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The concept of One Person Company in India was introduced through the Companies Act 2013.Though a OPC allows entrepreneur to operate a corporate entity with limited liability protection. One Person Company (OPC) registration can be done by a single person and it is juristic and liability of members is limited to their shares. OPC gives a single director to enjoy full control over the business. If an One Person Company cross an average turnover of over Rs.2 crore over three years or has a paid-up capital of over Rs.50 lakh, mandatorily to be converted into a private limited company or public limited company within 6 months.A one person company (OPC) registration is governed by the Ministry of Corporate Affairs, Companies Act, 2013 and the Companies Incorporation Rules, 2014. Some of the unique features of a OPC company are like the limited liability protection to shareholders, the ability to raise the equity funds, separate legal entity status and the perpetual existence make it one of the most recommended type of business entity for small and medium sized businesses that are owned by families or professionally managed.It takes 10-12 working days to complete one person company registration procedure, subject to the government processing time and the client document submission.
The life of a OPC business is not affected by the status of shareholders and even after the death of the shareholder, the One Person Company continues to exist. That is why single business owners benefit from registration of a one person company.
OPC books & accounts audited annually, it has greater credibility among vendor, customers, employees and bakers.
One Person Company registration can be started and operated by a single promoter which provide full control over the business of a single person.
Liability of Directors of the one person company is limited to their shares. That means if the company suffers from any loss and faces financial crisis then the personal assets of shareholder / Member / Director will not be at risk of being seized by bank, creditors, and government.
Directors of the one person company should have a digital signature which will used to file the OPC registration, ROC compliance forms, and Tax returns.
When a Digital signature is approved, and you will get an approval email from the Registrar of companies that you are now eligible to be a director of a OPC company. It takes 1-2 working days to approve DIN as per one person company registration procedure.
After DIN Allotment we will proceed to file a Name approval application to ROC on your behalf.
After Name approval from the Registrar of Companies, we will file OPC registration form with all supporting documents. Registrar of Companies takes 3 working days to complete the approval process of a OPC company.