{"id":3833,"date":"2019-12-27T11:17:07","date_gmt":"2019-12-27T11:17:07","guid":{"rendered":"http:\/\/www.corpstore.in\/blog\/?p=3833"},"modified":"2020-04-17T07:43:35","modified_gmt":"2020-04-17T07:43:35","slug":"opc-registration-strategies-beginners","status":"publish","type":"post","link":"https:\/\/www.corpstore.in\/blog\/opc-registration-strategies-beginners\/","title":{"rendered":"Wondering how to make your OPC Registration rocks? Read This!"},"content":{"rendered":"\n

What is an OPC Registration Strategies? Do you have any idea about this? One person company was introduced by the Companies Act, 2013 in India. OPC is helpful for entrepreneurs to start a business if they have interest on it. The registration rules are strictly prohibits non-banking financial Institutions for OPC registration<\/a>. It encourages self-employment category within the limit of India\u2019s legal System. Who is eligible to start the business as one person authority? There should be one person who can be the member as OPC. Likewise, he should be the resident in India for more than 182 days to form a one person company. The member of an OPC cannot register or cannot be the part of more than one OPC. <\/p>\n\n\n\n

Advantages of OPC Registration Strategies<\/h2>\n\n\n\n
\"OPC<\/figure><\/div>\n\n\n\n
  1. Separate Legal Entity<\/li>
  2. Easy funding<\/li>
  3. Limited responsibilities<\/li>
  4. Small scale industry benefits<\/li>
  5. Benefits in taxation<\/li>
  6. Trust<\/li>
  7. Late payment interest<\/li>
  8. Requirements in compliance<\/li><\/ol>\n\n\n\n

    Separate Legal Form: To being a separate legal form, OPC enjoys separate legal form from its promoters. They have the rights to do whatever they want to do. They are having unlimited rights to do whatever they want to do. OPC <\/a>members are having rights to raise the funding easily. They can raise the funding via venture capitals, angel funding etc. Some persons can raise the funding via converting into a Private limited company. Each individual person in an OPC have limited responsibilities to the extent of shares held by them. This may cause more risks in a business. <\/p>\n\n\n\n

    Process of OPC Registration Strategies<\/h3>\n\n\n\n

    Opportunities are providing without affecting the personal assets. As a small scale industry, OPC <\/a>is having certain advantages like lower rates of interest on loans, easy funding from banks without security deposits, etc. There are some taxation benefits as well. As per the Income Tax law, the remuneration paid to the director of an OPC will calculated for deduction. OPC gives the increased trust and prestige than other forms of business. We can acquire interests on late payments. According to the Enterprises Development Act, 2006 OPC can get benefits because it is newly start-ups, small or medium. We gets interests on late payments that is greater than three times from the bank rates. When we compared with the private limited company <\/a>the compliance requirements are very less. <\/p>\n\n\n\n

    Limitations of Single person economic entity<\/h3>\n\n\n\n
    \"OPC<\/figure><\/div>\n\n\n\n

    Each and every OPC <\/a>must have to nominate a director in the Memorandum of Association and Article of Association of the company. It will reveal the full details of the person who is eligible to become the director if the Sole Director is disable. If the annual turnover of the company exceeds the limit of 2 crore rupees, then the OPC will convert into private limited one and additionally all the financial statements must be filed with the Ministry of Corporate affairs at the end of each financial year. The below are the main criteria to avoid certain persons to form an OPC<\/a>. The lists includes Minors, Non-resident, foreign citizens or the ones who is incapacitates by contract. It is important to accept and consider all the advantages and disadvantages of a single centric firm before an entrepreneur to be incorporated. <\/p>\n\n\n\n

    Registration process of One Person Company<\/h4>\n\n\n\n

    One person company registration<\/a> process can be detailed according to the Ministry of Corporate Affairs. <\/p>\n\n\n\n

    1. Application for DSC: To obtain a digital signature certificate, he proposed director need to submit the below copies regarding address proof, Aadhaar card, PAN card, email-ID, photography of the Applicant, and the registered phone number. Digital signature certificates are important to register all the company related registration process because nowadays everything is done digitally. <\/li>
    2. DIN Application: To get the benefits of Director Identification Number the proposed director will have to fill the SPICe Form. Here the directors name and address proof etc. has to be submitted. If the company or the firm already exists, then DIR-3 has to be filled by the Director. <\/li>
    3. Name approval Application:  The name approval of the company can be registered by two ways. One is to file the Form SPICe 32 or by using RUN web service of Ministry of Corporate Affairs. The preferred name along with the signature has to be given. We can submit two names with a single submission. If the name gets approval then affix private limited at the end. For example: ABC (OPC<\/strong>) Private Limited. You can conduct a free company name search with us. <\/li><\/ol>\n\n\n\n

      Documents required for submitting to the RoC<\/h4>\n\n\n\n
      \"\"<\/figure><\/div>\n\n\n\n

      Here we are going to discuss about the\ndocuments requirements to the Registrar of Companies (RoC). <\/p>\n\n\n\n