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ONE PERSON COMPANY (OPC)

With the introduction of the Companies Act, 2013, the concept of OPC (One Person Company) was introduced to support entrepreneurs who on their own are capable of being starting a business by allowing them to create a single person registered economic entity. Only one single member is required to incorporate an OPC, which is the biggest advantage of OPC over private limited companies & partnerships. Like a Company, an OPC is a separate legal entity from its members, is easy to incorporate and continues in the foreseeable future. There can be more than one director in OPC.

Minimum requirements for OPC incorporation

1. Minimum One Person as Shareholder / Director
2. Digital Signature for Shareholder / Director
3. Self-attested copies of KYC documents of Subscriber / Director (PAN, Aadhar& Bank Statement (Not older than 2 months)
4. Latest one colour photograph of Shareholder / Director and nominee
5. Proof of Registered Office Address (Electricity Bill / Phone Bill / Water Bill) (Not older than 2 months)
6. NOC from the owner of the premises
7. Self-attested copies of KYC documents of the nominee (PAN, Aadhar& Bank Statement (Not older than 2 months
8. Consent from the nominee in the Form No. INC-3
9. Consent from the Director in Form No. DIR-2

Common Registrations for One Person Company (OPC)

PAN/TAN Registration: PAN and TAN registration are required to be taken from the Income Tax Department for filing of Income Tax returns and deduction of tax at source (TDS) and filing of returns of TDS respectively.
GST Registration: GST registration is mandatory if aggregate turnover in a financial year exceeds Rs. 20 lakhs or 40 lakhs in case of a supplier who is engaged exclusively in the supply of goods or 20 lakhs for special category states.
Udyam Registration: Udyam or MSME or Udyog Aadhaar registration can be obtained in the name of the business using Aadhar number of the director to establish that business is registered under the Ministry of Micro, Small and Medium Enterprises.
FSSAI Registration: In case the Director of OPC is going to operate any business in which FSSAI registration is required then the Director must obtain FSSAI registration from Food Safety and Standard Authority of India.
Shop and Establishment Registration: Director is compulsorily required to register their business under the Shop and Establishment Act of respective State. The Shops & Establishment registration is a state-based labour license legislation enacted under the respective state in which the shop or establishment has been set-up.
Import Export Code: In case the Director thinking to export/import their product then Director must obtain the Import-Export Code (IEC) registration from Director General of Foreign Trade (DGFT).
Trademark: For the protection of Logo / Brand name / Trademark, Sole Proprietor can register his Logo / Brand name / Trademark under Trademarks Act, 1999 by filing a Trademark application to Trademark Authority. After registration of Logo / Brand name / Trademark, we protect our Intellectual Property Rights so that no other person can use/copy it.

Compliance required by an OPC

GST Return: Every registered person shall furnish the details of outward supplies and inward supplies of goods or services or both during a tax period on or before the due date as specified by the government on the common portal.

Accounting: Every One Person company shall prepare and maintain proper books of accounts and other relevant books and papers and financial statement for every financial year which give a true and fair view of the state of the affairs of the company. Accounting is necessary for the statutory audit, Annual filing, GST Return, IT return, Tax audit, GST Annual Return, GST audit and other information or documentation. which is mandatory once you start your Company. These books of accounts shall be audited by the auditor appointed by the company.

Statutory Audit: Every One Person Company shall appoint an individual or firm as an auditor for auditing of books of accounts for each financial year, which is prepared and maintained by the company, irrespective of its turnover or nature of business or capital of the company.

ROC Annual filing: Every company is required to file the annual accounts and annual return as per The Companies Act, 2013 within 30 days and 60 days respectively from the conclusion of the Annual General Meeting.

Income Tax Return: Income Tax Return is the form in which assessee files information about his Income, expenses, deduction, directorship, shareholding or other information and tax thereon to the Income Tax Department. OPC file income tax return of every financial year on or before the due date in forms ITR 6.

Income Tax Audit:

A person carrying on business, if his total sales, turnover or gross receipts in business for the year exceeds Rs. 1 crore. This provision is not applicable to the person, who opts for presumptive taxation scheme under section 44AD and his total sales or turnover doesn't exceed Rs. 2 crores.

Note: w.e.f. Assessment Year 2020-21, the threshold limit, for a person carrying on business, is increased from Rs. 1 Crore to Rs. 5 Crore in the case when cash receipt and payment made during the year does not exceed 5% of total receipt or payment. In other words, more than 95% of the business transactions should be done through banking channels.

A person carrying on profession, if his gross receipts in profession for the year exceed Rs. 50 lakhs.

The tax audit reports conducted by a registered chartered accountant are to be presented in a prescribed format. Under section 44AB of the IT Act, the form that is prescribed for the audit report is Form No. 3CA and the prescribed particulars are to be reported in Form No. 3CD.