One Person Company Registration with MyCAbuddy
An One Person Company (OPC) is a unique business entity where a single individual can establish a company, enjoying the benefits of limited liability and succession. MyCAbuddy simplifies the process of OPC registration, allowing individuals to own and operate a company with ease.
Understanding One Person Company
Prior to the Companies Act of 2013, only two individuals could form a company. However, the Act introduced the concept of OPC, enabling single individuals to establish and run a company, eliminating the need for a group of people to incorporate.
Advantages of OPC Registration with MyCAbuddy
- Legal Standing: OPC enjoys a separate legal entity status, providing limited liability to the sole member, thus protecting personal assets.
- Easy Access to Funding: MyCAbuddy assists in raising funds through various channels like venture capital, angel investors, and incubators, facilitating growth.
- Less Compliance: OPC enjoys exemptions from certain compliance requirements, reducing administrative burdens.
- Easy Integration: MyCAbuddy ensures hassle-free integration of OPC without legal complexities, with no minimum paid-up capital requirement.
- Easy Management: OPC management is simplified, with a single person overseeing operations, making decisions efficiently.
- Constant Succession: OPC ensures perpetual succession, with a nominee appointed by the single member to take over in case of demise.
Checklist for OPC Registration
- Membership Requirements: Ensure compliance with maximum and minimum membership requirements.
- Nominee Selection: Nominate a candidate before incorporation.
- Nominee Approval: Obtain nominee approval using Form INC-3.
- Name Reservation: Select a unique name for OPC, adhering to Companies (Incorporation Rules) 2014.
- Authorized Capital: Maintain a minimum authorized capital of ₹1 Lakh.
- Director’s DSC: Obtain Digital Signature Certificates for potential directors.
- Registered Office: Provide evidence of the registered office address.
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Compliances for OPC
Ensure timely compliance with legal requirements outlined in the Companies Act of 2013, covering various aspects like appointment of the first auditor, issuance of share certificates, stamp duty payment, and filing of INC-20A.
Steps for OPC Registration with MyCAbuddy
- Eligibility Check: Verify eligibility and gather necessary documentation.
- DSCs and DINs: Obtain Digital Signature Certificates (DSCs) and Director Identification Numbers (DINs) for directors.
- Name Reservation: Submit a name reservation request using Form Spice+ for incorporation.
- PAN and TAN: Apply for PAN and TAN for the new business entity.
- Incorporation Certificate: Receive an incorporation certificate from the RoC along with PAN and TAN.
- Bank Account Opening: Open a bank account and commence business operations.
Features of OPC Registration with MyCAbuddy
- Easy Succession: Ensures smooth transition even with a single member, with the nominee taking over in case of demise.
- Limited Liability: Provides limited liability to the member, safeguarding personal assets.
- Sole Directorship and Shareholder: Allows a single member to act as both director and shareholder, simplifying management.
- Ownership in Property: Enables OPC to hold property and assets in its name, ensuring legal protection.
Benefits with us
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- Streamlined Registration Process
- Compliance Assurance
- Cost Efficiency
- Employee Welfare
- Expert Guidance
Restrictions on OPC
Despite advantages, OPC registration comes with limitations such as scalability constraints, restrictions on business activities, and blurred lines between ownership and management.
Why MyCAbuddy?
MyCAbuddy offers comprehensive assistance in OPC registration, from name approval to incorporation and compliance, ensuring a smooth and efficient process. Our expert team guides you at every step, providing personalized support for your business needs.
FAQs
Can an OPC be converted into a private limited company?
Yes, OPC can be converted into a private limited company by adhering to certain legal procedures and requirements.
Is there a minimum capital requirement for OPC registration?
Yes, OPC must maintain a minimum authorized capital of ₹1 Lakh.
Can a nominee be changed after OPC registration?
Yes, a nominee can be changed post-registration by following the necessary legal procedures.
Are there any restrictions on the business activities of OPC?
Yes, OPC is not permitted to conduct non-banking financial investment activities.
Is it mandatory for the director to have a Digital Signature Certificate (DSC)?
Yes, obtaining a DSC is mandatory for directors to digitally sign documents during the registration process.