Online CA Services For OPC Registration (2023)

Are you a person with creative ideas? Do you wish to monetize your creativity? Are you aware of One Person Company (OPC)? Yes, you heard it right. You can create your company as a lone entrepreneur. Sounds great, right? However, you must register your one-person company, similar to other companies. There are several online CA services available for OPC registration. Are you familiar with them? Don’t worry. We are here to help you. This article deals with various online CA services for OPC registration. Read till the end to get clarity.

One-Person Company is a revolutionary concept introduced by the Companies Act of 2013. Earlier, you needed a minimum of two directors and shareholders to form a company. Now you alone, as a single person, can incorporate a company. An OPC has only one member, that is, only one shareholder. However, you can have up to fifteen directors or more in your OPC. 

As you know about OPC, are you aware of the OPC compliance requirements? There are a few compliances you must know about for your OPC. Come, let’s have a look at them.

OPC Compliance Requirements

ROC demands certain mandatory compliances for your OPC.

The forms you require for OPC annual compliance include,

• Form MBP-1 – Every director at your OPC at each financial year should submit this form to show his interest in another entity. 
• Form DIR-8 – The directors of your OPC have to file a declaration about non-disqualification.  
• Form MGT-7A -You must file your Annual Return within 180 days from the end of the financial year for your OPC. The period for annual return is from 1st April to 31st March. 
• Form AOC-4 -You must file your Balance Sheet, P & L Account and Directors’ Report in form AOC-4. It also includes the auditor’s report. You must file it within 180 days from the end of the financial year.  
• Form ADT-1- You must appoint the auditor for 5 (Five) years for your OPC. Form ADT-1 will be filed for a 5-years appointment. You must file it within 15 days of the AGM.

These are the annual compliances you need to furnish for your One-Person company.

Also, you must conduct at least one board meeting in each half of the year. The time gap between the two board meetings must not be less than 90 days. However, if your company has only one director, such a meeting requirement does not arise.

Further, your OPC should hold its Annual General Meeting (AGM) as provided under Section 139 (1) of the Companies Act, 2013 to appoint a Statutory Auditor who must hold the office from the conclusion of the first AGM to the conclusion of the sixth AGM.

Additionally, the other compliances you need are,

• Directors’ Report- This report contains every detail about your company.
• Financial Statement & other relevant Documents– You must send the approved financial statement, directors report, and auditors report to the members of the company at least 21 days before the date of the AGM.
• Statutory Register- You must maintain a mandatory register.

These are the various compliance requirements you need for your OPC. As you now have a clear idea regarding your one-person company’s compliance requirements, it’s time to learn about other benefits for your One-Person company. Do you have any idea about the tax benefits for your OPC? Read on to learn more.

Is There Any Tax Advantage to Forming an OPC?

The straight answer to this is No. There is no specific tax advantage to your OPC over any other form of company. The tax rate is flat at 30%. Other tax provisions like MAT & Dividend Distribution Tax apply similarly to other forms of companies.

As your One-Person company is treated in the same way as a private company, the tax slab applicable is the same. That means you must pay a 30% tax on all profits. There are no exemptions.

That makes it clear that there is no tax advantage for your OPC. However, you have only limited liability as it is under one person’s ownership. Once you have decided to form your OPC, the main concern is to name your company. ROC suggests a few naming rules for your OPC. Are you aware of them? Don’t worry. We will shed some light on that for you.

What Are the Name Rules for OPC?

Your company’s name should be unique, desirable, and one of a kind to make it stand out from the rest. The Companies Act 2013 defines guidelines for selecting the name of your one-person company. You must follow these guidelines when naming your company, or else the ROC may reject application..

Your One-Person Company name must have:

Your Creative name + OPC(Suffix)

Your company name can be different from the brand names which makes it much easier to decide on the company name for your One-Person company.

Firstly, you must conduct thorough research on the existing trademarks and then decide on your name.

Your company name should be creative, imaginative, and distinct. If you opt to keep a descriptive name, it should define your business in brief and describe perks of your work/business. Once you choose the name, MCA will ask for the significance, and you must submit the main objective behind that name in one or two sentences. However, you can suggest two names in order of preference for your company if you register under MCA.

1.  Do not choose names that are similar to already existing names.
2.  Do not choose an undesirable & offensive name.
3.  The name must not be Generic.
4.  The name should not contain another country’s name, and you cannot use the word ‘state’.
5.  MCA does not approve of the word ‘British India’, and hence you cannot use it.
6.  Do not use short forms or Abbreviations in the name.

These are the naming guidelines you must follow. Once you register your OPC, if you feel like changing your company name, what do you do? Come, let’s have a view on this.

How Do I Change My OPC Company Name?

Though you register your company under ROC, you might have the urge to change your OPC name.

This may happen due to:

• Voluntary Name Change.
• Rebranding.
• Change in Business Activity.
• In compliance with ROC.

It may be for any reason but still, you can change your OPC name.

Follow the below steps to change your OPC name:

1. The Directors of your OPC hold a general board meeting to change your company’s name and alter the Memorandum of Association and Articles of Association.
2. Check your new company name’s availability.
3. Pass a special resolution for the change of your OPC name.
4. Apply the new company name under ROC.
5. You will receive a new incorporation certificate under a new name.
6. Make changes to MOA and AOA.

Hence, changing your OPC seems like an easy process, provided you have a unique name for your company.

FAQs: Online CA Services for OPC Registration

Do I need a CA for company registration?

Yes, of course. The role of the CA is crucial in every step of your company registration. Chartered accountants approve the certificates required for your company registration processes. 

A Chartered accountant must approve every step of the registration process. Also, your registration process becomes hassle-free if you appoint a CA to take care of the process, as they are well-versed and know every nuance.

Can OPC have 2 shareholders?

OPC is a One-Person Company and it has only one shareholder. This shareholder can be the promoter or owner of OPC. It cannot have more than one shareholder at any given time. Also, you cannot add shareholders to your OPC to raise further capital.

Bottomline

Therefore, hopefully, you have gained a better understanding of One-Person company(OPC) and its registration from the above article. If you have a creative idea, you can start your own company as a solo entrepreneur. This concept brings more ideas to light. 

Also, the registration of OPC is not rocket science. There are several online CA services available nowadays for registering your OPC. However, you must follow all the required compliances to enjoy the incorporation of your OPC.

If you are not able to meet any of the compliance requirements for your OPC registration, you can contact the online services available for it. Installing ensures timely compliance with nominal charges. Therefore, don’t delay, we are just a call away. 

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