The salient features of One Person Company form of organization are as under:
It can be incorporated as a private limited company only.
It can have only one member at any point of time and the number of a shareholder cannot go beyond one.
It may have only one director and a maximum number of directors is 15.
“One Person Company” words must be mentioned in brackets below the name of the company.
Holding Board Meetings is an exemption to this form of company.
The application process starts with the issuance of the digital signature of class-2 for the sole promoter and the nominee for processing the incorporation.
The Company must be incorporated with a unique and new name that should not be similar to an already registered company. This application for name reservation is submitted to the MCA and the name of the OPC must end or include the words OPC.
The next step after obtaining the name approval is incorporation application to be filed with MCA in Form INC-3. In this application signed MOA and AOA are to be attached and on filing, for incorporation application, the approval is granted by the Registrar of Companies (ROC).
After completing the above step, the incorporation certificate is obtained and the one person company can now proceed for opening the bank account. Then the promoter must deposit the amount mentioned in the MOA of the company. Company can file for the commencement of business after depositing the amount in bank and the certificate for commencement of business must be obtained within 180 days of incorporation.
Every shop and the commercial establishment are required to obtain establishment registration with the Labour Department within 30 days of starting their business. It is mandatory for all states in India.
No one should be adversely affected by health hazard and nuisance by the improper carrying of trade a License is necessary from the municipality within 30 days of starting the business.
Specific legislation have been passed by majority state governments to impose a tax on profession, employment of calling of any nature, however, and the fees for it is Rs. 2500 per annum.
GST Registration is mandatory for each business engaged in providing services or supply of products, where the turnover exceeds Rs. 20 Lac or does even one transaction in an interstate trade.
During a business of producing, trading, storing or dealing in any manner of food items, then the state level FSSAI registration or Central License is mandatory based on the turnover.
This location-based Drug License is granted by the State Government based on fulfilling certain norms and criteria. No entity can start or continue sale/trade of medicine without drug license.
Private Security Agency may be a lucrative business with immense potential; however, it can be started or continued only after obtaining a license from the competent authority as designated by the state government.
IEC is a ten-digit pan based registration with the DGFT. IEC is a mandatory prerequisite to start a business of Import or Export in India. Only one IEC code can be issued against a pan.
Disclaimer : 1) In case of Rs.10 lakh authorised capital, stamp duty of Rs.5120 (on actuals) will be chargeable extra for the state of Gujarat. Rs.5510 will be the additional stamp duty charges for state of Rajasthan. 2) In case of incorporation in Madhya Pradesh, an additional stamp duty of Rs.7550 will be applicable. In case of incorporation in Punjab, an additional stamp duty of Rs.15025 will be applicable. In case of Kerala, an additional stamp duty of Rs.3025 will be applicable. 3) Package 4 is applicable upto 2000 entries 4) Class 2 digital signatures with 2 year validity on secure USB token. 5) Upto 3 name options can be given in 1 RUN name approval request. 6) Authorized capital is the amount of shares a company can issue at any time and can be increased further in the future. Paid-up capital is the amount invested by shareholder and can be even Rs.2 . 7) Statutory Auditor fee is payable on actuals directly to the Independent Auditor appointed by the Board of Directors. Onfiling will only be responsible for accounting, preparation of financial statements and filing of returns on behalf of the Company. 8) Additional authorised capital can be purchased if required at time of incorporation.
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