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One Person Company

One Person Company

As per the provision of Section 2 (62) of the Companies Act, 2013 defined (62)
“One Person Company” means a company which has only one person as a
member. It allows a firm to be registered with just one shareholder and
limited regulatory costs and other requirements. Only a natural person
who ia an Indian citizen and resident in india shall be eligible to incorporate
a one person company. “Resident” means a person who has stayed in
India for a period of not less than 182 days during the immediate
preceding Financial year. The biggest difference between a sole
proprietor and a One Person Company would be that in case of a
One Person Company, your liability in case the business fails, is
limited to only the business assets. In case of a proprietorship,
the liability is unlimited and the creditors of your business can
even take hold of your home and personal assets like your house, personal bank accounts, jewellery etc which can be used to settle the business liabilities.


Minimum Requirements

  • Minimum 1 director and 1 member.
  • DIN(Director Identification Number)
  • DSC (Digital signature certificate)

  • Registration

  • Get DIN & DSC of the director.
  • Getting the company name approved from MCA
  • Drafting of MOA & AOA.
  • Filing of e-forms with RoC(Registrar Of companies).
  • Payment Of RoC fees and stamp duty.
  • Verification of documents by Roc
  • Issue of certificate of incorporation by RoC.

  • Note

  • A person cannot incorporate more than one ,one person company.
  • One person Company can be converted into a private company or a public company with fulfillment of certain conditions.
  • For being member of an OPC one should have completed 18 years of age.
  • One Person Company
Traditional
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Faq's

Is it necessary to Register for GST ?

All existing taxpayers registered under any of the following Acts :
a) Central Excise
b) Service Tax
State Sales Tax or VAT (Except exclusive liquor dealers if registered under VAT)
a) Entry Tax
b) Luxury Tax
Entertainment Tax (Except levied by Local Bodies)
have to register for GST. The enrolment for GST will ensure smooth transition to the GST regime.

Is the Registration process different for taxpayers registered under Centre, State or Union Territory Tax Acts ?

No. The Registration process is common for all taxpayers registered under Centre, State or Union Territory Tax Acts

Do existing taxpayers required to enrol separately with Central and State authorities under GST ?

Registration under GST is common for both GST and State GST. Also there is common Return and common Challan for Central and State GST.

When will Provisional Registration Certificate be issued ?

The Provisional Registration Certificate will be available only if the Registration Application is submitted successfully.

When will be the Final Registration Certificate be issued ?

The Final Registration Certificate will be issued within 6 months from the date of verification of documents by Authorised Center/State officials of the concerned Jurisdiction.