OPC Registration In Jharkhand

One Person Company Registration in Jharkhand

OPC or One Person Company is a form of company registration suitable for a single owner with limited liability. The Ministry of Corporate Affairs manages OPC registration in Jharkhand and necessitates adherence to particular guidelines.The OPC registration process in Jharkhand requires you to obtain a director identity number and digital signature certificate. It is required to submit the required documents/paperwork.

Once you register, your OPC can benefit from having its own legal identity, easier access to finance, and limited liability protection. With Vakilsearch, you can do the entire registration process online, there’s no need to worry about offline procedure

OPC Registration in Jharkhand Benefits

OPC benefits are numerous and can significantly support the founder's growth and success. Some of these advantages include:

1. Separate Legal entity: By establishing a separate legal entity from the owner through OPC registration, the company is kept independent from the owner's personal assets

2. Limited Liability Protection: The owner's liability is limited to the amount invested in the business, offering protection against business debts and losses

3. Easier Access to Funding: OPCs can quickly raise funds through loans and investments, as it offers more credibility to the business.

4. Easy Management: OPCs require only one director, simplifying the management and decision-making process

5. Continuity of Business: OPCs ensure the continuity of the business even after the owner's demise or inability to run the business.

6. Tax Benefits: OPCs enjoy tax benefits as the owner can claim deductions for business expenses and avail tax benefits for small companies.

Checklist for Registering OPC in Jharkhand

• 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 Jharkhand

OPC Eligibility criteria for one person company registration are detailed below:

• Legal organisations such as corporations or limited liability partnerships are not eligible to register as a One Person Company (OPC)
• The age limit for the member of an OPC should be above 18
• If an OPC's turnover exceeds ₹2 crores or its paid-up capital exceeds ₹50 lakhs, it must be converted to a private or public company within six months
• An Indian resident and citizen are defined as an individual who has lived in India for at least 182 days in the preceding year
• The minimum authorised capital required for registering an OPC is ₹1 lakh
• An OPC must have at least one shareholder, director, or nominee present.

Documents Necessary for OPC Registration in Jharkhand

The following OPC documents are crucial for OPC registration in Jharkhand

• A rental agreement must be provided as proof of business location
• A copy of the water/electricity bill for the business location is required
• The owner is required to provide a copy of their PAN card
• A copy of the title documents must be provided if the owner owns the property
• The landlord must submit a No Objection Certificate (NOC) in the required format
• A passport-sized photograph of the owner is necessary
• The owner must submit a copy of their Aadhaar card or voter identification card.

Process for OPC Registration in Jharkhand

Vakilsearch has simplified the whole OPC process for easy registration in 4 easy steps

• Step 1: Determine Eligibility and Prepare Documentation

  Before starting the company registration process, ensure all eligibility criteria are met, and the necessary documents are in place. The documents typically include address proof, proof of identity and photographs of the directors

• Step 2: Obtain Digital Signature Certificates (DSCs) And Director Identification Numbers (DINs)

  All directors of the company must obtain DSCs and DINs, which are unique identification numbers required for filing forms with the Registrar of Companies (RoC). Hence in this step, it is necessary to request DSCs and DINs for each director

• Step 3: Reserve a Company Name

  You need to submit a request for name reservation using Form Spice+ on the Ministry of Corporate Affairs website. Ensure that the name complies with the naming guidelines issued by the RoC.

• Step 4: Apply for PAN and TAN

  Now you have to apply for your new business's Tax Deduction, Permanent Account Number (PAN) and Collection Account Number (TAN).

• Step 5: Obtain an Incorporation Certificate

  Once the name is approved and all the necessary documents are filed with the RoC, the RoC issues an incorporation certificate along with the PAN and TAN.

• Step 6: Open a Bank Account and Start Your Business

  After obtaining the incorporation certificate, open a bank account in the new company's name and start your business operations. Make sure all the necessary registrations and compliance requirements are satisfied to avoid legal issues.
  
  Get in touch with Vakilsearch, and you can complete the entire registration process for a one-person company effortlessly in just 20 days.

One Person Company Registration Fees In Jharkhand

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 Jharkhand

The time required for the registration of an OPC (One Person Company) in Jharkhand, 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’s In Jharkhand

• 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 Vakilsearch?

Registering a One Person Company (OPC) can be complex and time-consuming. Nevertheless, Vakilsearch's effective OPC registration services can simplify the process and allow you to concentrate on growing your business. Vakilsearch can help clients in preparing the necessary documents such as Articles of Association, Memorandum of Association, and other legal documents required for OPC registration.

We take care of all the paperwork and provide proficient guidance to support you in converting your entrepreneurial vision into a flourishing reality. Choose our OPC registration services and start your entrepreneurial journey confidently.