The One-Person Company (OPC) structure, introduced in India under the Companies Act, 2013, offers aspiring entrepreneurs an efficient and streamlined path to establish their ventures as independent legal entities. This unique framework provides solopreneurs with the benefit of limited liability protection for personal assets, enabling them to focus on operational and growth strategies without undue financial risk.
Get to know more about One Person Company (OPC) registration in Tamil Nadu,Checklist, Eligibility, Documents, Process, One person company registration fees, time required for registration, post registration process and FAQ's.
One Person Company Registration in Tamil Nadu
One Person Company (OPC) registration in Tamil Nadu is a simple and easy process for entrepreneurs looking to start a business with limited liability. OPC registration in Tamil Nadu is governed by the Companies Act 2013, and the Ministry of Corporate Affairs (MCA) is responsible for regulating and monitoring the registration process. In Tamil Nadu, an OPC can be created with just one person who serves as both the company's director and shareholder. To register an OPC in Tamil Nadu, the individual needs to obtain a Digital Signature Certificate (DSC) and Director Identification Number (DIN), draft the Memorandum and Articles of Association (MOA and AOA), and file the incorporation documents with the Registrar of Companies (RoC) online.
Benefits of OPC Registration in Tamil Nadu
There are multiple OPC benefits that can help the founder to prosper. Here is a list of benefits given below:
Limited Liability
One of the main benefits of OPC registration is limited liability. This means that the company's liability is limited to the amount of capital invested, and the personal assets of the director are not at risk in case of any financial or legal issues.
Easy to Set Up
OPCs are easy to set up as only one person is required to form the company. The registration process is also simpler compared to other forms of companies.
Separate Legal Entity
A One Person Company is regarded as a distinct legal entity, which allows it to bring or defend legal actions in its own name. This enhances the company's reputation and offers it a professional appearance.
Tax Benefits
OPCs enjoy certain tax benefits, such as lower tax rates and exemptions under certain provisions of the Income Tax Act.
Checklist for Registering OPC in Tamil Nadu
- Minimum and Maximum of one member
- Appoint a nominee before incorporation
- Nominee consent in Form INC-3
- OPC name selected as per the provisions of the Companies (Incorporation Rules) 2014
- Minimum authorised capital of ₹1 lakh
- DSC of the proposed director
- Proof of registered office of the OPC.
Eligibility for OPC Registration in Tamil Nadu
OPC Eligibility criteria for One Person Company registration is detailed below:
- Only Indian citizens and residents can form an OPC
- The OPC's director must be a natural person who resides in India
- A person may only serve as a director in one OPC at a time
- The OPC is only permitted to have one director at any given time
- In the event that the director passes away or becomes unable, the OPC must have a candidate who can take over
- The OPC's paid-up share capital cannot exceed ₹50 lakhs or have a turnover of more than ₹2 crores
- Certain types of businesses such as non-banking financial companies, insurance companies, and charitable organisations are not eligible for OPC registration.
Documents Necessary for OPC Registration in Tamil Nadu
The following OPC documents are crucial for OPC registration in Tamil Nadu
- A copy of the owner's PAN card
- A passport-sized image of the owner
- Aadhaar card or voter identification card copy
- Rental agreement
- Water/Electricity Bill (business location)
- If you own property, a copy of the documents
- NOC from the landlord
- Important company documents like, DSC, DIN, MOA and AOA.
Process for OPC Registration in Tamil Nadu
Vakilsearch has simplified the whole OPC process for easy registration in 4 easy steps
Step 1: Get in Touch With our experts
Consult an OPC registration specialist from Vakilsearch. We will help you with all the OPC registration procedure, prerequisites for eligibility, and compliance issues.
Step 2: OPC Name Reservation
To prevent duplication, our expert will assist you in choosing a distinct name for your OPC and reserving it with the MCA.
Step 3: Preparation of Documents
Our specialist will help you prepare the relevant paperwork, including the MOA, AOA, and other necessary forms, as well as the required disclosures.
Step 4: Documentation
Once the documents are ready, the expert will assist you in submitting the required paperwork to the MCA through the online system. Additionally, our team will guarantee that all the information is true and thorough.
The MCA will provide a Certificate of Incorporation and the OPC will be formally registered following the application's verification. Additionally, the professional will help you get the PAN and TAN numbers for your OPC.
One Person Company Registration Fees In Tamil Nadu
The fees for OPC (One Person Company) registration in India vary based on the authorised capital of the company. There are the government fees associated with OPC registration and it varies from state to state. Please note that there may have been changes in the OPC fees since then, so it's advisable to consult a professional from Vakilsearch for up-to-date information.
Time Required for Registration of OPC In Tamil Nadu
The time required for the registration of an OPC (One Person Company) in Tamil Nadu , India Varies based on multiple factors. If provided all the documentation is in order and the process follows a smooth course without any legal or procedural complications. The timeline involves obtaining Digital Signature Certificates (DSCs), Director Identification Numbers (DINs), name reservation, document preparation, filing, and final approval from the Registrar of Companies (RoC). However, the exact duration can vary based on the workload of government authorities, the accuracy of submissions, and any specific state regulations or additional requirements.
Post-registration Compliances for OPC in Tamil Nadu
- Conduct at least one Board Meeting in each half of the calendar year, with a minimum gap of 90 days between the two meetings
- Maintain accurate and proper accounting records
- Subject Financial Statements to statutory audit
- File business income tax returns annually by September 30
- Submit Financial Statements via Form AOC-4 and ROC Annual Return using Form MGT-7.
Why Choose Vakilsearch for Opening an OPC in Tamil Nadu?
OPC registration in Tamil Nadu is a relatively simple and efficient process that provides several benefits to entrepreneurs, including limited liability, easy set-up, and tax benefits. Starting an OPC business in India requires a thorough understanding of legal regulations and compliance requirements. However, with the professional OPC registration services in Chennai and Tamilnadu offered by our team, you can simplify the process and ensure that your business is set up for success. Trust in our experience and expertise to help you navigate the complexities of registration and start your journey as an entrepreneur with confidence.
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