One Person Company (Pvt Ltd) CFO Horizon
One Person Private Limited Company (OPC) - The Corporate One-Man Army
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At CFO Horizon, we provide comprehensive accounting and compliance services designed to empower OPC firms like yours to thrive and succeed.
Clear Fact on One Person Private Limited Company
As Per Section 2(62) Of The Company’s Act 2013, the concept of One Person Company empowers single entrepreneurs to create a business entity with limited liability protection.
With OPC, you become the sole shareholder, ensuring complete control over your venture. This unique legal structure offers the following features:
(1) Only Indian citizens and Residents of India are eligible for OPC.
(2) One-person companies are restricted from doing business in non-banking financial investment activities, including investment in securities of any other corporate body.
(3) An OPC must write OPC in brackets after the name of the Company.
(4) OPC cannot be incorporated or converted under Section 8 of the Act.
(5) OPC can only be converted to any form of company after two years of incorporation expiration.
(6) The annual general meeting is optional in OPC.
(7) The OPC must conduct at least two board meetings in a calendar year and one meeting in each half of a calendar year.
(8) One Person Company (OPC) must nominate a nominee Director who will become the owner of OPC in case the sole director is disabled.
(9) If your annual turnover crosses ₹2 crores or share capital crosses 50 lakhs, OPC must convert into a Private Limited Company.
(10) OPC must file audited financial statements with the Ministry of Corporate Affairs, like all companies, annually.
Benefits of OPC
01
Easy Transferability
The ownership of an OPC can be transferred to any other legal entity or person in India or abroad easily – in part or whole. Directors can also be replaced to ensure business continuity.
02
Limited Liability
One Person Private Limited Company provides limited liability protection to its shareholders. In case of any unforeseen liabilities, they would be limited to the company and would not impact the shareholders.
03
Funding
The company can raise equity capital from persons or entities interested in becoming shareholders.
04
Separate Legal Entity
One Person Private Limited Company is recognized legally as a separate entity with perpetual existence. It has PAN numbers, bank accounts, licenses, approvals, contracts, assets, and liabilities in its unique name.
05
Perpetual Succession
Once registered, One Person Private Limited Company continues to exist in the eyes of the law, even in the case of any member’s death, bankruptcy, or insolvency.
06
Borrowing Capacity
Due to more debt options, Indian OPCs can borrow more than LLPs. Since debenture issues and convertible debentures are always available, banks help private limited companies more than OPCs and LLPs.
07
Greater credibility
OPCs must provide the company registrar with a lot of structure, operations, and financial information for the Public domain. Thus, vendors, lenders, and employees can find company information like authorized capital, directors, registered office, etc. Businesses with this information are more credible.
08
Better governance
OPCs are more organized at creating value because the Companies Act 2013 requires them to follow strict procedures, disclose norms, and comply with legal requirements. To avoid issues, experts should register a private limited company.
Key Registration Services: Tailored to Your Needs
MSME Registration
MSME or Udyog Aadhaar registration will be obtained in the business’s name to establish that the OPC is registered with the Ministry of Micro, Small, and Medium Enterprises.
Current account
A current account can be opened for a OPC in any bank in India. We offer exclusive partnerships through which zero-balance current accounts can be opened.
TAN Registration
TAN registration must be obtained for OPC from the income tax department if the partnership firm is required to deduct any TDS while making any payments as per the Income Tax Act 1961.
FSSAI Registration
If a OPC is involved in selling or handling food products, FSSAI registration must be obtained from the Food Safety and Standard Authority of India in the name of Pvt Ltd firm.
Shop & Establishment License
As per the criteria, we will register for a Shop & Establishment license if needed.
GST Registration
GST registration must be obtained if the OPC sells goods or services that cross the GST turnover threshold limit for registration. In most states, GST registration is required for service providers with annual revenue of more than ₹20 lakhs and traders-annual revenue of more than ₹40 lakhs.
Import Export Code
Import Export Code or IE code is obtained from the DGFT in case OPC business do export /import from India.
Applicable Taxes and Annual Compliance
Income Tax Filing
Companies registered in India must file income tax returns annually in Form ITR-6 by 30th September.
Annual Return
Companies registered in India must file annual MCA annual returns in forms AOC-4 and MGT-7 by 27th September.
Commencement of Business
The capital mentioned in the MOA [Memorandum of Association] must be deposited in a bank, and a commencement certificate must be obtained from MCA within 180 days of Incorporation.
DIN KYC
The DIN KYC procedure must be completed each year by the company’s directors by 30th September.
GST Filing
GST must be filed if registration is taken.
Statutory Auditor Appointment
Within 30 days of incorporation.
Financial Statement Preparation
Annually require.
Documents To Be Uploaded
For Directors:
For Registered office:
Too Much Information to Process!!!
How to Get Started with OPC?
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Why CFO Horizon?
Startup Friendly
10k Business Registration & Counting
Affordable & Transparent
No Hidden Fee
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On-Time Deliver
We value time and hence would never miss a deadline
150+ Experts
A massive team of experts is just a call away!
100% Confidentiality
We maintain a high level of confidentiality of client information & information security management.
Live Status
You can track your Status of services live, which brings clarity and reliability to our system.
Our 20 Years of Experience Says
Companies that focus more on their business and outsource the Financial liabilities to us are more successful than those who went DIY.
Let CFO Horizon do what we’re good at, and You do what you are good at!