One Person Company Registration in Junagadh

One Person Company Registration in Junagadh

Starting a business is an exciting process. One-person Companies (OPCs) in Junagadh have gained immense popularity among entrepreneurs and startups. The concept of OPC was introduced under the Companies Act, 2013, to encourage individuals to start a business without the need for a partner, offering the benefits of both a sole proprietorship and a private limited company.

What is a One Person Company (OPC)?

A One Person Company (OPC) is a unique type of company that can be formed with just one director and one member. Unlike a sole proprietorship, an OPC has a separate legal identity from its owner. This structure gives the business owner full control over operations while offering the benefit of limited liability protection.

The idea behind OPCs is to empower solo entrepreneurs who want to enter the corporate world without the complexities of partnerships or limited companies. An OPC can enter into contracts, acquire assets, incur liabilities, and sue or be sued in its name.

Eligibility for OPC Registration in Junagadh

Before you start the OPC registration process, you need to be aware of the eligibility, and it’s important to check whether you meet the prescribed eligibility criteria:

1. Natural Person

Only a natural person (not a legal entity like a company or LLP) who is an Indian citizen and resident in India can form an OPC. A resident means a person who has stayed in India for at least 120 days during the preceding financial year.

2. Minimum and Maximum Number of Members

Only one person can be a member of an OPC. The same person can also act as the sole director.

3. Nominee Appointment

You must appoint a nominee while incorporating the OPC. The nominee must be an Indian citizen and resident who will take over the company in case the sole member dies or becomes incapacitated.

4. Restriction on Incorporation

• A person cannot incorporate more than one OPC or become a nominee in more than one OPC at a time.
• OPCs cannot engage in Non-Banking Financial Investment institution activities, including investment in securities of any corporation.
• An OPC cannot be converted voluntarily into any kind of company unless two years have passed since its incorporation (with some exceptions).

5. Paid-up Capital and Turnover Limit

• The paid-up share capital should not exceed ₹50 lakhs.
• The average annual turnover should not exceed ₹2 crores. If it does, the OPC must mandatorily convert into a private or public limited company.

Documents Required for OPC Registration in Junagadh

Here’s the checklist of documents required to register an OPC:

For the Director and Nominee:

• PAN Card (mandatory)
• Passport-size photograph
• Aadhaar Card
• Voter ID/Driving License/Passport (as identity proof)
• Bank statement/Electricity bill/Telephone bill (not older than 2 months) as address proof

For Registered Office:

• Electricity Bill/Property Tax Receipt/Water Bill (not older than 2 months)
• Rent Agreement (if the property is rented), along with the NOC (No Objection Certificate) from the property owner

Online Procedure for OPC Registration in Junagadh

The Ministry of Corporate Affairs (MCA) has streamlined the process of the OPC registration. Here is step by step guidance provided to register the one-person company.

Step 1: Digital Signature Certificate (DSC)

First, you need a proposed director who must obtain a Digital Signature Certificate (DSC), an essential document for signing electronic documents during company registration.

Step 2: Director Identification Number (DIN)

Apply for a Director Identification Number (DIN) for the proposed director via the SPICe+ (Simplified Proforma for Incorporating Company Electronically Plus) form.

Step 3: Name Reservation

Use Part A of the SPICe+ form to reserve a unique company name. The name should end with “(OPC) Private Limited” and must comply with MCA’s naming guidelines.

Step 4: Filing Incorporation Documents

Fill Part B of the SPICe+ form with all necessary information and upload:

• e-MOA (Memorandum of Association)
• e-AOA (Articles of Association)
• Director’s declaration and nominee consent
• Proof of office address

Upload all documents along with the prescribed government fees and stamp duty.

Step 5: Certificate of Incorporation

After verification, the Registrar of Companies (ROC) will issue the Certificate of Incorporation, which includes the Company Identification Number (CIN).

Step 6: PAN and TAN Application

Along with the incorporation, PAN and TAN are also automatically generated and issued to the OPC.

Benefits of OPC Registration in Junagadh

1. Limited Liability: Your personal property or assets remain secure and protected. The investment you have made in the business is only at a risk.
2. Separate Legal Entity: The OPC enjoys a distinct and unique identity from its owner, which enables it to own property, incur debts, and initiate legal proceedings in its name.
3. Easier Fundraising: An OPC can easily raise the required funds through various venture capital, loans, and other relevant processes!
4. Complete Control: The single shareholder controls the company, allowing quick decision-making and management without external interference.
5. Lesser Compliance Burden: Compared to private companies, OPCs have fewer compliance requirements, making management and operation simpler.
6. Tax Benefits: There are various deductions and exemptions available for small companies, including benefits under the Start-Up India scheme.
7. Perpetual Succession: Even if the owner becomes incapacitated or dies, the company doesn’t dissolve, thanks to the nominee system.

OPC Annual Compliance

Even though OPCs have fewer compliance requirements, certain mandatory filings are still required:

• Appointment of Auditor: Within 30 days of incorporation.
• Annual Return (Form MGT-7A): Must be filed within 60 days from the date of AGM or the due date if AGM isn’t held.
• Financial Statements (Form AOC-4): Must be filed within 180 days from the end of the financial year.
• Income Tax Filing: File income tax returns annually before the 31st of July.
• Other Compliance: Maintain minutes of meetings, proper accounting records, and statutory registers.

Why Choose Us for One Person Company Registration in Junagadh?

If you are planning to register for OPC in Junagadh, choosing the right professional service can make all the difference. Here’s why you should consider us:

1. Expert Assistance– Our professionals are so specialised that they ensure accurate and hassle-free registration. We have a team of highly-professionals with excellent experience which ensures the path of your registration process smooth and error-free without any obstacle, safeguarding your business interests throughout the process, which will help you to growth business in a fruitful manner.
2. Time-Saving– We handle all paperwork and submissions, saving you valuable time, and also finish the task in time bound manner.
3. Compliance Assurance– Avoid penalties with timely and error-free registration and work in a hassle-free manner to prevent from unnecessary complications.
4. Affordable Pricing– Transparent and cost-effective services tailored to your needs, so that you get the perfect result from our services.
5. 24/7 Support– Get assistance anytime for tax queries and clarifications, we get in your touch on every step to take care of your task.

We are committed to providing you with seamless and professional service to kickstart your entrepreneurial journey with confidence.

With its numerous advantages, One Person Company registration is the perfect launchpad for solo entrepreneurs aiming to build a structured and credible business.