What is OPC registration?
One Person Company in India is a new concept that has been introduced with the Company’s Act 2013. One Person Company in India is incorporated by a single person. Before the enforcement of the Companies Act 2013 a single person was not able to establish a company. An OPC has features of a Company and the benefits of the sole proprietorship. Earlier if a person had to establish a business then he or she should only opt for a sole proprietorship.
According to Section 2 (62) of the Company’s Act 2013, a company can be formed with just 1 director and 1 member. One Person Company registration in India is a type of entity where there are lesser compliances requirements than that of a Private Limited Company.
A One Person Company Registration in India can be obtained under the Companies Act 2013 with just one single member and one Director. The Director and member can also be the same person. Here an individual who may be a resident or Non-resident Indian can register an OPC in India.
1. What is a OPC company?
20 March 2023
One Person Company in India is a new concept that has been introduced with the Company’s Act 2013. An OPC is owned and managed by a single person, it combines the advantages of a sole proprietorship with those of a company.
2. What are the benefits of OPC company?
20 March 2023
OPCs are easy to set up and manage, require minimal maintenance, and can offer better operational control and taxation benefits. With the ease of registration and low cost of operation, OPCs are the ideal way for small businesses to get started.
3. Why OPC is better than private limited?
20 March 2023
One Person Company (OPC) is the perfect hybrid of a Private Limited Company and a Limited Liability Partnership (LLP). It offers the limited liability benefits of a Pvt Ltd as well as the flexibility of an LLP.
4. What is a dormant company?
08 December 2021
If the annual compliances are not met with the becomes a Dormant Company and can be struck off after some time. A Struck company can be revived for a period of up to 20 years.
5. What is DSC?
08 December 2021
The DSC establishes the identity of the sender or the signee electronically while filing the document online. The MCA mandates that the Directors sign some of the application documents using their Digital Signature.
6. What is the Director Identification Number?
08 December 2021
It is the Unique Identification Number that is assigned to all existing and proposed Directors of a Company. All proposed Directors must have Director Identification Number. The DIN never expires and a person can have only one DIN.
7. Is a Private Limited Company better than OPC?
08 December 2021
OPC is a Company that has a separate existence and is owned by one single member. One person happens to be a mixture of proprietorship and company forms of business.
8. Is audit compulsory for OPC?
15 November 2021
For an OPC statutory audit is mandatory. A company needs to appoint a CA as the auditor of the Company. The auditor needs to verify the books of accounts and issue a Statutory Audit report.
9. Is GST mandatory for OPC?
07 December 2021
GST registration for a Person Company is necessary if the supply of goods or services is in another state irrespective of annual turnover.
10. Can OPC raise funds?
08 December 2021
An OPC can raise funds through venture capital, financial institutions. An OPC can also raise funds by converting into a Private Limited Company.
11. What is the difference between sole proprietorships and OPC?
08 December 2021
In a Person Company, a single person runs a company limited by shares whereas a Sole Proprietorship means an entity that is run by one individual, and the owner and business are considered as the same entity.
12. Is it necessary for the OPCs to conduct an annual general meeting?
07 December 2021
Except for OPCs, all entities are required to conduct an Annual General Meeting every year.
13. What is the role of a Nominee in an OPC?
20 March 2023
A nominee is an individual who becomes a member of the company in case of the promoter’s death or incapacitation.
14. What is the authorized capital fee?
20 March 2023
Authorized Capital of a Company is the number of shares a company can issue to the shareholders. A Company is required to pay the Government an authorized capital fee to issue shares.
15. How to speed up the incorporation process?
20 March 2023
Ensure that the name you choose is unique and you have all the required documents before the process of incorporation for speedy incorporation.