PROCESS OF REGISTER OPC?
PROCESS
- Choose a name: The first step is to choose a name for your OPC. The name must be unique and cannot be the same as the name of any other existing company. It must also end with the words “One Person Company” or the abbreviation “OPC”.
- Reserve a name: Once you have chosen a name, you need to reserve it with the Registrar of Companies (RoC). You can do this online or by submitting a form to the RoC.
- Get a digital signature certificate (DSC): You will need a DSC to file documents with the RoC. You can apply for a DSC online or through a registered DSC provider.
- File the SPICe form: The SPICe form is the single-window form that you need to file with the RoC to register your OPC. You can file the SPICe form online or by submitting it to the RoC.
- Pay the registration fees: You need to pay the registration fees to the RoC when you file the SPICe form. The registration fees are as follows:
- INR 1000 for the first INR 50 lakhs of authorized share capital
- INR 500 for every additional INR 50 lakhs of authorized share capital
Get the certificate of incorporation: Once the RoC approves your application, it will issue a certificate of incorporation for your OPC. This is the official document that proves that your OPC has been registered
Some additional details about the process of registering an OPC:
- The name of the OPC must be unique and cannot be the same as the name of any other existing company. It must also end with the words “One Person Company” or the abbreviation “OPC”.
- You can reserve a name for your OPC online or by submitting a form to the RoC. The name reservation process takes about 24-48 hours.
- You will need a DSC to file documents with the RoC. You can apply for a DSC online or through a registered DSC provider. The DSC application process takes about 7-10 days.
- The SPICe form is the single-window form that you need to file with the RoC to register your OPC. You can file the SPICe form online or by submitting it to the RoC. The SPICe form filing process takes about 1-2 days.
- You need to pay the registration fees to the RoC when you file the SPICe form. The registration fees are as follows:
- INR 1000 for the first INR 50 lakhs of authorized share capital
- INR 500 for every additional INR 50 lakhs of authorized share capital
- Once the RoC approves your application, it will issue a certificate of incorporation for your OPC. This is the official document that proves that your OPC has been registered
CHEAP AND BEST WAY TO REGISTER OPC
There are many way to register opc but cheap and best way to register opc is Auriga Accounting Private Limited. They provide very good and affordable service to their clients.
Here are some of the advantages and disadvantages of registering an One Person Company (OPC):
Advantages
- Limited liability: The liability of the members of an OPC is limited to the extent of their unpaid share capital. This means that the personal assets of the members are not at risk in the event that the OPC becomes insolvent.
- Simple registration process: The registration process for an OPC is relatively simple and straightforward. This makes it a good option for individuals who want to start a business but do not have the time or resources to go through a more complex registration process.
- Lower compliance requirements: OPCs have lower compliance requirements than other types of companies. This means that they have less paperwork to do and less time spent on compliance.
- Easy to set up: The process of setting up an OPC is relatively easy. This makes it a good option for individuals who want to start a business quickly and easily.
- No minimum paid-up capital: There is no minimum paid-up capital requirement for an OPC. This means that individuals can start an OPC with a small amount of investment.
- No requirement for a board of directors: OPCs do not have a requirement for a board of directors. This means that the sole member of the OPC can make all decisions about the company.
Disadvantages
- Can only have one member: An OPC can only have one member. This means that it is not a good option for individuals who want to start a business with other people.
- Limited transferability of shares: The shares of an OPC cannot be transferred to another person without the consent of the other members. This can make it difficult to raise capital for the company.
- No public trading of shares: The shares of an OPC cannot be traded on a public stock exchange. This means that it is not a good option for individuals who want to list their company on a stock exchange.
- Limited borrowing capacity: OPCs have a limited borrowing capacity. This means that they may have difficulty getting loans from banks or other financial institutions.
- Higher taxation: OPCs are subject to higher taxation than other types of companies. This is because they are considered to be “personal” companies and are not subject to the same tax benefits as “corporate” companies
Here are some of the key points to consider when registering an One Person Company (OPC):
- The name of the OPC must be unique and cannot be the same as the name of any other existing company. It must also end with the words “One Person Company” or the abbreviation “OPC”.
- The OPC must have a registered office in India. The registered office is the official address of the OPC and must be where all of the company’s documents are kept.
- The OPC must have a sole member. This means that the OPC can only have one owner.
- The OPC must have a share capital of at least INR 100. The share capital is the amount of money that the members of the OPC have invested in the company.
- The OPC must have a board of directors. The board of directors is responsible for managing the company.
- The OPC must file annual returns with the Registrar of Companies (RoC). The annual returns are documents that provide information about the company’s financial performance and ownership structure.
