What is residential Indian Citizen?

The term "resident in India" means a person who has stayed in India for a period of not less than one hundred and eighty two days during the immediately preceding one financial year.

One Person company Registration in Chennai

Solubilis provide One Person Company registration in Chennai, Bangalore, Hyderabad, Cochin and anywhere in India. Can a Proprietor form an organization with limited liability and perpetual succession options? The companies Act, 2013 has given an affirmative answer to this question. Yes, now an individual can form a one person Company under the companies Act, 2013. This is a new form of organization brought into existence by Indian companies Act, 2013. Though, Such entities are prevalent in other countries like Singapore, Japan etc. According to section 2 (62) of the Indian Companies Act, 2013, one Person Company shall mean a company which has only one person as a member. An extensive rules and regulations were framed for forming and managing the One Person Company under Companies Act, 2013. Since One Person Company offers lots of advantages to the owner shareholder. This also comes with overriding restrictions on the capital, Turnover and so on. However, one person company has perpetual successions.

Mandatory conversion to Private Limited or Public Limited

To Maintain this One Person company, the share capital limitation of fifty lakh rupees and not exceed more than two core rupees in the business undertaking. Suppose, is it occurred, it shall be required to modify it to a private or Public Limited Company within the time period of six months. An OPC has certain opportunities and advantages which are not available to private companies. The provisions related meetings like, General Meetings, Extra Ordinary General Meeting and Notice Convening to General Meeting are not relevant for One Person Company. But the OPC will offer all benefits to its businessman as similar to the private limited company. It can access credits, bank loans, limited liability, legal protection for business, get into market etc. But all must be done with a single registration. An individual can start only one company underthe name of the OPC.

Proposed director & Shareholder - Indian Citizen:

PAN Card
Aadhar Card.
Proof for Address – Bank Statement or Telephone Bill or EB or Mobile Bill (Latest)
Passport Size Photo.

Register Office documents:

If the Office is rental, rental agreement is inevitable
Electricity bill (Not more than two months old required to be submitted)
A Occupant needs to provide a No Objection Certificate from landlord to operate the business (NOC) if not rented.

Salient features of One Person Company:

It is a legal entity different from its members. It can hold property and borrow money etc. as a natural person.
Small investors can form a company individually who shall be the promoter, shareholder and director.
Company form of entity will have a perpetual succession, continue forever.
Very less legal compliance and corporate governance requirement
The shareholders of the One Person Company identify a nominee to replace the member in case of death disability.
There is no restriction on the capital requirement for forming One Person Company limited company (As amended by the act) investors can form One Person Company with minimum capital required.
Name of the company should carry the words “OPC” in order to identify the entity.
One director shall be the minimum number of directors required to form a board
Concession is being given to the OPC to hold a minimum number of board meetings and annual general meeting.
OPC Company will become Public or Private limited Company if the share capital of the OPC exceeds RS.50 lakhs or annual turnover of the company exceeds Rs.200 lakhs consecutively for the last three financial years

FAQ'S

To operate a small business, without the limitation of sole proprietorship can pick the option of One Person Company. It comes with limited liability and separate legal existence. Only one person is enough to run this business.

Natural Person and resident Indian citizen is the basic eligibility to start an OPC. Nominee should be a citizen of India and resident of India. There is no minimum capital requirement.

Share capital should not be exceeding 50 lakhs and turnover will not be more than 2 crores. In case the paid up share capital of an OPC exceeds fifty lakh rupees or its average annual turnover of immediately preceding three consecutive financial years exceeds two crore rupees, then the OPC has to mandatorily convert itself into private or public company.

Voluntary conversion of OPC into Private limited / public limited company is not permitted till completion of two years from the date of incorporation of the OPC. Voluntary conversion need to be filed within 30 days

As per Companies Act - One Individual is legally allowed to operate an OPC. A single person who is operating more than one OPC is not permissible.

Member of a One Person Company can change the nominee at any time by informing the One Person Company in writing. The Sole member needs to obtain the prior consent of the new nominee in Form INC 3. The One Person Company shall on the receipt of such intimation, file with the registrar and a notice of such change within 30 days of receipt of intimation of the change in Form INC 4 along with fee.

A nominee may withdraw his consent anytime by giving a written notice to the OPC and Sole Member/Subscriber.

A minimum of one is required while starting a One Person Company, but you can have up to 15 Directors for your OPC

A Minor, Foreign citizen, Indian Non-resident, a person incapacitate to contract are restricted from Forming a One Person Company.

No, no other persons than an Indian citizen or a Resident in India, can register a one person company anywhere in India. This means, a non-resident Indian (NRI), or a foreign national, cannot set up an OPC in India.