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The individual is therefore the sole shareholder and manager (however, a director nominee is present, but has zero power until the real director proves incapable of getting into the contract). There can also be no chance of contributing to stock options or equity funding for employees. Furthermore, where an OPC Company has the average Rs. 2 hattrick turnover, over and over Rs. 50 lakh or more, paid-up funds,, Within six months, it must be converted to a private limited enterprise or a public limited enterprise.
OPC Registration Benefits Liability Limited
In a private limited company, personal property of the managers is always safe, regardless of the debts of the company.
Continuing Life
With the death of the owner, sole proprietorships end. Since an OPC company has a distinct legal identity, it would transmit it to the nominee director, so it would still exist.
Enhanced credibility
As an OPC needs to audit its books annually, sellers and lending institutions have greater credibility.
Documents required for OPC Registration
The director of the OPC should submit the scanned transcripts/ copies of the following documents mandatory for OPC registration-
PAN card or Passport
Passport, for NRIs and Foreign Nationals
Scanned transcript of Driver’s License or Voter’s ID
Updated gas or electricity invoice/Bank account Statement/Mobile or landline phone invoice
Specimen signature or impression
passport-sized photo
Please Note: The first 3 documents should be self-attested by the OPC director. All the documents for a foreign national or an NRI must be notarized (if residing in India or a non-Commonwealth country at present) or apostilled (if living in a Commonwealth country at present).
Documents Necessary For The Registered Office
Scanned transcript of Current Bank Account Statement/Phone or Mobile Invoice/Gas or Electricity Invoice)
Scanned transcript of Rental Agreement written in the English language
Scanned transcript of N-O or No-objection Certificate from the concerned property landowner
Scanned transcript of Property or Sale Deed printed in English (if the property is owned)
Note: Your office space which is registered needs to be a commercial area; however, it can be your house of residence as well
Duration of OPC Registration Process
Five days of business
First, the director of the OPC should request or request a DSC certificate for the registration of companies which is otherwise known as the digital signature certificate. To achieve this, only a few scanned documents are required; after that our agents will file the form and place it online.
Seven days of business
Our agents will then ask you to select a name for your business after completing the application for the DSC and send us the scanned documents for it. The documents sent are used to file for the SPICe i.e. the moa and INC-32.
Association Memorandum and the AoA are also known as Association Articles. Finally, the Certificate of Incorporation is processed and approved at the conclusion of this process.
2 days of business
An PAN or a Permanent Account Number, TAN or Tax account number are required for all enterprises. Our representatives will submit the application online but you will be asked to post hard copies of the documents you require on your own. Only within 21 business days will the TAN and the PAN be sent to you after processing to your registered office address