One Person Company (OPC) doesn\u2019t need a group of people to be incorporated rather it is a business structure that allows a single person to operate the business with limited liability. An OPC is owned and managed by one person. As per the Companies Act, 2013, the concept of One Person Company was introduced on 29th August 2013. Before the Companies Act 2013, concept of One Person Company did not exist in Indian Company Law.<\/p>\n
The aim to introduce this concept is to encourage and support small businesses within the legal framework. For a single entrepreneur, this makes it easy to start a business without additional shareholders and directors. It provides the benefit of limited liability and simplifying compliance requirements in comparison to other business structures.<\/p>\n
\u2013 The person should be an Indian resident and natural person (not any legal entity or a company).
\n\u2013 Age of the person should be of at least 18 years. Minors are not eligible to become members or nominees.
\n\u2013 A single person can be the shareholder and director of the company.
\n\u2013 One person can incorporate only one OPC at one time.
\n\u2013 No minimum capital requirement to register the OPC.
\n\u2013 The person must not be disqualified under the Companies Act 2013.
\n\u2013 OPC must not be engaged in Non-Profit Activities, Financial Activities, or Investment in Securities and it cannot carry out any illegal activities.<\/p>\n
The One Person Company can go for voluntary conversion into any other kind of company only after expiring 2 years from the date of its incorporation.
\nHowever, there is the mandatory conversion of One Person Company into a Private Limited Company or Public Company after crossing the limits given below:<\/p>\n
\u2013 Paid-up Capital Limit<\/strong>: \u2013 If the paid-up share capital exceeds INR 50 lakhs or such a higher amount as may be prescribed, OPC must be converted into a Private Limited Company.<\/p>\n \u2013 Annual Turnover Limit<\/strong>: \u2013 If the annual turnover exceeds INR 2 crores or such a higher amount as may be prescribed, OPC must be converted into a Private Limited Company.<\/p>\n The registration process of One Person Company<\/strong><\/p>\n \u2013 Choose a unique name. Documents Required for One-Person Company Registration<\/strong><\/p>\n \u2013 Director\u2019s and Nominee\u2019s documents such as Address Proof, Identity Proof, and Passport size photo. Komplytek provides the following Services:<\/strong><\/p>\n Regulatory Services<\/strong><\/p>\n \u2022 Business Name Registration. \u2022 Accounting and Book Keeping. \u2022 Payroll Management. While focusing on the core activity, many entrepreneurs overlook the regulatory and financial operations that may affect your business\u2019s viability and attractiveness to a potential investor. Our team of professionals and legal experts will help you to provide a custom-made solution according to the nature, size, structure, and business.<\/p>\n<\/body>","protected":false},"excerpt":{"rendered":"
\n\u2013 Obtain Director Identification Number (DIN).
\n\u2013 Obtain Digital Signature Certificate.
\n\u2013 Prepare and file relevant forms with the Registrar of Companies.
\n\u2013 Prepare MOA, AOA, and other necessary documents.
\n\u2013 PAN Registration.
\n\u2013 TAN Registration.
\n\u2013 GST registration.
\n\u2013 Bank Account.<\/p>\n
\n\u2013 Registered Office address proof like any utility bill or rental agreement along with NOC from the property owner.
\n\u2013 Memorandum of Association.
\n\u2013 Articles of Association.
\n\u2013 Declaration and Consent from the member and nominee.
\n\u2013 Affidavit and NOC from director and nominee declaring their eligibility and consent.
\n\u2013 Bank Account Proof (Cancelled Cheque or a copy of bank statement).<\/p>\n
\n\u2022 Certificate of Incorporation.
\n\u2022 Digital Signature Certificate.
\n\u2022 Director Identification Number.
\n\u2022 Shops and Establishment Registration.
\n\u2022 Filing of Spice Forms.
\n\u2022 Memorandum of Association (MOA)
\n\u2022 Articles of Association (AOA).
\n\u2022 Drafting of Documents and Agreements.
\n\u2022 GST Registration.
\n\u2022 TAN Registration.
\n\u2022 PAN Registration.
\n\u2022 Registration with regulatory authorities.
\n\u2022 Patents, Trademark Registration.<\/p>\nFinance and Operations<\/h4>\n
\n\u2022 Accounts Payable and Receivables.
\n\u2022 Accounts Reconciliation.
\n\u2022 Finalization of Accounts.
\n\u2022 Internal Audit.
\n\u2022 Statutory Audit.
\n\u2022 Tax Audit.
\n\u2022 Tax Planning and Compliance.
\n\u2022 Transfer Pricing.
\n\u2022 Due Diligence.<\/p>\nPayroll and HR<\/h4>\n
\n\u2022 Salary Payouts.
\n\u2022 Payroll tax compliance.
\n\u2022 Social Security compliance.
\n\u2022 Employee Self-Service Portal.
\n\u2022 HR Policy and Advisory & Implementation.
\n\u2022 Employee Personnel files and data management.
\n\u2022 Employees\u2019 Tax Returns.
\n\u2022 Onboarding and Exits Management.
\n\u2022 Employee time & Expense Management.<\/p>\n