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One person Company
One Person Company (OPC) in India: A Modern Business Structure
A One Person Company (OPC) is a business structure under the Companies Act, 2013, allowing solo entrepreneurs to form a company with limited liability, a separate legal identity, and minimal compliance. Ideal for sole proprietors and startups, OPC offers the simplicity of a proprietorship with the advantages of a company, making it perfect for scaling operations while maintaining full control.
Frequently asked questions about One Person Company
1. Why is a GST Audit Crucial for Your Business Compliance?
A GST Audit is a thorough review of a business’s financial records and GST returns to ensure compliance with the GST laws. Required for businesses with an annual turnover above ₹2 crore (or as per updated thresholds), it verifies the accuracy of turnover, tax liability, refunds, and Input Tax Credit (ITC). A Chartered Accountant (CA) conducts the audit, identifies discrepancies, reconciles accounts, and ensures all filings align with legal standards, culminating in the filing of GSTR-9C, the reconciliation statement.
2. What is Involved in Reviewing GST Output Liability?
• Verifying taxable turnover, exempt, and zero-rated supplies.
• Checking correct HSN/SAC classifications for goods and services.
• Ensuring accurate GST payment and reporting in GSTR-1 and GSTR-3B.
Identifying and rectifying discrepancies in tax liabilities.
• Minimizing risks of underpayment or overpayment, ensuring compliance.
3. How long does it take to register an OPC?
Registration usually takes 7–10 working days, based on document availability and approvals.
STEPS TO REGISTER ONE PERSON COMPANY IN INDIA
Step 1
Obtain DSC
The sole director must acquire a Digital Signature Certificate (DSC) using documents like PAN, Aadhar, and address proof, valid for 1-2 years.
Step 2
Apply for DIN
The director applies for a Director Identification Number (DIN) using Form DIR-3 or SPICe+, with required identity and address proof, valid for life.
Step 3
Reserve Company Name
Select a unique company name through the RUN service or SPICe+, ensuring compliance with MCA guidelines and ending with "(OPC) Private Limited," with approval in 1-3 days.
Step 4
Submit Registration Documents
Submit documents including the Memorandum & Articles of Association, director consent forms, proof of office address, and a declaration to the ROC.
Step 5
File Incorporation via SPICe+
Submit the SPICe+ form for incorporation, PAN, TAN, and GST (optional) registration, with required attachments like DSC, DIN, and proof.
Step 6
RoC Verification
The RoC verifies documents and issues the Certificate of Incorporation, confirming the OPC’s legal status.
Step 7
Obtain Certificate of Incorporation
Receive your Certificate of Incorporation, PAN, and TAN to begin operations.
Note:
Nominee Appointment: A nominee is appointed via Form INC-3 to manage the company if the sole director is unavailable.
Post-Incorporation Compliance: Open a business bank account, register under MSME/Udyam (if applicable), and meet annual filing requirements.
Bhanushali & Bhanushali handles the OPC setup with expertise, ensuring full compliance with Indian regulations in 7–10 working days, subject to document readiness and approvals.