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Start One Person Company Registration
- Limitation of Liability
- Separate Legal Entity
- Perpetual Existence
- Single Owners: Best Option
- Less Procedural Compliances
Our Facts and Figures
One Person Company
A one-person business is defined by Section 2(62), Companies Act as a company with only one member. The company’s members can be either its shareholders or the people who subscribe to the MOA.
An OPC is a company that has only one shareholder.
One Person Company registration is a concept that allows us to overcome the limitations in time, resources and media to obtain more partners to execute business plans. It also enables us promote micro-businesses and achieve our entrepreneurial dreams.
Minimum Requirements
- Minimum One Director
- Minimum of One Nominee
- No Minimum Capital required
- DSC of the Director
- The Director must be an Indian national
One Person Company Registration in Jaipur
In its notification of 18th February 2020, effective 23rd of February 2020, the Ministry of Corporate Affairs has amended the Companies (Incorporation Rules) 2014 by substituting the old form INC-32 (SPICe), with the web service SPICe+ and certain other amendments.
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Acquisition of digital signatures by members
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Filling out Part B of the SPICe+
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Request for Name Reservation
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Convert SPICe+ into PDF
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Filling out AGILE-PRO
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Uploading forms on MCA
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Declaratory Statement of Subscribers to the Company and First Directors
Chartered Choiceis a leading service provider for OPC registration. Chartered Choice has the largest clientele in India because of our cost-effective company registration services. This is what made us so popular. As everything is digitalized, you can access the services online. You don’t need to visit any of our offices or departments. We offer the best services for company registration.
Chartered Choice can help you if you have questions about OPC Company Registration in India.
Types TDS Return Forms:
For PARTNERSHIP/Pvt. Ltd. COMPANY
FOR Proprietorship Firm Registration
Private limited companies are legally separate from their owners, and require a minimum of 2 members and 2 directors to operate. These are the main characteristics of a limited company in India.
- Limited liability protection:
Shareholders in a private limited corporation are only liable to the extent that their shares. Even if the company suffers financial losses, their assets are protected. - Separate legal entity:
Private companies have their own distinct identity. Under its unique name, it can be a property owner, enter into contracts, or initiate or defend legal proceedings. - Minimum Shareholders:
Private companies must have at least two shareholders, and they cannot exceed 200. - Minimum number of directors:
For a private limited company, a minimum two directors are required. One of the directors must be a citizen of India. - Minimum share capital:
A minimum paid up capital of Rs. The company must maintain a minimum paid-up capital of Rs. - Name the firm:
Private limited companies must end their name with “Private Limited.” - Share Transfer Restrictions:
A private limited company’s right to transfer its shares is restricted. Only the Board of Directors can approve the transfer of shares. - Public invitation prohibited:
It is illegal for private limited companies to invite the public to subscribe their shares or debt securities. - Compliance requirements:
Private Limited companies must adhere to a variety of legal and regulatory obligations. These include maintaining financial records and conducting annual general meetings. They also have to file annual returns to the ROC.
Private limited companies:
- Company Limited By Shares:
The liability of the shareholders is limited to the nominal amount of shares stated in the Memorandum of Association. - Company Limited By Guarantee:
Member Liability is limited to the amount of the guarantee specified in your Memorandum of Association. This guarantee can only be invoked during the winding-up process. - Unlimited companies:
Members who are members of unlimited companies can be held personally liable for all debts and liabilities. They are considered to be a separate legal entity and the members of these companies cannot be sued.
What is the annual compliance for producer company?
Points that will make your decision easier
Name
Details
Form MBP1
Each director must disclose their interest in any firm, company or other AOI at the first meeting of its board by submitting Form MBP 1.
Form 8
Each Director of the company must file the disclosure of disqualification each financial year.
Form 7
The Producer Company is required to file an Annual Return on Form MGT-7 containing the most recent information regarding its directors and shareholders.
Form AOC 4
Financial Statements on Form AOC-4, to be filed along with the balance sheet, profit and loss account, directors' report, cash flow statement, auditor's report, and the consolidated financial statement.
Form 1
Within 30 days of the date of incorporation of the company, the Board of Directors shall appoint the auditor. The appointment must be made in ADT-1.
DIR-3 KYC
If you have already filed the form, then it is necessary to verify your OTP via email or mobile number. Otherwise, all new directors are required to submit this form.
Form DPT 3
The Return of deposit should be filed with the Registrar of Companies using FORM DPT-3.
Private Limited Company Compliance
What you need to know about compliance
GST Registration
All Private Limited Companies in India are required to register for GST within 30 days after incorporation. When the turnover exceeds 40 lakhs INR or INR 20 lakhs for Special Category States, or if the business provides goods or services intra-state, or if it is online.
GST Refund
As soon as a Private Limited Company is registered under GST it becomes necessary for them to file GST Returns. All registered taxpayers, including companies, are required to file GST returns. GST returns are filed either monthly, quarterly or annually depending on the type of GST return form.
Accounting
Each Pvt Ltd Co. must maintain accurate books of account that reflect the true and fair state of the business. Accounting is required for statutory audits, annual filings and IT returns. The auditor of the company will audit these books.
Statutory audit
Each Private Limited Company registered in accordance with the Companies Act must have their book of accounts audited every financial year, regardless of their sales turnover, nature of business or capital. The Board of Directors of Private Limited Companies are required to appoint a Certified Public Accountant in the first 30 days of incorporation, and then conduct an annual audit of their financial statements.
MAT audit
Pvt Ltd Companies must have their accounts audited in order to be eligible for MAT, i.e. Minimum Alternate Tax. The introduction of MAT aimed to bring "zero tax" companies into the tax net, which despite having made substantial profits and paid out handsome dividends do not pay tax because of various tax incentives and concessions provided by the Income Tax Law.
Income tax audit
Every Private Limited Company must have the tax audits done under section 44AB. Section 44AB is a tax audit that aims to verify the compliance with various provisions of Income-tax Law as well as the fulfillment of all other Income-Tax Law requirements. The limit for tax audits under section 44AB amounts to INR 1 crore. 5 crores if at least 95 per cent of the transactions are digital.
ROC Annual filing
Every year, a Private Limited Company must file three forms. The filing is done in relation to the submission of financial statements, i.e. Balance sheet, P&L Account in Form AOC 4, and Annual Return in Form MGT-7. Form ADT 1 is a report from the company about the appointment of an auditor to ROC. Annual ROC filing
IEC Registration
Import Export Code is required for all Private Limited Companies that are involved in Import or export of goods. IE code is valid for life. This code is required for importers and exporters to benefit from exports.
Registration
The name or brand is not fully protected by registering a Private Limited Company. Trademark Registration is the only way to ensure ultimate protection for your business name. You can register your Pvt. Ltd. Co. or brand name, logo or other trademarks.
Documents Required For One Person Company
Benefits of a private limited company
Name
Details
Limited liability
The responsibility of shareholders is limited to their capital contributions, protecting personal assets from financial obligations and liabilities.
Legal Identity Distinct:
Private Limited Companies have a legal identity that is distinct from their owners. It can own assets, enter into contractual agreements and bring or defend legal proceedings under its name
Constant Existence
A company's continued existence is independent of changes in directors or shareholders. Its survival is not dependent on the longevity of its employees.
Ease in Funding
It is easier to raise capital by issuing equity to investors, venture-capitalists or angel investors. This structure is attractive to external investors.
Tax Benefits
Private Limited Companys may qualify for various tax exemptions and benefits, making them tax efficient entities.
Credibility
Having the name "Pvt. Having "Pvt.
Benefits of a private limited company
No Minimum Capital
A Private Limited Company does not require a minimum capital. The minimum capital to register a Private Limited Company is Rs. The total authorized share capital is 10,000.
Separate Legal Entity
A Pvt Ltd Co. has a distinct legal identity before the courts. This means that the assets and liability of the company are different from the assets and liability of the directors. Both are treated as separate.
Limited Liability
The liability of a person is limited, so if the company experiences financial difficulties for whatever reason, personal assets will not be used by the members to pay off the Company's debts.
Fund Raising
In India, a Private Limited Company is the only business form that can be funded by Venture Capitalists and Angel Investors.
FDI is allowed
Private Limited Companies allow 100% Foreign Direct Investment. This means that any foreign person or entity can invest directly in a Private Limited Company.
Credibility is important
A public database contains the details of a company. This improves the credibility as the company's details can be easily verified.
5 easy steps
How do I file annual filing forms for a producer company?
Comply with your annual compliance in just 5 easy steps
FAQs of One Person Company Registration
Who can form a One Person Company?
The natural person is a citizen or resident of India.
Is eligible to incorporate a One Person Company?
Nominees for the only member of an One Person Company shall be nominated.
How many One Person Companies can one person form?
A person may only form one One Person Company.
What are the nomination requirements?
The subscriber of a Memorandum for an One Person Company will nominate a person who would become a member of that One Person Company if the subscriber were to die or be unable to contract.
What is the form of consent required from the nominee and can he/she withdraw it?
The nominee can withdraw his/her consent by giving written notice. However, the subscriber must nominate a new person within 15 days of receiving the withdrawal.
Can an subscriber change the nominee?
The subscriber or member may change the name of the person they have nominated at any time by sending a written notice along with the reason why the name has changed. If the case is related to death or an inability to contract, then the subscriber/member must nominate a new person following the prescribed procedures.
Can an OPC be transformed into a Private Limited Company (PLC) or Public Limited Company (PLC)?
It is possible to convert a One Person Company into a Private Limited Company or Public Limited Company. The One Person Company cannot convert into another type of company until 2 years from its date of incorporation has passed.
What are the circumstances in which a One Person Company is required to become a Private Limited Company (PLC) or Public Limited Company (PLC)?
OPC must convert into Private Company or Public Company within 6 months of the date of this Act. The company’s share capital is greater than 50 lakhs rupees. The last day of any period in which the average annual turnover is greater than 2 Crore Rupees.
Note: “Relevant period” means a period of 3 consecutive financial years immediately preceding.
Can a proprietorship be transformed into a One Person Company if the brand name has already been established?
A proprietorship can be transformed into a One Person business. The brand name can still be retained while the Ministry of Corporate Affairs registers the company.
If the One Person Company has a loss in the financial year, do they need to file a statutory return?
The annual compliances are mandatory to be performed even if no business transactions were made during the year. The Financial Statements must be filed at the Registrar of Companies in 180 days after the date of incorporation.
Can a One Person Company join another Public Limited Company?
There is no restriction on joining a Private Limited Company if you are a One Person Company.
What is the One Person Company?
One Person Company is a Private Limited Company. It can be formed either as a company with a capital share or as a Guarantee.
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