One Person Company in Bihar

One Person Company in Bihar

Recently One Person Company Registration in Bihar (OPC incorporation) was introduced as a strong improvement over a sole proprietorship. A Single person will be a shareholder in the company. In 2013, a company act introduced a new type of entity in the form of One Person Company Registration in Bihar (OPC Incorporation).

The Companies Regulation, 2013 provides for a new type of entity in the form of the Registration of One Person Company in Bihar (OPC Incorporation).

The introduction of OPC incorporation in the legal system is a step that will encourage corporations to inaccessible employment and entrepreneurship. Since it is a single-person company so there needs to be more compliance with respect to a private limited company.

However, only a person who is a citizen of India is eligible to act as a member and nominee of an OPC One-Person Company in Bihar. But make sure that such a member or nominee cannot become part of another or subsequent OPC incorporation in Bihar.

Before the Companies Act, of 2013, a single person could not establish a company. There was only a sole proprietorship option for those who wanted to start setting up a business alone.

But problem was that there should be at least two directors and two members to set up a company. But, after the Companies Act, of 2013, one person company in Bihar scheme provides opportunities to small traders and businessmen.

It is also for those working in sectors like handloom, handicrafts, and pottery. So OPC registration process in Bihar is very easy for them.

Earlier they were working on their own as artisans and weavers. So they did not have the legal entity of a company. But now an OPC form of organization will help them to do business as a venture and give them an opportunity to start their venture with a streamlined business structure.

Our One Person Company Registration in Bihar package

• Company Name Verification
• Digital Signature Certificate (DSC) for Director/Shareholder.
• Director Identification Number (DIN) for directors.
• Corporate Identification Number (CIN)

Features of One Person Company Registration in Bihar

Only One person Can be a member of OPC Incorporation in Bihar

In One Person Company ie OPC Registration process, only one person can be a member, director, or nominee. This means that, unlike a Private Limited Company, an OPC Incorporation cannot have the company as a shareholder or an investor.

One Member One OPC Incorporation

A single person can not be a member of more than one OPC Incorporation. No one is allowed to be named in more than one OPC at any point in time. Actually, the government wants to protect it for small enterprises. That's why this type of condition has been applied.

Naming of One Person Company (OPC Incorporation)

The words "OPC" shall be mentioned in the list and shall be appended to the name of such company with the suffix Private Limited, wherever its name is printed, affixed, or engraved.

Limitation of Turnover and Paid- up capital

Earlier there was a limit of paid-up capital (Rs 50 lakh) and turnover (Rs 2 crore), after which it was necessary to mandatorily convert the OPC into a private limited company. But now such limitation has been removed. Now the OPC can continue the business without any restriction of mandatory conversion.

Conversion of One Person Company (OPC) into other forms of Company

You can easily convert the One Person Company into a Private Limited Company by increasing the minimum number of members and directors. But must be remembered that OPC cannot be converted into a Section 8 company.

Non-Banking Financial Investment activities

A One Person Company in Bihar (OPC Incorporation) cannot carry out non-banking financial investment activities, which include investing in securities of any institution corporation.

Advantages Of One Person Company Registration In Bihar

1. Ideal for Solo Entrepreneurs : OPC Incorporation in Bihar is a major improvement over Sole Proprietorship firms as it is a registered form of business have perpetual succession and limited systems. Hence, OPC stands for Sole Proprietorship.

2. Separate legal entity : OPC Incorporation in Bihar is a registered company known to be a separate artificial person in the eyes of law and the liability of the member/shareholder is limited to the unpaid amount of share capital. This means that if any company incurs losses at any stage, its members/shareholders are not liable to sell their own assets for payment. Thus, the personal wealth of the shareholder is not at risk.

3. Less Compliance Burden : A number of exemptions and benefits have been provided to the One Person Company in Bihar with regard to incorporation. Some of the discounts are given below:

• There is no need for an annual meeting and creating a report regarding the meeting.
• One Person Company in Bihar can arrange only 2 board meetings in the current year. There must be a minimum of 90 days gaps between meetings.
• Reports created by the financial & Board can be signed by only one director.
• No need to include a cash flow statement in OPC Incorporation by financial statement.
• Company Secretary can sign on the annual return. If there is no Company Secretary, then a director of the company can sign. So there is no need to sign through the company secretary.
• It is not required to appoint independent directors to its board.
• SS-1 does not apply if the OPC incorporation in Bihar has only one director on its board. SS-2 also does not apply to OPC.

4. Easy to register, manage & run : You should understand that One Person Company Registration Process in Bihar and Private Limited Company Registration Process in Bihar is the same i.e… completely online with less paperwork. The registration process can be completed within 7-12 working days. In addition, it gives exclusive rights of limited liability and perpetual succession to individual entrepreneurs.

5. No minimum capital required : To start One Person Company there is no minimum requirement of capital. Hence, a company can be formed even with a minimum amount of capital (for example Rs.1000).

6. Appointment of Nominee : In One Person Company Registration Process, the sole member is required to be appointed as the nominee, who will take over the ownership and management of the OPC Incorporation. But a nominee can be appointed in case of any inability or death of the sole member. This unique feature is present only in the OPC Sole Proprietorship firm. It gives power to the sole member to appoint any person as a nominee with his consent, who after the death or incapacitation of the sole member.

Minimum Requirements of One-Person Company Registration in Bihar

• Minimum 1 Director/Shareholder
• Minimum capital Rs 1
• Nominee for OPC
• DIN and DSCs for Director/Shareholder

One-Person Company Registration Process in Bihar

• Apply for Name Approval
• Application for Digital Signature Certificate (DSC)
• Submission of SPICE+ forms, MOA and AOA
• Get incorporation certificate, PAN, and TAN
• Bank Account Opening
• For the best result please contact Expert Registration Team

Documents For One-Person Company Registration process In Bihar

Required documents Of the Director/Shareholder – These documents are required to be submitted by the proposed directors and shareholders of the company. All documents submitted must be valid and legible.

• PAN Card
• Aadhar Card/Voter ID/Passport/Driving License
• Updated bank statement/ telephone bill/ post-paid mobile bill/ electricity bill (proof of address should be recent and not more than 2 months old)
• Passport-size photograph

Required Documents For Nominee - Submit the documents which are all the proposed directors and shareholders of the company. All documents submitted must be valid and legible.

• PAN Card or Passport Of Foreign Nationals or NRIs
• Aadhar Card/Voter ID/Passport/Driving License
• Latest bank statement/ telephone bill/ post-paid mobile bill/ electricity bill (proof of address should be recent and not more than 2 months old)

Registered Office Proof One Person Company must have a registered office place in India(Bihar). It Can be an office address or business premises. Address proof should be recent and not more than 2 months old. Submit These documents as registered office address proof –

• electricity bills/ mobile post-paid bills/ landline post-paid bills/ gas bills/ water bills
• Scanned copy of the No Objection Certificate from the owner of the property or whose name appears on such utility bill

FAQ

Is it possible to change the nominee of my One Person Company in Bihar (OPCIncorporation in Bihar) after incorporation?

Yes, you can change the name of the OPC at any point in time by adopting Form e-Form INC-4 and incorporating it as per the procedure under the law.

Can a salaried individual or a person in employment become a director of One Person Company in Bihar (OPCIncorporation in Bihar)?

A salaried person or employed person can also become a director of a Private Limited, LLP, or OPC. Though, one needs to check the employment condition if it allows such provisions. However, if there is a restriction on becoming a director of a company, a person can hold shares in a company and voluntarily become a shareholder.

Is it possible to register more than 1 director in One Person Company in Bihar (OPC Incorporation in Bihar)?

Yes, you can have more than 1 director and a maximum of 15 directors in One Person Company (OPC).

Can I keep more than 1 member/shareholder in One Person Company in Bihar (OPC Incorporation in Bihar)?

No, as the name suggests you can have only one member/shareholder in One Person Company (OPC).

I am already a nominee of an OPC Incorporation, can I incorporate another OPC in Bihar and become a shareholder/member?

No, only one person can join and be nominated as an OPC. If a person wants to start another venture, he can incorporate a Private Limited Company, LLP, or other types of organizations.

Is it necessary to get the books of a company audited?

Yes, a private limited company should get its books audited and file with the Return of the Company (ROC) every year.

Can I do the One Person Company in Bihar (OPC in Bihar) registration on my own?

No, you will have to take the help of a professional CS/CA/CMA/Advocate/Consultant firm for company registration as it will require certification from these professionals.

What is the Authorized Capital and Paid-up Capital of One Person Company (OPC)?

Authorized capital is the maximum amount of capital that a company can raise by issuing shares to shareholders. While paid-up capital is the amount that is actually paid and subscribed by the shareholders of the company. It cannot exceed the authorized capital of a company. Stamp duty is paid on the authorized capital of the company.

Is GST mandatory for One Person Company Registration in Bihar?

GST registration is required to document that the aggregate turnover actually exceeds the prescribed limit or a business that makes an inter-state supply of goods/services. Therefore, every company has to check whether it supplies goods to individual states or qualifies for the prescribed turnover limit or other photos specified under the GST laws.

Are there any conversion legal proceedings or charges for One Person Company Registration in Bihar?

No, there is no novelty of One Person Company, once registered it will be valid for a lifetime. However, you will have to make mandatory endorsements every year.

Can I subsequently change the address of the Registered Office of One Person Company Registration in Bihar?

Yes, once the company is registered, you can change the address of registration of the company by following the procedure prescribed as per law.