If you want to start your business the only best option is to run business under the name of Private Limited and register your company:
All we need :
KYC of all director and Address proof of the company.
DSC and & Din of all Director
Apply for company name reservation and taking approval for company name
Preparation of MOA & AOA of company
Filling INC-32 for company incorporation.
Apply for PAN/ TAN
One Person Company (OPC) means a company which has only one person as a member. Only an individual who is an Indian citizen and resident in India can incorporate a One Person Company.
The concepts were introduced to give advantage to sole proprietor to run business with limited liability as compared to sole proprietor whose liabilities are unlimited.
It has following distinct features:
Only one person ( individual) can form company.
It is a kind of Private Company which have all the advantage of private company.
Maximum capital is 50 lacs and maximum turnover is 2 crores.
OPC can convert itself to private company after 2 years of establishment.
It uses word OPC private limited after it name.
Single shareholder or member should give name of one person who act a s a nominee of the company, that in the event of death of a sole member, they will become that one person.
STEP-1: FIRST WE WILL APPLY FOR YOUR DIGITAL SIGNATURE USUALLY IT TAKES 2 DAYS. A DSC IS NOTHING MORE THAN YOUR SIGNATURE IN ELECTRONIC FORM
STEP-2: AFTER GETTING DIGITAL SIGNATURE WE WILL APPLY FOR DIN FOR SOLE DIRECTOR AND IT WILL TAKE ONE DAY FOR GETTING DIN, EVERY PERSON WHO WANTS TO BECOME DIRECTOR SHALL APPLY DIN BEFORE BECOMING DIRECTOR. THERE CAN BE ONLY ONE DIRECTOR IN ONE PERSON COMPANY.
STEP-3: AFTER GETTING DSC AND DIN NOW WE APPLY FOR COMPANY NAME APPROVAL FORM REGISTRAR OF COMPANY, THE NAME OF COMPANY AND BRAND NAME CAN BE DIFFERENT FOR EXMAPLE PAYTM IS BRAND NAME OF COMPANY ONE97 COMMUNICATION.
STEP-4: AFTER GETTING APPROVAL FROM REGISTRAR OF COMPANIES WE HAVE TO FILLED A FORM FOR COMPANY REGISTRATION SPICE-32, 33, 34 ALONG WITH INC-7,8,9 AND OTHER FORMS.
Scanned copy of PAN Card or Passport (Foreign Nationals & NRIs)
Scanned copy of Voter's ID/Passport/Driver's License
Scanned copy of Latest Bank Statement/Telephone or Mobile Bill/Electricity or Gas Bill
Scanned passport-sized photograph
Scanned copy of Aadhaar card.
Specimen signature (blank document with signature [directors only]).
Name of a person who should act as a nominee, that in the event of death of that one person he should act as a sole owner of the company
NOC from one person that he should not have any problem to become nominee.
Note: One director must self-attest the first three documents. In case of foreign nationals and NRIs, all the documents must be notarised (if currently in India or a non-Commonwealth country) or apostilled (if in a Commonwealth country).
Scanned copy of Latest Bank Statement/Telephone or Mobile Bill/Electricity or Gas Bill
Scanned copy of Notarized Rental Agreement in English
Scanned copy of No-objection Certificate from property owner
Scanned copy of Sale Deed/Property Deed in English (in case of owned property)
1. Why should I form an OPC?
An OPC is an good alternative to them who wants to work alone with limited liability, An OPC is a concept of individual who wants to run company alone with limited liability the can form OPC and works thereunder.
2. Who can register an OPC?
Only Indian individual resident can form OPC, and one person can form one OPC
3. What are the mandatory requirements of an OPC?
No any other thing required but can’t run non-banking financial activity
4. How much capital is required to start an OPC?
There is no minimum capital required; the law states that minimum capital as may be prescribed by the articles.
5. What are the tax advantages available to an OPC?
There is flat rate rate of 30% on any kind of company weather private & OPC
6. What is the main drawback of an OPC?
Yes there are some disadvantages under OPC these are:
(a) Only one person become member of OPC so you cannot increase member
(b) The maximum capital and Turnover cannot exceed 50 lacs and 2 crores.
(c) If you want to convert OPC to Public or Private Company minimum 2 years will be elapsed while running OPC
7. How much does it cost to run an OPC?
The cost of OPC is lower than private company, generally if formed about an expense of 12000 p.a and running cost of OPC for auditing and annual filling of accounts is 10000 p.a
8. How many directors can there by in an OPC?
Only one person who formed OPC would play a role of director in a company
9. Can I start more than one OPC at a time?
No, an individual can form only one OPC at a time. This rule applies to the nominee in an OPC, too.