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A One Person Company (OPC) is a recent concept introduced in India with the Companies Act 2013. It allows a single person to establish a company, which was not possible before. An OPC has the features of a company and the benefits of sole proprietorship. Previously, only sole proprietorship was an option for single individuals to establish a business.
One Person Company registration in India is possible with only 1 director and 1 member, as per Section 2 (62) of the Companies Act 2013. It has fewer compliance requirements compared to a Private Limited Company.
Under the Companies Act 2013, an individual can register a One Person Company in India with only one member and one director, who can also be the same person. It is possible for both resident and non-resident Indians to register an OPC in India.
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An OPC is a type of company introduced under the Companies Act 2013 in India, which is owned and managed by a single person.
OPCs are easy to set up and manage, require minimal maintenance, and can offer better operational control and taxation benefits. They are an ideal way for small businesses to get started.
An OPC offers the limited liability benefits of a Pvt Ltd as well as the flexibility of an LLP.
A dormant company is a company that has not met its annual compliances and can be struck off after some time. It can be revived for a period of up to 20 years.
DSC is a digital signature certificate that establishes the identity of the sender or the signee electronically while filing the document online.
DIN is a Unique Identification Number that is assigned to all existing and proposed Directors of a Company. It never expires, and a person can have only one DIN.
OPC is a hybrid of proprietorship and company forms of business, while a private limited company is owned by multiple shareholders.
Yes, statutory audit is mandatory for an OPC.
GST registration for an OPC is necessary if turnover crosses 40 lakhs in case of goods and 20 lakhs in case of services.
Yes, an OPC can raise funds through venture capital, financial institutions, and by converting into a private limited company.
In an OPC, a single person runs a company limited by shares whereas a sole proprietorship means an entity that is run by one individual, and the owner and business are considered as the same entity.
No, an OPC is not required to conduct an Annual General Meeting.
A nominee is an individual who becomes a member of the company in case of the promoter’s death or incapacitation.
Authorized Capital of a Company is the number of shares a company can issue to the shareholders. A Company is required to pay the Government an authorized capital fee to issue shares.
Ensure that the name you choose is unique and you have all the required documents before the process of incorporation for speedy incorporation.
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