{"id":3228,"date":"2019-03-11T10:41:12","date_gmt":"2019-03-11T10:41:12","guid":{"rendered":"http:\/\/www.corpstore.in\/blog\/?p=3228"},"modified":"2019-04-03T12:20:30","modified_gmt":"2019-04-03T12:20:30","slug":"incorporate-one-person-company","status":"publish","type":"post","link":"https:\/\/www.corpstore.in\/blog\/incorporate-one-person-company\/","title":{"rendered":"Do you want to Incorporate a \u201cOne Person Company\u201d (OPC) ?"},"content":{"rendered":"\n

One Person company (OPC) is a new concept introduced by the Companies Act 2013. As the name suggest the One Person Company is incorporate with Only one person as its member regarding Section 2(62)of 2013 Act. OPC gives the corporate status body to entrepreneurship to encourage and facilitates their marginal Business. The procedures of such companies and the liability of members are limited.<\/sup><\/strong><\/p>\n\n\n\n

Section\n3(1)(c) of 2013 Act the status of One person Company(OPC) shall be that of\nPrivate Company. The 6(1)of Companies Rule,2014 states that the paid up capital\nof OPC should not exceed 50 lacs and the Average turnover should not break the\nrecord of Two Crores.<\/sup><\/strong><\/p>\n\n\n\n

If anyone among the Conditions cleft the status of OPC will get drain based upon the Rule 6(1)of Companies Rule,2014 and 2015. <\/sup><\/strong><\/p>\n\n\n\n

Suppose the conditions of OPC get pass up like the paid up capital of the company or its average turnover exceed its limit it will turn into Private Company having minimum two members and two Directors or the OPC will lose its Status and turn into Public Company with at least 7 members and minimum of three Directors with respect to the Section 18 of 2013 act. <\/sup><\/strong><\/p>\n\n\n\n

Under the Rule 6(4)the OPC should give a notice to the Registrar in Form No.INC-5\u00b2 within 60 days if any one of the above rules are cracked.<\/sup><\/strong><\/h6>\n\n\n\n
\"incorporate<\/figure>\n\n\n\n

We can apply the below steps mentioned in Rule 3 of the Companies Rule 2014 for the Incorporate of an OPC.<\/sup><\/strong><\/h4>\n\n\n\n

1)The\nperson who is an Indian Citizen and Resident in India can Incorporate an OPC as\nwell as he can be the nominee of sole member of an OPC.<\/sup><\/strong><\/p>\n\n\n\n

2)No person is eligible to incorporate more than one OPC <\/a>or become the nominee in more than one such Companies.<\/sup><\/strong><\/p>\n\n\n\n

3)A minor can\u2019t able to be a nominee or a member of an OPC not either can hold the shares with beneficial interest.<\/sup><\/strong><\/p>\n\n\n\n

4)If\na person is a member of an OPC as well as the nominee of another OPC then he\nshould face the eligibility criteria as above within 182 days.<\/sup><\/strong><\/p>\n\n\n\n

5)An\nOPC cannot incorporate or assimilated to a Non-Profit Company under Section 8\nof the 2013 Act.<\/sup><\/strong><\/p>\n\n\n\n

6)An\nOPC should not carry any non-financial investment activities.<\/sup><\/strong><\/p>\n\n\n\n

7)An OPC <\/a>cannot convert into any type of company till the expiry of 2years from the date of its incorporation except the case that it will exceed the paid up capital or average turnover.<\/sup><\/strong><\/p>\n\n\n\n

Important steps to follow for the incorporate of an OPC:<\/sup><\/strong><\/h3>\n\n\n\n

1)Application\nof the incorporation of an OPC has to be made with the Registrar over the\nRegistered Office of the recommended OPC in Form No.INC-32(SPICe)4 along with\nthe payment fees declared in the Companies Rule 20145. Then after the\nintroduction of the above Form, Form No INC-2 has been deleted as respect to\nthe Companies fifth Amendment rules,2016.<\/sup><\/strong><\/p>\n\n\n\n

2)\nBefore applying for the Registration the application of reservation of names\nshould be made by RUN Service available on the MCA Website along with\nregistration fee 1000 for each submission. In some cases the applications may\nbe rejected or Approved by the Registrar or Central Registration Center after\nrectifications of the issues within 15 days.<\/sup><\/strong><\/p>\n\n\n\n

3)Make\nsure that the described names are not Unsavory.<\/sup><\/strong><\/p>\n\n\n\n

4)\nIf we applied the name availability through RUN Service, then we must include\nSRN in form INC-32 or in the Spice Form we can directly add the name\nApplication.<\/sup><\/strong><\/p>\n\n\n\n

Attach\nthe following in Form INC-32<\/sup><\/strong><\/h5>\n\n\n\n

a)Draft\nMemorandum of Association<\/sup><\/strong><\/p>\n\n\n\n

b)Articles\nof Association<\/sup><\/strong><\/p>\n\n\n\n

c)Testimony\nand Declaration by the first subscribers and directors<\/sup><\/strong><\/p>\n\n\n\n

d)Proof\nof Office Address.<\/sup><\/strong><\/p>\n\n\n\n

e)Copy\nof Expenditure Bills.<\/sup><\/strong><\/p>\n\n\n\n

f)Approval\ncopies(if the proposed name contain any specific words to get approve from the\nCentral Government.)<\/sup><\/strong><\/p>\n\n\n\n

g)Approval of the owner of the trademark or the applicants of such Trademark Registration.<\/a><\/sup><\/strong><\/p>\n\n\n\n

h)NOC\nfrom the solo proprietor\/partners\/other associates for the Registration of\nproposed company.<\/sup><\/strong><\/h5>\n\n\n\n

i)Approval\nof nominee in INC-3<\/sup><\/strong><\/p>\n\n\n\n

j)Identification proof of the nominee. <\/sup><\/strong><\/p>\n\n\n\n

k)Intent\npassed by promoter company.<\/sup><\/strong><\/p>\n\n\n\n

l)Interest\nof first directors in other companies.<\/sup><\/strong><\/p>\n\n\n\n

m)Proof\nof identity and residential address of clients.<\/sup><\/strong><\/p>\n\n\n\n

n)NOC\nin case there is a change in the promoters.<\/sup><\/strong><\/p>\n\n\n\n

o)Proof\nof Address of the Application No 1,2,and 3.<\/sup><\/strong><\/h6>\n\n\n\n

p)Any\nother optional Attachment.<\/sup><\/strong><\/p>\n\n\n\n

q)Copy\nof certificates of Incorporation of the foreign body company and statements\npassed.<\/sup><\/strong><\/p>\n\n\n\n

5)If\neach application is found to be clear and in order the registrar will issue the\ncertificate of Incorporation in Form No.INC-11.<\/sup><\/strong><\/p>\n\n\n\n

6)The\nfirst meeting of the board will be conducted within 30 days from the date of\nIncorporation upon the receipt of certificates and the following list have to\ndo .<\/sup><\/strong><\/h4>\n\n\n\n

a)Acceptance\nof MOA and articles as approved by ROC.<\/sup><\/strong><\/p>\n\n\n\n

b)\nApproval of common company seals.(Adoption of common seal is now elective)Based\nupon Section 46 of the 2013 Act if the company has one common seal a\ncertificate have to issue under the common seal by inter Alia.<\/sup><\/strong><\/p>\n\n\n\n

c)Details\nof the openings of the company bank Account.<\/sup><\/strong><\/p>\n\n\n\n

d)Verification\nof the address of the Registered office with Regard to Form No.INC-227 along\nwith some registered copies like document of the title of the registered\noffice, statement of the owner states that there is no reluctance to Applicants\nusing the area as Registered firm, and any one of the proof like telephone,\ngas,electricity etc.<\/sup><\/strong><\/p>\n\n\n\n

e)Application\nof Income Tax Deduction Account No.<\/sup><\/strong><\/p>\n\n\n\n

f) Application of Company Registration<\/a> for VAT.<\/sup><\/strong><\/p>\n\n\n\n

g)\nApplication of Sales Tax and Service Tax.<\/sup><\/strong><\/p>\n\n\n\n

h)Endorsement\nto Certain persons for E-filing of returns with ROC.<\/sup><\/strong><\/p>\n\n\n\n

i)Sanction\nof many other aspects as we needed for Registration.<\/sup><\/strong><\/h5>\n\n\n\n

7)Within a calendar year we have two held two Company board meeting approximately. The gap between the two meetings must not less than 90 days. It is noted that the provision of revised version of the secretarial standard-1 relating to Meeting of the Board and its Committees which are of mandatory information from October 2017 should not apply to an OPC<\/a>.<\/sup><\/strong><\/p>\n\n\n\n

8)The quorum related positions for meeting of the Board should not apply to OPC because they only have one member in their Board.<\/sup><\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n","protected":false},"excerpt":{"rendered":"

One Person company (OPC) is a new concept introduced by the Companies Act 2013. As the name suggest the One Person Company is incorporate with Only one person as its member regarding Section 2(62)of 2013 Act. OPC gives the corporate status body to entrepreneurship to encourage and facilitates their marginal Business. The procedures of such … <\/p>\n","protected":false},"author":1,"featured_media":3333,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[19],"tags":[],"class_list":["post-3228","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opc"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.corpstore.in\/blog\/wp-json\/wp\/v2\/posts\/3228","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.corpstore.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.corpstore.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.corpstore.in\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.corpstore.in\/blog\/wp-json\/wp\/v2\/comments?post=3228"}],"version-history":[{"count":2,"href":"https:\/\/www.corpstore.in\/blog\/wp-json\/wp\/v2\/posts\/3228\/revisions"}],"predecessor-version":[{"id":3294,"href":"https:\/\/www.corpstore.in\/blog\/wp-json\/wp\/v2\/posts\/3228\/revisions\/3294"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.corpstore.in\/blog\/wp-json\/wp\/v2\/media\/3333"}],"wp:attachment":[{"href":"https:\/\/www.corpstore.in\/blog\/wp-json\/wp\/v2\/media?parent=3228"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.corpstore.in\/blog\/wp-json\/wp\/v2\/categories?post=3228"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.corpstore.in\/blog\/wp-json\/wp\/v2\/tags?post=3228"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}