One person company registration fees or OPC is a part of the Companies Act 2013 and has encouraged several entrepreneurs to make a profit out of their venture. If you are deliberating about OPC, one of its benefits is that for private companies can include two members for maintaining the Limited Liability Partnership. Some of the prerequisites of the OPS scheme are as follows-
- Nomination of a Director is mandatory in MOA and AOA who will take charge of the OPC in substitution of the other director
- In case the company creates annual turnover of Rs. 2 crores, the company should be converted into a Private Limited Company
- The files with elaborate financial statements need to be audited with the Ministry of Corporate Affairs
Every proprietor must take the responsibility of going through the terms and conditions of OPC before they take charge of the conversion. Once you have undergone the registration process and furnished the necessary documents, you would be offered numerous benefits that fall under OPC-
- The total amount of documentation work regarding number of directors diminishes considerably once the company comes under OPC
- The arrangement is well synchronized and regulated with one nominee director and one actual one. Therefore, you can take better control of the organization as you initially start with it.
- Under OPC, you can enjoy facilities like legal recognition, better loan grants and availability, and lesser complications while filing income tax.
- The corporate formalities are subdued with OPC. Therefore, you as a proprietor would be excused from the frequent conduct of AGMs, quorum, ROC filings, and minutes among other things.
- Better cost management and fewer struggles for small enterprises. You would retain ample opportunities to convert into a PLC based on your growth rate and revenue margin.
- The liability is less in one Person Company and in case of a huge loss; the shareholders need to pay only the unpaid due. Moreover, the onus of liability rests on the company and not on the shareholder since the company has a separate legal identity in this case.
Thanks to the dynamic evolution of OPC that the nation has witnessed substantial number of business entrepreneurs with a better vision. He/she has all the access to bank loans and market as well as shield by legal protection that completely justifies the effort of embarking on one person company registration. It is always best to take professional help when you are all set to frame the referendum. After all, it would contain all the laws that would later govern the future as well as the operational aspects of the company. There is no dearth of opportunities with OPC, especially for entrepreneurs who are involved in handloom and handicraft industry.
If you have knowledge of a professional service that can smoothen the process for the registration, it is better to pay for the services. You can expect a fast completion of the process that takes around 10-15 working days ideally.
