have to deposit equity in a bank at the time of incorporation?
After the company is registered, it must open a company bank account and then deposit the capital into the bank account within 180 days after its incorporation.
What is DIN, and why DIN?
A Director identification number is a unique identification number given to an existing or potential director of an incorporated company. DIN helps to fix the director's identity and relates his participation in other companies, past and present.
Why do you need a DSC?
It authenticates your identity electronically. It provides a high level of security and ensures absolute privacy for your online transaction.
What is a One Person Company?One Person Company is the new concept introduced by the Companies Act 2013. As per section 2(62), OPC is a company that has only one person who is the member, shareholder as well as director. It is the corporate form of Sole Proprietor. Furthermore, it protects Limited Liability unlike that of Sole Proprietor and Partnership firm.
What are the Characteristics of One Person Company?
Nominee of the Company
The single member of the OPC is required to nominate a person who will undertake the entity after the expiry or incapacity of the member on the nominee's consent. The nominee is entitled to withdraw his consent. In such a case, the sole member is required to nominate another member. The sole member is also entitled to change the nominee by providing notice in writing to the Company. In such a case, the new nominee must file his consent with the Company.
Member of the One Person Company
In the first instance, an OPC shall have only one member who shall be the subscriber to MOA and the shareholder. The Company's member shall be a natural person only, and he must be an Indian citizen and resident of India. He/ she shall be a competent person as per the Indian Contract Act. Moreover, the person can be a shareholder of only one OPC at a time.
Director of One Person Company
Like the Private Limited Company and the Public, the Company must have a minimum of 2 and 3 directors, respectively, and the OPC involves a minimum of 1 Director which can extend up to a maximum of 15 directors.
Naming of One Person Company
The Companies Act, 2013 requires the Company to use the words 'One Person Company' after its name, whether the name is printed, affixed, or engraved.
Minimum Capital Requirements
There is no such minimum capital requirement in OPC as the Company can start it as per the sole promoter's capacity.
The Companies Act 2013 mandates that Annual Returns be filed for every financial year. Likewise, the One Person Company also requires to file the Annual Returns, which shall be signed either by the Director or Company Secretary and submitted to the Registrar.
Number of Directors
A One Person Company needs to have a minimum of 1 director.
What are Advantages & Disadvantages of One Person Company?
|ADVANTAGES OF ONE PERSON COMPANY
|DISADVANTAGES OF ONE PERSON COMPANY
|It is not a prerequisite to holding an Annual or Extra-Ordinary General meeting in an OPC case, and just a resolution can be conveyed and entered in Minute's book.
|OPC is not a suitable form in higher turnover due to converting the same into a Private Limited Company when it exceeds the ceiling limit.
|OPC has been given many exclusions, expulsions, and exemptions under the Companies Act 2013.
|Compliance cost in the case of OPC is higher compared to Partnership Firm and Proprietorship.
|OPC enjoys the benefit of Perpetual Succession being an incorporated entity.
|The owner cannot become the shareholder of more than 1 OPC at a time.
|Due to the credibility, an OPC can quickly get loans and financial assistance from Banks and Financial Institutions.
|OPC cannot carry out Non-Banking financial investment activities. In addition to this, it cannot be incorporated or converted into a Section 8 Company.
SWOT Analysis of One Person Company?
|Easier to borrow money
|Increased Compliance Cost
|Owners have limited liability
|Lack of Transferability of Shares
|Business exists separate from their owners
|No Valuation of Investments
|No Access to Capital Markets
|Fewer Government interventions
|Only one person controls business
|No division of control
|Restricted business activities
|Continuity of Existence
|Unethical business practices may happen
|Company can raise more Capital
|Scope of Expansion
|Experience benefits of Small-Scale Industry
|Entry to corporate domain
What are the basics to Incorporating a One Person Company?
- Minimum of only one person is required to form OPC, its sole director, and member.
- In addition to this, it can have more than one director, but the director (s) cannot be shareholders.
- The registered office of the Company shall be a Place of Business in India.
- There is no minimum capital requirement to start an OPC. However, the maximum Authorised Capital shall not exceed Rs.50 Lakhs at any point in time.
- The abovementioned sole member shall be a natural person who shall be a resident of India.
Can I convert my existing business into One Person Company?Yes, Business structure like Sole Proprietorship can be easily converted into a One Person Company.
How much time is required to register a One Person Company?The complete process of registration takes seven working days. However, nowadays, registering a Company has become a fast process as all documents are dragged in a single application form with MCA. It is a big step towards e-governance and for businesses who are looking for expansion of operations.
What is the process of Incorporation of a One Person Company?
- Aligning all the Basic documents as listed above
- Review and Examination of all the above documents and information
- Procurement of Digital Signature Certificate
- Checking the availability of the proposed name of the Company
- Drafting the Articles and Memorandum of Association of the Company
- Filing application for Registering the Company under SPICe Plus Mechanism
- Application for allotment of TAN and PAN of the Company
- After that, the Government and the Ministry shall take their own Processing time.
- Dispatch of Incorporation Kit to your address
What are Post Registrations required after Incorporation of One Person Company?
- PAN / TAN Registration
- Shop & Establishment License or Ghumasta License or Gram Panchayat NoC (whichever is applicable)
- Profession Tax Enrollment Certificate for Company and 2 Directors(For Maharashtra State)
- Profession Tax Registration Certificate (For Maharashtra State)
- FSSAI Basic Registration / License (If applicable)
- Import Export License (If applicable)
- GST Registration (If applicable)
- UDYAM / MSME Registration (If applicable)
What is Post Incorporation Compliance required for a One Person Company?Registered companies in India are required to maintain the list of compliance under various regulations. Failure to maintain compliance can lead to penalties or disqualification of the directors. Let us know more.
Appointment of Statutory Auditor
The Board of Directors must appoint a practicing Chartered Accountant within 30 days of incorporation in the Form ADT1.
Commencement of Business
Within 180 days of incorporation, the Company must deposit the capital mentioned in the MOA [Memorandum of Association] in a bank. The Company must obtain the commencement certificate from MCA by filing to RoC.
Income Tax e-Filing
Companies registered in India must file an income tax return each year in Form ITR-6 and Form 29B.
Companies registered in India must file MCA annual return each year in Form AOC-4 and MGT-7.
Director must complete the DIN KYC procedure each year for the directors of the company.
The Company must complete the ACTIVE Form procedure each year for the Company.
The Company must file the DPT3 Form by attaching a certificate of Loans taken in the financial year.