One Person Company Registration in Chennai
Register your Private Limited Company 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
What is a 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.
An OPC can be formed in two under the following two categories:
- 1. Company limited by guarantee.
- 2. Company limited by shares
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.
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.
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.
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.
At Company Registration our experts register your OPC Registration in Chennaiand also help you in all matters of company registration. Starting from Selecting a Name for your company, searching availability of the name you have chosen, designing your logo, providing trademark registration of your brand name and free consultancy on any matter related to your company registration. Company Registration is just the first step of your journey with us. We also provide Bookkeeping, Taxation, Annual Filing, ROC Compliances (such as minutes, notices etc.) services too. We are a one stop shop for all your business related needs.
Requirements for OPC Registration in Chennai
- 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
Procedure for One Person Company Registration
Advantages of OPC Registration
- Only One Shareholder – Only a natural person who is an Indian resident shall be eligible to incorporate an OPC. The person must have stayed in India for a period of at least 182 days in the preceding one year.
- Single Promoter – OPC is the only corporate entity that can be started and operated by a single promoter with limited liability protection in India and ensures the perpetual existence if the business along with easy ownership transferability.
- Nominee for the Shareholder – The only owner of the OPC shall nominate another person who shall become the director in case of incapacity/death of the original director. Only a natural person who is an Indian resident is eligible to become a nominee of the OPC.
- Uninterrupted Existence – The incorporated OPC has a ‘perpetual succession”, i.e., uninterrupted existence until it’s been legally dissolved. Since the company has a separate legal existence, it is unaffected by the death or departure of any member and continues to be in existence irrespective of the changes in its ownership.
- Easy Transferability –The ownership of an OPC can be transferred easily by transferring the company shares. The signing, filing, and transfer of share certificates and shares transfer forms are sufficient to transfer the ownership of the company. In OPC, ownership can be either transferred by altering the nominee director’s information, shareholding, or the directorship.
- Borrowing Capacity –It is very much noticeable that the banks and other financial institutions prefer to provide funding to a company rather than partnership firms or proprietary concerns. However, an OPC cannot issues multiple types of equity security as it is owned by one person at all times.
- Owning Property – A company enjoying the status if artificial person is eligible to acquire, own enjoy and alienate property in its name. The property that is owned by the company could be buildings, land, machinery, intangible assets, factory, residential property, etc. Additionally, the nominee director is prohibited to claim any ownership of the company while serving as the nominee director.
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 years is important beyond which the status of OPC is lost.
- The rules of the OPC do not permit Non-Banking Financial Institutions.
Steps for OPC Registration in Chennai
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 of incorporation 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 unique identification number issued to the Director of a company or a designated partner of the LLP by the Registrar of Companies. Under 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
The name of every company should be new and unique. In other words, no company name should resemble 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. The Registrar is entitled to 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. The promoters must 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 proof that the company has been created. The COI also includes your CIN (Company Identification number).
Step 6:Opening of a Company Bank Account
A company must have a bank account 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.