A One Person Company (OPC) is a unique business structure in India that allows a single individual to operate a company with limited liability. This structure is ideal for entrepreneurs looking to start a business with minimal compliance requirements.
Key Features of One Person Company
- Single Owner: An OPC can be formed with just one person, providing complete control to the owner.
- Limited Liability: The owner's liability is limited to their shareholding, protecting personal assets from business debts.
- Separate Legal Entity: An OPC is recognized as a separate legal entity, allowing it to own property and enter contracts in its name.
- Minimal Compliance: OPCs face fewer regulatory requirements compared to private limited companies.
- Perpetual Succession: The company continues to exist even if the owner passes away, ensuring business continuity.
Steps for Registration
1. Obtain Digital Signature Certificate (DSC)
- All directors must obtain a DSC for signing electronic documents.
2. Obtain Director Identification Number (DIN)
- Apply for a DIN for the sole director of the OPC.
3. Name Reservation
- Choose a unique name for your OPC and reserve it through the Ministry of Corporate Affairs (MCA).
4. Drafting the Memorandum and Articles of Association
- Prepare the MoA and AoA, outlining the company’s objectives and rules.
5. Filing Incorporation Documents
- Submit the required documents, including MoA, AoA, and forms, to the MCA for registration.
6. Receive Certificate of Incorporation
- Upon approval, you will receive a Certificate of Incorporation, officially registering your OPC.
7. PAN and TAN Application
- Apply for a Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN).
Compliance Requirements
- Annual Filing: OPCs must file annual returns and financial statements with the MCA.
- Tax Returns: Filing income tax returns annually is mandatory.
- Audit: An audit is required only if the turnover exceeds a specified limit.
Conclusion
Registering a One Person Company in Delhi is a straightforward process that offers numerous advantages for solo entrepreneurs. By following the outlined steps, you can establish your OPC efficiently. For assistance, consider consulting a professional service provider to ensure compliance and smooth registration.
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