Incorporation Services

One Person Company

One Person Company

The concept of One Person Company in India was introduced through the Companies Act, 2013 to support entrepreneurs who on their own are capable of starting a venture by allowing them to create a single person economic entity.

One Person Company is a separate legal entity from its promoter, offering limited liability protection to its sole shareholder, while having continuity of business and being easy to incorporate.

Requirements for Registration

In order to complete the one person company registration online, it is essential to have details about all the requirements.
  • Only one person
  • Rental Agreement or copy of Electricity
  • Signed Incorporation Documents (MOA & AOA)
  • DIN of 1 director

OPC Registration

 

Benefits

The One Person Company is a single person economic entity. The one person company is just like a combined package having the company and the sole proprietorship business. There are several advantages associated with the one-person company. The registration process of One Person Company is much smoother as compared to the others. Additionally, the documentation process is also less complicated. Legal recognition, loan opportunities, and other legal formalities are also different from private limited companies. Additionally, there are less corporate formalities that Private Limited companies have to incorporate. Apart from this, there are several other benefits of combining the One Person Company, like:

  • Limited liability
  • Easy Transferability of Shares
  • Owning Property
  • Borrowing Capacity
  • Perpetual Successionu

Privileges of One Person Companies

  • The One Person Companies do not need to conduct any type of General meetings annually.
  • It is not necessary to include any cash flow statements in the financial statements
  • It is not necessary that the company secretary should be there to sign the annual return reports. This task can also be completed by Directors as well.
  • There is no compulsion regarding the provision of independent directors. The One Person Companies do not apply such provisions.
  • There are no provisions related to the meetings and quorum in the One person organization
  • As compared to the other companies, the remuneration given to directors is much high
  • Their articles can provide for additional grounds for vacation of a director’s office

Documents Required by Directors

In order to complete the one person company registration, it is necessary to submit all the documents. Without appropriate materials, it is not possible to complete the registration procedure.
  • PAN Card of the Owner
  • Address Proof
  • Apply for the DIN
  • Apply for the name approval.
While submitting the documents, it is necessary to determine that all the copies must be clear and the photograph must be given clearly. In case the materials are not correctly submitted, then the registration will be canceled. In case you are having any query then you can easily ask our Customer service representatives. They will help you in getting all the answers to your questions.

Mandatory factors for One Person Company owners: There are some mandatory compliance for the One Company Owners, the mandatory conditions are: a. At least one Board Meeting in each half of calendar year and time gap between the two Board Meetings should not be less than 90 days. b. It is necessary to maintain accurate books of accounts. c. It is necessary to conduct statutory audit of Financial Statements. d. It is necessary to fill the income tax return file of the business annually that too before 30th September. e. Filing of Financial Statements in Form AOC-4 and ROC Annual return in Form MGT 7. Is there any tax advantage on forming an OPC? As per the rules and regulations under the company act, there is no specific tax advantage that can be given to the person handling the One Person Company. The tax rate for the company owners is 30%. Apart from this, the other taxes including the MAT & Dividend Distribution Tax also get applied according to the same provisions. Who cannot form a One Person Company? Opening a one person company is so in trend and even individuals are focusing towards it. But still there are some people who are not considered as eligible to start the One Person Cpmpany. The individuals include: • A minor • Foreign citizen (person who is a resident of another country) • Non Resident (a person having the citizenship of other country) • Any person incapacitated by contract Contact Us!!! If you are also one those who wish toregister their one person company, then you can easily visit Wills N Way. At Wills N Way, you can easily avail all the services at the best prices. Either you can call us at + (91) 9971 229 865, + (91) 9971 225 123 and + (91) 9711 514 895 or can also send a mail to us at info@willsnway.com and info.willsnway@gmail.com. We will be glad if you visit us at our office. Our service executives are available at your service for 24 hours a day.

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