OPC Note ( One Person Company ) .. widely trending now a days ..
One Person Company Procedure
Definition:
section 2 (62) of the companies Act, 2013, ‘One Person Company means a company which has only one person as a member.
Further, An OPC is owned and can be managed by one person as the sole member and director.
Member of OPC:
•Only a natural person
•The person should be an Indian citizen and resident in India only
•No person shall be eligible to incorporate more than 1 opc
•No minor shall become member OPC or can hold share with beneficial interest
👥Directors of OPC:
•Minimum one director is required.
•First director shall be the person whose name is mentioned in Articles of Association.
•The first director shall hold the office until the holding of general meeting.
However, the first director can be re-appointed or another person can appointed in that meeting.
•The OPC may have a maximum number of 15 directors.
•Annual general meeting:
The provision of holding of Annual General Meeting is not applicable to OPC.
•Financial Statement of OPC:
•The Financial statement of OPC includes balance sheet, profit and loss account and statement of changes in equity.
•Financial statement may not include the cash flow statement.
•The OPC is required to file the copy of financial statement within 180 days from the closure of the financial year
😊Exemptions available to OPCs under the Companies Act, 2013:
Following Sections are not applicable to OPCs:✖
•Section 96 – Option to dispense with the requirement of holding an AGM.
•Section 98 – Power of Tribunal to call meetings of members.
•Section 100 – Calling of extraordinary general meeting.
•Section 101 – Notice of meeting.
•Section 102 – Statement to be annexed to notice.
•Section 103 – Quorum for meetings.
•Section 104 – Chairman of meetings.
•Section 105 – Proxies.
•Section 106 – Restriction on voting rights.
•Section 107 – Voting by show of hands.
•Section 108 – Voting through electronic means.
•Section 109 – Demand for poll.
•Section 110 – Postal ballot.
•Section 111 – Circulation of members’ resolution.
➰STEPS OF GETTING IT REGISTERED
Step 1: Digital Signature Certificate
Digital signature certificate must be obtained for the main Director of the One Person Company. Digital signature certificate can be obtained by submitting the signed digital signature application form along self attested copies of PAN card and address proof like drivers license, aadhar card
Step 2: Prepare Incorporation Documents
To file for incorporation of One Person Company, the following documents are required.
List of documents required for filing Form INC-29:
Memorandum of Association
Articles of Association
Declaration
Affidavit
Proof of registered office address
Copies of utility bill of registered office address not more than 2 months old
Identity and address proof of the main Director
Identify and address proof of the nominee Director
Step 3: File for Incorporation
Once the above documents and form INC-29 are prepared, digital signature of a financial professional (CA/CS/CWA/Lawyer) must be affixed on the INC-29 form along with the digital signature of the main Director
Step 4: One Person Company Registered
If the Form INC-29 and the attached documents are in conformance with Companies Act, 2013, then the One Person Company would be registered and Certificate of Incorporation would be issued by the Registrar. In case there are errors with the INC-29 filing, then the Registrar would request a re-submission of form INC-29 with changes.
The form can be resubmitted within 15 days for reprocessing by the Registrar.
Definition:
section 2 (62) of the companies Act, 2013, ‘One Person Company means a company which has only one person as a member.
Further, An OPC is owned and can be managed by one person as the sole member and director.
Member of OPC:
•Only a natural person
•The person should be an Indian citizen and resident in India only
•No person shall be eligible to incorporate more than 1 opc
•No minor shall become member OPC or can hold share with beneficial interest
👥Directors of OPC:
•Minimum one director is required.
•First director shall be the person whose name is mentioned in Articles of Association.
•The first director shall hold the office until the holding of general meeting.
However, the first director can be re-appointed or another person can appointed in that meeting.
•The OPC may have a maximum number of 15 directors.
•Annual general meeting:
The provision of holding of Annual General Meeting is not applicable to OPC.
•Financial Statement of OPC:
•The Financial statement of OPC includes balance sheet, profit and loss account and statement of changes in equity.
•Financial statement may not include the cash flow statement.
•The OPC is required to file the copy of financial statement within 180 days from the closure of the financial year
😊Exemptions available to OPCs under the Companies Act, 2013:
Following Sections are not applicable to OPCs:✖
•Section 96 – Option to dispense with the requirement of holding an AGM.
•Section 98 – Power of Tribunal to call meetings of members.
•Section 100 – Calling of extraordinary general meeting.
•Section 101 – Notice of meeting.
•Section 102 – Statement to be annexed to notice.
•Section 103 – Quorum for meetings.
•Section 104 – Chairman of meetings.
•Section 105 – Proxies.
•Section 106 – Restriction on voting rights.
•Section 107 – Voting by show of hands.
•Section 108 – Voting through electronic means.
•Section 109 – Demand for poll.
•Section 110 – Postal ballot.
•Section 111 – Circulation of members’ resolution.
➰STEPS OF GETTING IT REGISTERED
Step 1: Digital Signature Certificate
Digital signature certificate must be obtained for the main Director of the One Person Company. Digital signature certificate can be obtained by submitting the signed digital signature application form along self attested copies of PAN card and address proof like drivers license, aadhar card
Step 2: Prepare Incorporation Documents
To file for incorporation of One Person Company, the following documents are required.
List of documents required for filing Form INC-29:
Memorandum of Association
Articles of Association
Declaration
Affidavit
Proof of registered office address
Copies of utility bill of registered office address not more than 2 months old
Identity and address proof of the main Director
Identify and address proof of the nominee Director
Step 3: File for Incorporation
Once the above documents and form INC-29 are prepared, digital signature of a financial professional (CA/CS/CWA/Lawyer) must be affixed on the INC-29 form along with the digital signature of the main Director
Step 4: One Person Company Registered
If the Form INC-29 and the attached documents are in conformance with Companies Act, 2013, then the One Person Company would be registered and Certificate of Incorporation would be issued by the Registrar. In case there are errors with the INC-29 filing, then the Registrar would request a re-submission of form INC-29 with changes.
The form can be resubmitted within 15 days for reprocessing by the Registrar.
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