OPC Registration in Odisha

One Person Company Registration in Odisha

The state of Odisha has implemented the provisions of the Indian Companies Act of 2013 and the Companies (Registration of Offices and Fees) Rules of 2014 for registering One Person Companies (OPCs). The firm owner must submit an online application and provide all the documents and business name. The application has to be filed to the Registrar of Companies (ROC), along with the required fees. The business owner must submit all the Memorandum of Association (MOA) and Articles of Association (AOA) for incorporation after the company name has been approved.

Benefits of OPC Registration in Odisha

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

• Complete Ownership and Control

  OPC permits a single person to have total ownership and control over the company. This means that decision-making is faster and more efficient. The owner can manage the business without any interference from other stakeholders, making it easier to implement their vision and strategy.

• Limited Liability

  The owner of an OPC has limited responsibility, so if the company accrues debts or runs into legal troubles, their personal assets are not at danger. This safeguards their financial security and makes sure they are not responsible for any business losses.

• Simple and Cost-Effective Registration Process

  The registration process for an OPC in Odisha is simple and cost-effective, with minimal compliance requirements. It does not require the appointment of multiple directors, shareholders or auditors, and can be incorporated with a single director and shareholder. This reduces the cost of incorporation and compliance.

• Tax Benefits

  OPC in Odisha enjoys tax benefits such as lower tax rates and exemptions for small businesses. The owner can take advantage of tax incentives and reduce their tax liabilities, freeing up more funds for business growth and expansion.

Checklist for Registering OPC in Odisha

• 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 Odisha

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

• An OPC can only be formed by an Indian citizen who also resides there
• A single individual who is at least 18 years old and not a minor must be the OPC's owner
• A single individual's name may only be used to register one OPC, and that person may only belong to one OPC
• The OPC is required to designate a nominee who will take over the business in the event that the owner becomes incapable or passes away. Additionally, the nominee must be a resident of India and be of Indian descent
• The OPC cannot be incorporated for charitable or non-profit purposes
• The OPC must have a minimum authorised capital of ₹1 lakh or such higher amount as may be prescribed by law.

Documents Necessary for OPC Registration in Odisha

The following OPC documents are crucial for OPC registration in Odisha

• PAN card and Aadhaar card of the owner and nominee
• Address proof of the owner and nominee
• Digital signature certificate
• Director identification number
• Memorandum of Association and Articles of Association
• Residential proof of the registered office address
• These documents need to be submitted to the Registrar of Companies (ROC) during the registration process.

Process for OPC Registration in Odisha

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

• Step 1 : Talk With Expert

  To find out more about the requirements for eligibility, the OPC registration process, and compliance challenges, speak with our team of experts.

• Step 2 : Reserve the Name

  The expert will work with you to select a unique name for your One Person Company and reserve it with the MCA in order to avoid duplication.

• Step 3 : Documentation

  The expert will assist you with completing the essential paperwork, such as the MOA, AOA, and other applicable forms, as well as the necessary disclosures.

• Step 4 : Filing of Forms

  The expert will help you submit the necessary papers to the MCA using the online portal once the documents are prepared. The expert will also promise that all the material is accurate and complete.

• Step 5 : Certificate of Incorporation

  Following the application's verification, the MCA will issue a Certificate of Incorporation, and the OPC will then be officially registered. The expert will also assist you in obtaining the PAN and TAN numbers for your OPC.

One Person Company Registration Fees In Odisha

The fees for One Person Company Incorporation 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 Odisha

The time required for the registration of an OPC (One Person Company) in Odisha, 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 Odisha

• 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?

OPC registration in Odisha is a simple and efficient way for a single individual to start a company. An OPC can be registered with no minimum capital requirement and can enjoy the benefits of limited liability. The process of OPC registration involves obtaining a series of incorporation documents and drafting the Memorandum and Articles of Association. Our team will take care of all these requests and filing the incorporation documents with the Registrar of Companies (RoC).