One Person Company

Director is an appointed or elected member of the board of directors of a company, who, with other directors, has the responsibility for determining and implementing company’s policies. Directors act on the basis of resolutions made in directors’ meetings. Directors derive their powers from the corporate legislations and the company’s articles of association. The Duties and responsibilities for directors are prescribed under the Companies Act 2013.

The concept of One Person Company [OPC] is a new form of business, which enables the entrepreneur who are carrying on the business in the Sole-Proprietor form of business to enter into a corporate Form of business. This enables him/her as a director of the company at concessional/relaxed requirements under the Act.

Digital Signature Certificate (DSC) is a secured electronic format of signature which is used for signing electronic & online documents, forms for e-tenders, ROC requirements, IT & PF returns, etc.

DIN stands for Director Identification Number which is unique and is issued on request of the ROC to every person who intends to become a director. DIN is mandatory for a person to be appointed as Director.

A Charter document that regulates a company’s external activities. The memorandum of association is drafted with the information relating to the company’s name, names of all members (shareholders) and number of shares held by them, and location of its registered office. It also states the company’s

Objectives,

• Amount of authorized share capital
• Whether liability of its members is limited by shares or by guaranty, and
• What type of contracts the company is allowed to enter into.
  A Company cannot do any act which is beyond the Memorandum of Association.

The Articles of Association is a well-defined and clearly recorded document that defines duties and responsibilities of its Directors. The Directors shall function according to the Rights entrusted with them as per the AOA, and cannot carry out any activity beyond the AOA.

The Minimum authorized share capital required for One Person Company having share capital was INR 1,00,000/-. However, no minimum paid-up capital requirements will now apply for incorporating private as well as public companies in India.

An OPC must have a minimum of one director, the sole shareholder can himself be the sole director. The company may have a maximum number of 15 directors.

A Sole proprietorship that has an intention to have limited liability can opt for a One Person Company.

Only a person who is an Indian citizen and resident in India shall be eligible to start & act as a member and nominee of an OPC.

Non-resident Indians or individuals who do not reside in India for over 182 days cannot incorporate an OPC.

Absolutely you can avail our services from anywhere within/outside India. As most of the procedural aspects are Online, the experienced team at Numbro will guide in all the procedural aspects of getting the company Registered.

The procedural Aspects Varies according to the size and volume of the business. The following are the basic documentation needed to be arranged and filed annually.

• Conducting Board & Annual General Meetings
• Preparation of Minutes of the Meetings
• Filing of Returns with ROC.

Income Tax: A One Person Company has to pay an advance tax on quarterly basis if the tax liability payable during the year is more than INR 10,000 and has to file income tax return on a yearly basis.

Goods & Services Tax (G.S.T): If the One Person Company taxable turnover exceeds Rs.20, 00,000 it is liable to be registered under G.S.T and compliances applicable to GST Act have to be complied with.