This is latest organized form of business in this type of ownership is One Person Company (OPC). It is a registered form and is guided by existing specific laws of the Companies Act 2013. You can have everything owned by a single member yet enjoying the organized name, which is usually missed in Sole Proprietorship form.
Documentation and compliances are a bit more than the regular Sole Proprietorship Form, but that is worth for ‘being a company’ on the other hand Direct taxes applicable on OPC are at par with companies. We provide an end to end solution for forming OPC, right from name approval to getting the certificate of incorporation.
All you need to start is one shareholder and one Director. There are some restrictions with OPC, which are:
- One person can not incorporate more than one OPC It can not have a paid up share capital of more than Rs. 50 Lakhs or Average Turnover of Rs. 2 Crores
- It can not be converted into any other type of company unless a time of two years after incorporation has been passed, or else at crossing the paid up share capital or turnover thresholds
- It cannot be engaged in carrying out NonBanking Financial Investment Activities
How we help you in this:
- Applying and obtaining name approval from Registrar of Companies
- Obtaining Director Identification Number and Digital Signatures of the Director
- Assistance in drafting Memorandum and Articles of Association
- Uploading Memorandum and Articles of Association with other requisite forms with MCA (Ministry of Corporate Affairs)
- Paying Government fee to MCA
- Scrutinising documents and satisfying queries raised by MCA
- Obtaining Registration Certificate
- Applying and obtaining PAN and TAN of the company