One Person Company(OPC) Registration in Vijayawada
An One Person Company (OPC) is a unique business structure introduced in India to support entrepreneurs who wish to start a business with the benefits of limited liability, yet do not have partners or co-founders. Registering OPC in Vijayawada is best choice for solo entrepreneurs with the benefits of limited liability. Cqubes simplifies the One Person company registration process in Vijayawada with our expert guidance.
Characteristics of OPC:
- Single Person Ownership
- An OPC is owned and managed by a single individual who acts as both the shareholder and director
- Limited Liability
- The liability of the sole owner is limited to the extent of their shareholding, protecting personal assets from business liabilities.
- Nominee Requirement
- Every OPC must appoint a nominee at the time of incorporation who will take over the management of the company in case of the owner's death or incapacity.
- Less Compliance
- Compared to larger companies, OPCs have fewer compliance requirements, making them easier and less costly to maintain under the Companies Act, 2013.
Additional registrations(if required):
- Goods and Service Tax (GST)
- One can register to GST for providing GST Invoice and benefit ITC.
- Udyam Registration (MSME)
- Helpful for Micro, Small & Medium Enterprise to obtain various benefits provided by the government for their establishment and growth.
- Importer Exporter Code (IEC)
- mandatory for firms which import to India or export from India.
- Digital Signaure (DSC)
- Digital Signature Certificate is an electronic, secure and authentic way to submit documents electronically for e-fillings, Govt.tenders.
Advantages of One Person Company(OPC):
One Person Company(OPC) will have many benefits, we are mentioning few of them:
- Lower Compliance
- Easier Funding
- Perpetual Existence
- Separate Legal Entity
- Limited Liability
- Single Ownership
Limitations of One Person Company(OPC):
One Person Company(OPC) has few limitations. Few of them are:
- Perception and Credibility
- Statutory Requirements
- Conversion Restrictions
- Single Ownership Risk
- Restrictions on Activities
- Limited Growth Potential
Process for registering One Person Company in Vijayawada:
- Obtain Digital Signature(DSC)
- The Proposed director should obtain Digital Signatures(DSC). The DSC is used for signing required documents electronically.
- Director Identification Number(DIN)
- The director must apply for a DIN if they do not already have one. DIN is a unique identification number issued by the MCA, which is mandatory for anyone appointed as a director of a OPC company.
- Name Reservation
- Choose a unique name and apply for reservation of the OPC. File Form SPICe+ or Form INC-32 along with Form INC-1 for name reservation.
- Drafting of Memorandum and Articles of Association (MOA and AOA)
- Draft the MOA and AOA with clauses detailing the business objectives, share capital, rights, and duties of the sole shareholder/director.
- Appointment of Nominee
- Every OPC must appoint a nominee who will take over the management of the company in case of the sole director's death or incapacity. Should obtain consent from the nominee and file Form INC-3 along with Form SPICe+ for appointing the nominee.
- Filing SPICe+ Form
- Will prepare and file the SPICe+ form (INC-32) with the MCA for incorporation of the OPC, which combines application for DIN, name reservation, incorporation, PAN, TAN, and ESIC (Employees' State Insurance Corporation) registration into a single form. With required documents including MOA, AOA, consent of nominee, address proof of registered office, and identity/address proofs of the director and nominee
- Certificate of Incorporation
- After reviewing all documents, the Registrar of Companies (RoC) will issue a Certificate of Incorporation. This certificate legally establishes the existence of the One Person Company.
- Open a Bank Account
- Open a current account in the name of One Person company with any bank of your choice.
Documents Checklist:
Following documents are required for registering One Person company in Vijayawada:
- Aadhar Card & PAN Card (Director)
- DIN & DSC (Director)
- Passport size photos (Director)
- Address proof (e.g., utility bill, rental agreement)
Start registering your one person Company in Vijayawada with Cqubes
Choose CQUBES to guide and register your one person Company in Vijayawada. Our dedicated team will navigate you in obtaining essential registrations, certifications and compliance in every step of your business growth.
