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One Person Company Registration in Chennai

Register your OPC with speed, ease and Value Savings

  • We will draft and file your application to MCA
  • You just need to fill a simple 10-minute Questionnaire
  • Simplifying your business journey

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What is a OPC(One Person Company) ?

The contemporary concept of a ‘One Person Company (OPC) has been introduced in the Companies Act, 2013 by the MCA to provide an entirely new bracket of opportunities for the budding entrepreneurs who are capable of starting a venture single-handedly by allowing them to create a single person economic entity. An OPC is a hybrid structure where the OPC owner will enjoy all the benefits of a private limited company which precisely means that the OPC owner will have the access to bank loans, credits, limited liability, access to market, legal protection, etc, all in the name of an independent entity. OPC Registration is governed by the Companies Act,2013, and administered by MCA.

An OPC can be formed in two under the following two categories:-

  1. Company limited by guarantee.
  2. Company limited by shares
cor process
Procedure
Package
Steps
Benefits
Document
Requirement
FAQ

Procedure for OPC Registration

Fill Up Application Form

Complete our Simple
Form

Complete our Simple
Form

You are required to fill in the details in our simple questionnaire and submit documents.

Obtain DSC
DIN for us

Obtain DSC
DPIN for us

We will provide you with DSC and DIN. To proceed further, you need to give your approval.

Executive will Process Application

Verifcation &
Name Approval

Verifcation &
Name Approval

For further procedures, details provided by you will be verified by our experts.

Document
Submission

Document
Submission

We will create all the required documents and file them with ROC on your behalf.

Get Confirmation on Mail

Get Confirmation By
our Team

Get Confirmation By
our Team

Once your company is incorporated, we shall send you all the documents and DSCs.

Package Included

Select and Search a name for Company
Design Logo
Register applicant's trademark
Free consultancy on Company Registration

Steps for OPC Registration

Step 1:Applying for Digital Signature of Director (DSC)

DSC is an equivalent of the physical or paper certificates in their digital format. The process OPC Registration begins with applying for the DSC because the application for One Person Company is filed online with the DSC of the director only. In order to issue a DSC, a signed application form with a photo ID and Address proof of the director is submitted.


Step 2:Applying for Direction Identification Number (DIN)

Director Identification Number is a permanent and a unique identification number issued to the Director of a company or a designated partner of the LLP by the Registrar of Companies. In accordance with the New Companies Act, 2013 – no person can hold an office of the director without having a DIN. An application to the ROC is made with a photo, attested ID and address proof duly signed by a practicing professional, a CA/CS/CMA for the allotment of DIN

Step 3:Name Approval of the One Person Company(OPC)

Name of each and every company should be new and unique. In other words, no company name should resemble to that of an already registered company, LLP or a registered trademark. After the successful allotment of DSC and the DIN, an application is made to the ROC for the approval of the company name for OPC Registration The Registrar is entitled with the discretionary powers when it comes to the approval of the company name.


Step 4:Drafting of the MoA and AoA of the Company

The Memorandum of Association (MoA) of the OPC includes all the information about the company such as the Name of the Company, state of company incorporation, details of the authorized capital and declaration of the company about being it a limited company. The Article of Association (AoA) accommodates all the internal rules of the organization. It is mandatory for the promoters to adopt and sign the MoA and AoA before it could be filed with the ROC


Step 5:Company Incorporation

Once your application is filed you will receive an ARN number. The Incorporation certificate is received within 15-20 days .It is a proof that OPC has been created. The COI also includes your CIN (Company Identification number).


Step 6:Opening of a Company Bank Account

It is mandatory for a company to have a bank account in order to operate its business. Our expert executives are here to help you in getting the company PAN, RAN and TDS payment compliance to help you open the company bank account.


Benefits of OPC Registration in Chennai

There are many automobile industry situated in Chennai. 30% of automobile industry and 40% of its auto components industry situates here. Many companies have their manufacturing plants. Companies are Hyundai, Renault, Nissan Motors, etc.

Opportunities

Many companies have their manufacturing plants. Companies are Hyundai, Renault, Nissan Motors, Ford, BMW, and Mitsubishi, etc. An additional benefit is the presence of financial institutions like the World Bank, The Royal Bank of Scotland, Abu Dhabi Commercial Bank, and Sumitomo Mitsui Banking Corporation. So, Chennai is known for industries related to Automobile.

Growth

Software Technology Parks of India (STPI) provide support with Company Registration in Chennai for emerging entrepreneurs. In the last few years, Chennai has become one of the preferred destinations for IT companies such as Infosys, TCS, Wipro and Cognizant, and MNCs. Chennai has the perfect combination of professionals and talent base for the business to flourish

VC Financing

Venture capitalists in India are an essential part of the startup ecosystem. Once a startup has reached its growth stage, it’s the most important requirement is undoubtedly the backing by reliable investors and an ample amount of funding to scale up. Accel Partners, Blume Venture Advisor funds, Sequoia Capital India, etc. are the active VC Financing in Chennai.

Ease of doing business

According to India’s Business Reform Action Plan, 2017 – a joint initiative between the World Bank and the Department of Industrial Policy and Promotion (DIPP) – the state of Karnataka is the 6th best Indian state in terms of ease of doing business, up from ranking 13th in 2016

Documents Required

Name of the Nidhi Company should be decided keeping in mind the following factors-

  • PAN Card of owner
  • Passport size photograph of Directors
  • Copy of Aadhaar Card/ Voter identity card of directors
  • Copy of Rent agreement(If rented property)
  • Electricity/ Water bill (Business Place)

Requirements for OPC Registration in Pune

  • Minimum of 1 Director
  • Minimum of 1 Member
  • Minimum Share Capital of at least 1 lakh
  • PAN Card issued by the Income Tax Department is a mandatory requirement for the identity proof.
  • Copy of Passport/ Voter ID/ Driving license/ Aadhaar card/ Any utility bill is required for the address proof. The address proof must be in the name of the “applicant” only and should not be older than 2 months from the date of filing of DIR-3.
  • Passport size photograph of the Applicant and Nominee
  • Current occupation of the applicant
  • The E-mail address and the mobile number of the applicant.
  • Verification Signed the Applicant

Post Incorporation Compliances of OPC

Though an OPC does permits an onliest entrepreneur to operate a corporate entity with protection of a limited liability, an OPC does accounts a few limitations. Following are the points to be kept in mind before prepping to incorporate an OPC:

  • Only a natural person who is an Indian resident in the preceding year, i.e., has stayed in India for 182 days can form an OPC.
  • Every OPC must nominate a Nominee Director in the MoA and the AoA of the company, who becomes the owner of the OPC in case the sole owner is disabled.
  • The OPC should be converted into a Private Limited Company if the annual turnover of the company crosses Rs. 2 crores
  • It must file an audit of the financial statements with the MCA at the termination of each financial year.
  • The inception of the paid-up capital of Rs. 50 lakh and an average annual turnover of Rs. 2 crores in 3 immediately preceding financial year is important beyond which the status of OPC is lost.
  • The rules of the OPC do not permit Non-Banking Financial Institutions.

FAQ

One Person Company (OPC) a new company formation, upholds the advantages of sole proprietorship and the corporate state having one member, as the Director and a nominee. The concept of OPC Registration was started by the Companies Act, 2013 to give a boost to the entrepreneurs who have the capability of commencing their venture. They are applicable to create a single person company. The OPC Registration is mandatory for all entrepreneurs.

At least one nominee is required to start an OPC who can act as a shareholder as well as a director.

The least capital demand is Rs. 1 Lakh but this amount varies from your investment. Authorized capital and investment are not the same in OPC Company. You can invest as much as you want to but when you need to incorporate a company professionally, it has to be begun with Rs.1 Lakh as capital.

Any individual/organization can become a member of One person company including foreigners/NRI’s.

The entire procedure is 100% online and you don’t have to be present at our office or any other office for incorporation. A scanned copy of documents has to be sent via mail.

a) Compliances are low b) Simple to incorporate c) Fee and expenses are less d) Body corporate e) Limited liability

No, you are not permitted to form more than 1 OPC, and nominee in your company cannot be selected as the nominee in any other OPC company.

There is absolutely no other payment. We will send you an all-inclusive invoice, with no hidden charges.

The basic necessary compliance are:- • Keeping a proper book of accounts • Statutory Audit of Financial Statements • Filing of company income tax return all year before 30th September • Recording Annual ROC return which covers form MGT

No, FDI is not permitted for OPC Company formation, if it does then it will lose its real nature of OPC.

No there are no special tax advantages available for OPC. Tax is paid at the flat rate of 30% on profits.

Normally, at LegalRaasta the registration process takes 7 working days.

If the member dies, the nominee takes over the activities of the company and within 15 days, the company has to intimate the Registrar of Companies by registering Form INC-4 with the designated fee.

• At least 1 shareholder • At least 1 director. The director and shareholder can be the same person. • Minimum one nominee • Shareholder/nominee need to be a resident of India • Minimum Rs.1 lakh to be authorized share capitals. • DSC and DIN for director

A lot of people considering an OPC registration go with the private limited company structure because it is mandatory to convert an OPC to a private or public limited company if turnover is over Rs. 2 crores or paid-up capital is over 50 Lakhs.

Yes, It is necessary to modify its memorandum and articles by giving a resolution and to give impact to the conversion and to make significant changes incidental thereto.

You need to have a bank account with a minimum balance. This could be as little as Rs. 5000. You don’t need to invest any more capital to start the business.

OPC cannot be incorporated or transformed into Section 8 Company i.e. the company with charitable purposes etc. Also, cannot carry out any non-banking financial activities, including investment in securities of all body corporate.

If OPC or any officer of such company violates the provisions of Companies Rules 2014, they shall be punishable with a penalty which may reach to Rs.10,000. And if you ignore this penalty gets to extend to Rs.1,000 for every day along with Rs.10,000 and continues.

Every company at the first Annual general meeting selects an individual or a firm as an auditor who needs to hold the office from the conclusion of that meeting to the conclusion of its 6th annual general meeting.

1. An OPC limited by shares must comply with the following requirements: a. Must have a minimum paid-up share capital of INR 1 Lac. b. Shares will not be allowed to be transferred to anyone else. c. An OPC is prohibited from giving any invitations to the public to subscribe to the securities of the company.2. When an OPC limited by shares or by guarantee enters into a contract with the sole member of the company, who is also the director of the company, the terms of contract or offer must be recorded in writing or contained in a memorandum or recorded in the minutes of the Board meeting held next after entering into the contract. 3. An OPC must inform the Registrar about every contract entered into by the company with the sole member of the company within fifteen days from the date of approval.

Yes, the OPC within 60 days from the date of applicability of sub-rule (1), provide a notice to the Registrar and notifying that it has ceased to be an OPC. Also, it is now required to change itself into a private company or a public company by way of its paid-up share capital or average yearly turnover.

An OPC is exempted from doing the following compliances: 1. Sign on annual returns 2. Hold Annual General Meetings and Board Meetings 3. Sign on Financial Statements 4. Option to dispense with the requirement of holding an AGM 5. Power of Tribunal to call meetings of members 6. Calling of the extraordinary general meeting 7. Notice of meeting 8. Statement to be annexed to notice 9. Quorum for meetings 10. Chairman of meetings 11 Proxies 12. Restriction on voting rights 13. Voting by show of hands 14. Voting through electronic means 15. Demand for poll 16. Postal ballot 17. Circulation of members’ resolution

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