One Person Company
The Startup India Scheme has made a steep rise in demand for registrations of new companies in India. The most popular business structures for Startup model business entities are Private Limited Companies and Limited Liability Partnerships. The Companies Act, 2013 has introduced One Person Company (OPC) model by providing an opportunity to enter into a corporate world with a single person as member and having the privileges of a private company. In the recent years, One Person Company type organization has also received extensive popularity among Startup formation entity structures. In this article the discussion goes further deep into the peculiar features of a One Person Company.
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