What is a one person company?
One person company (OPC) means a company formed with only one (single) person as a member, unlike the traditional manner of having at least two members. If a company is a private limited company, OPC can raise funds through venture capital, financial institutions, angel investors, etc. An OPC can raise funds thus graduating itself to a private limited company.
A One Person Company Registration in Chennai can be obtained under the Companies Act 2013 with just one single member and one Director. The Director and member can also be the same person. Here an individual who may be a resident or Non-resident Indian can register an OPC in Chennai.
- Follows the principle of perpetual succession
- Has a distinct legal identity
- Minimum paid-up capital of Rs 1 lakh is required
- It must hold an annual general meeting within a year of incorporation
- Sole member must name a nominee
- A company can be its sole member
Benefits of One Person Company Registration in Chennai
The benefit of One Person Company in Chennai is that it has more opportunities, limited liability since the liability of the OPC is limited to the extent of the value of the share you hold, the individual could take more risk in business without affecting or suffering the loss of personal assets.
- A Separate legal entity
- Easy Funding
- More opportunities, Limited liability
- Minimum Requirements
- Benefits of being a Small Scale Industries (SSI)
- Single Owner
- Credit rating
- Benefits under Income Tax Law
- Receive interest on any late Payment
- Increased Trust and prestige
Advantages of One Person Company
Single shareholder
A single shareholder who can also be the sole director can start an OPC.
.png){kind=icon}
Separate Legal Identity
OPC gets the status of a separate legal entity.
Fewer rules and compliances
OPC has to comply with fewer rules and regulations when compared to other forms of companies.
Limited liability
The sole shareholder gets to enjoy the limited liability feature of a company.
No minimum capital required
No minimum capital is required to start an OPC.
Disadvantages of One Person Company
Suitable only for small businesses
OPC is suitable only for small businesses, OPC can have maximum Paid up share capital of Rs.50Lakhs or Turnover of Rs.2 Crores. Otherwise OPC need to be converted into Private Ltd Company.
Cannot convert into Sec8 Company
One Person Company cannot be incorporated or converted into a company under Section 8 of the Act.
Cannot run NBFC business
One Person Company cannot carry out Non – Banking Financial Investment activities including investment in securities of anybody corporate.
We Serve Everywhere
Chennai Filings is web portal of Govche India Private Limited with operations since 2007. Chennai Filings is one stop business setup and consulting company, managed by specialized team of Business Analysts,Company Secretaries, Chartered Accountants, Corporate Lawyers and Financial Professionals company headquartered in Chennai, India. Having known for our quality of services, delivering the projects on time, we have clients spread across the globe
FREE CONSULTATION
Have Queries? Talk to our expert
Income tax
We will provide income tax return preparation, Revised return, Responding to Department notices and solving other Income Tax related issues.
Business Licenses
Our Professionals Will help you in getting your business licenses and Business licenses necessary for smooth running of businesses
Financial Services
we will Provide Funds for both personal and Business. Our funding system gives a credit line facility, enabling you to expand your business to new heights
GST Returns
We will make your business to GST Compliance. Returns are required to be filed digitally online through a common portal to be provided by GSTN
Documents required for One Person Company Registration in Chennai
How to Register a One Person Company in Chennai
Only a natural person who is an Indian citizen and resident in India shall be eligible to act as a member and nominee of an OPC. Even a one person corporation should follow formalities and have bylaws and a stock certificate.
.png)
Applying DIN&DSC
DSC and DIN for all directors are required. Affidavit and declaration by first subscribers and Directors should be prepared
Name Approval
4-6 proposed names should be provided that should be unique and suggestive of company business.
MOA,AOA&AFFIDAVIT
Memorandum and Articles of Assocication should be drafted.
Application to ROC
Sign and file various documents including MOA & AOA with the Registrar of Companies electronically
Company Registered
Once the application is duly filed and accepted by ROC, Certificate of incorporation is issued and the company is all set to start its operations.
ONLINE EASE LOCAL REACH
11565Our Clients
88Services Area
25694Registrations
