One Person Company in Samastipur

One Person Company in Samastipur

Under the Companies Act, One Person Company in India was launched in 2013 to help entrepreneurs who're able to start an enterprise by permitting them to create a single-person financial entity. One of the huge benefits of One Person Company (OPC) is that there will be just one member in an OPC, whereas a minimum of two members are required for sustaining and incorporating a Limited Liability Partnership (LLP) or a Private Limited Company. One Person Company is a separate authorized entity from its promoter, providing limited liability protection to its sole shareholder while having continuity of enterprise and being easy to include.

Although a One Person Company permits a lone Entrepreneur to operate a corporate entity with limited liability protection, an OPC does have a number of limitations. For instance, each One Person Company (OPC) should nominate a nominee Director within the MOA and AOA of the company - who will turn into the proprietor of the OPC in case the only real Director is disabled. One Person Company should be reconstructed right into a Private Limited Company if it crosses an annual turnover of Rs.2 crores and should file audited financial statements with the Ministry of Corporate Affairs at the finish of each Financial Year like all forms of Firms. Due to this fact, it will be important for the Entrepreneur to exactly think about the features of a One Person Company prior to incorporation.

Expert Registration is the market leader in company name registration services in India, providing a wide range of company registration as one-person company registration, private limited company registration, Nidhi Company Registration, Indian Subsidiary registration, Producer Company Registration, and Section 8 Firm Registration. It takes around 10-15 working days to finish the one-person firm registration process, subject to government processing time and client document submission. Get a free consultation for business setup and one-person firm registration in Bihar by scheduling an appointment with Expert Registration Advisor.

Our One Person Company Registration in Samastipur, Bihar package

• Company Name Verification
• Digital Signature Certificate (DSC) for Director/Shareholder.
• Director Identification Number (DIN) for directors.
• Corporate Identification Number (CIN)
• Company PAN and TAN
• MOA and AOA
• ank Account Opening Document
• Employees' State Insurance Corporation Registration (ESIC)
• Employees' Provident Fund Registration (EPFO)
• GST Registration (Condition Apply)
• Visiting Card
• Later Head

What is One Person Company Registration?

HA brand new strategy has been launched in the Company’s Act 2013, concerning the One Person Company (OPC). In a Private Limited Company, a minimum of two Administrators or Directors and Members are required whereas in a Public Company, a minimum of three Directors and a minimum of seven members. A single human couldn't incorporate a Company previously.

However, as per Section 2(62) of the Company’s Act 2013, an organization could be fashioned with simply 1 Director and 1 member. It's a type of organization where the compliance requirements are lesser than that of a private firm/company.

Members of an organization are nothing but subscribers to its, shareholders or memorandum of affiliation. So, an OPC is successfully a company that has only one stockholder as its member.

Such companies are usually created when there is just one founder for the business. Entrepreneurs whose companies lie within the early phases want to build OPCs instead of sole proprietorship businesses due to the number of benefits that OPCs provide.

The distinction between OPC and Sole Proprietorships

A sole proprietorship type of enterprise might seem very identical to one-person firms as a result of they both containing a single person owning the enterprise, however, there really exist some variations between them.

The most important difference between the two is the character of the liabilities they carry. Since an OPC is an independent authorized entity distinguished from its promoter, it has its personal assets and liabilities. The advertiser is just not personally liable to repay the debts of the company.

On the other hand, sole proprietorships and their proprietors are identical people. So, the legislation allows the sale and attachment of the promoter’s own property in case of non-fulfillment of the enterprise’s liabilities.

The distinction between OPC and Sole Proprietorships

A sole proprietorship type of enterprise might seem very identical to one-person firms as a result of they both containing a single person owning the enterprise, however, there really exist some variations between them.

The most important difference between the two is the character of the liabilities they carry. Since an OPC is an independent authorized entity distinguished from its promoter, it has its personal assets and liabilities. The advertiser is just not personally liable to repay the debts of the company.

On the other hand, sole proprietorships and their proprietors are identical people. So, the legislation allows the sale and attachment of the promoter’s own property in case of non-fulfillment of the enterprise’s liabilities.

The effect of OPC on Indian Entrepreneurs:

The idea of an OPC could be very current in Indian entrepreneurship and thus very radical, it will take time for such a new idea to be integrated with complete ability, and when time will go, OPC could have a sparkling future and shall be embraced as a most profitable business idea. The reason behind its incorporation of the same is less paperwork, one person can type an organization with no further shareholders, and if the member is keen to add stockholders, all he must do is to change the Memorandum of Affiliation and file it earlier than Roc.

Small entrepreneurs will develop in Indian entrepreneurship, be it weavers, merchants, artisans, or small to mid-level entrepreneurs, OPC is a bright future for them to grow and get recognition globally. An external financier might be coping with one consultant to build a company relationship and never with a rating of shareholders/directors where there are extra probabilities for the disparity in Concepts, ideas, etc for an enterprise to grow.

Any overseas firm that needs to arrange in India via Funding, a merger, or a Three-way partnership will have to simply lock the deal with the consultant of an OPC, and the enterprise might be anticipated to start out sooner with simpler outcomes. In upcoming years the impression of an OPC might be extraordinary and it's a promising future for Indian Entrepreneurship. Hopefully, there might be good Joint Ventures, Overseas Investments, Mergers, and many others. An OPC is doing properly in America, and In European International locations, Australia the identical is leading to strengthening the financial system of the nations.

In India when the professional committee of Dr. Jamshed Jiji Irani projected the concept of an OPC, it was solely aimed at the structured enterprise, with a unique legal entity altogether and to organize the non-public sector of entrepreneurship, which certainly is anticipated to be done, along with compelling growth in Indian Financial system benefiting the nation on the International Level.

Benefit Of One Person Company Registration

Advantages of being Small Scale Industries -

OPC can experience various advantages provided to Small Scale Industries (SSI) like simple funding from the financial institutions and any security to a specific limit, a decreased rate of interest on loans, and OPC can even have numerous benefits beneath Overseas Commerce coverage and different associated insurance policies.

Single Proprietor/Owner -

single owner/proprietor is useful compared to having multiple owners. It's extremely favorable for making a fast decision, and managing an enterprise with no interference, or any solutions from another person. The sense of belonging motivates to develop the enterprise.

Credit score Ranking -

OPC with a bad credit score rating can nonetheless apply for the loan. The credit score rating of One Person Company will not be material if the rating of OPC is in response to the norms.

Received Rate of interest on any Late Payment -

OPC can enjoy all the advantages under Enterprises Growth Act, 2006 as the newly included OPC is Micro, Small, or Medium which is coated under the act mentioned above. In accordance with this, if the customer or vendor receives any late payment, they're entitled to receive a rate of interest 3 times the speed of the financial institution.

Increase in Trust and status -

Any business which runs in this type of organization all the time enjoys elevated belief and standing.

Straightforward Funding -

If an organization is a personal limited company; One Person Company can increase funds utilizing enterprise capital, angel buyers, financial institutions, and many others. Any One Person Company can raise funds thus graduating itself to a private firm.

Restricted Legal responsibility - One of the advantages of OPC is that it has extra chances and has restricted legal responsibility for the reason that the legal responsibility of the One Particular person Company is restricted to the extent of the worth of the share, and the person can take more risk in business without distressing or struggling the lack of any private property. It's a sort of encouragement to new, younger, and revolutionary enterprise start-ups.

Minimum Requirements

• Identical director and shareholder
• Minimal 1 Shareholder
• Minimal 1 Nominee
• Minimum 1 Director
• Letters ‘OPC’ must be suffixed with the identification of OPCs to distinguish it from different firms.

Documents Required For One-Person Company Registration in Samastipur,Bihar

1. Director Id Proof - You can send any one ID proof of the director like AADHAR Card, Voter Card, Driving License, or Passport required.

2. Pan Card Of Director

3. Any One In the Name Of the Director

• Bank statement having the latest 60 days entry
• Bank Passbook with the latest entry
• Electricity Bill in name of the Director
• Phone bill in name of the Director
• Gas bill in name of Director
• Director’s Passport Size Photo

4. Director’s Passport Size Photo

3. Registered Office Address Proof

• Electricity Bill
• Mobile Bill
• Gas Receipt (not Gas book)

Follow These 5 Steps to make One Person Company Registration Successful

Pay Advance Rs. 1000 and Book Your Company Name with the Government- Step one is to think about 2 unique names for your company and apply for a business name reservation with the Ministry of Company Affairs. It's most important and make remember that You have to pay Rs. 1000 to Authorities for reserving the company name online.

E-mail or Whatsapp required Documents to the Expert Registration Team - Almost It takes 48 hours to get company name approval. Whereas the company name approval is under process, Please send the required documents to our team via WhatsApp or Email. So we will start the paperwork For these processes your physical presence is not required. You should invest your priceless time in your company.

Is the Company Name Approved or Not Approved? - If the firm name is accepted by the government, then only you need to pay the stability charges to us. So we will file the papers with the Ministry of Corporate Affairs. If your company name isn't accepted, then we have to re-apply to name with MCA.

Sign and Email us scanned copies of documents required for One Person Company registration - As soon as your company name is accepted, we will email and Whatsapp you a few pieces of paperwork for signing. Sign and e-mail us backed scanned copies of that paperwork. So we will additionally generate your digital signature.

Takes 7 to 10 Days To Complete One Person Company Registration Process - Our expert will put together and file the papers. If all documents are complete, we are able to anticipate the company registration to be completed in 10 to fifteen working days. You'll get your Certificates of Incorporation.

What are the Annual Compliances relating to the One Person Company?

• Statutory Audit ought to be executed by any Training Chartered Accountant
• Minimal two Board Meetings are required to be held
• Upkeep of the Statutory Registers and Minutes
• Submitting of Type MGT-7 for the annual return
• Submitting of Type- AOC-4 for the monetary assertion
• Filling of an ITR;
• Appointment of an Auditor;
• Annual Submitting to the Registrar of Corporations.

FAQ

Is it possible to change the nominee of my One Person Company in Samastipur, Bihar (OPCIncorporation in Samastipur, 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 Samastipur, Bihar (OPCIncorporation in Samastipur, 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 Samastipur, Bihar (OPC Incorporation in Samastipur,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 Samastipur, 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 Samastipur, 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 Samastipur, 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 Samastipur, 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 Samastipur, 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.