opc registration cost in india
Step-by-Step Guide to OPC Registration and its Costs in India
Introduction
One Person Company (OPC) is a unique form of business structure introduced under the Companies Act, 2013, specifically designed to support micro-companies with only one person as its member and director. OPC registration is a simple and efficient way for entrepreneurs in India to establish a legitimate business entity under the legal framework of the country. In this article, we will guide you through the process of OPC registration in India, discussing the associated costs, requirements, and benefits.
Overview of OPC Registration in India
One Person Company registration involves several steps that must be followed to establish a legally recognized business. The process combines online and offline procedures, ensuring ease of registration for aspiring entrepreneurs.
1. Decide on a Unique and Memorable Name for your OPC
Choosing a unique and suitable name is the first step towards registering your OPC. The name should be relevant to your business and at the same time comply with the naming guidelines stated by the Ministry of Corporate Affairs (MCA). Ensure that the name is not already registered by any other company and does not include any objectionable or banned terms.
2. Obtain Digital Signature Certificate (DSC) and Director Identification Number (DIN)
To initiate the OPC registration process, the applicant needs to obtain a Digital Signature Certificate (DSC) and Director Identification Number (DIN). DSC serves as an electronic signature for signing the registration documents, while DIN is a unique identification number allotted to individuals intending to become directors.
3. Prepare required documents
To proceed with OPC registration, certain mandatory documents must be prepared, including:
– Memorandum of Association (MoA)
– Articles of Association (AoA)
– Nominee’s consent letter
– Specimen signature of the subscriber
– Affidavits and declarations
4. File an application for OPC Registration
Once the documents are in order, the applicant needs to submit an online application to the MCA through the SPICe+ (Simplified Proforma for Incorporating Company Electronically) form.
5. Pay the required fees
Fees for OPC registration vary depending on the authorized share capital of the company. As of 2021, the fee structure is as follows:
– Up to INR 1,00,000: INR 2,000
– Between INR 1,00,001 to 5,00,000: INR 2,000 + INR 200 for every 10,000 additional capital or part thereof
– Above INR 5,00,000: INR 2,000 + INR 200 for every 10,000 additional capital or part thereof (subject to a maximum fee of INR 10,00,000)
6. Obtain Certificate of Incorporation
Upon successful processing of the application, the Registrar of Companies (RoC) will issue the Certificate of Incorporation (CoI) along with a unique Corporate Identity Number (CIN). The CoI confirms the establishment and legality of your OPC.
Costs Involved in OPC Registration
The cost of OPC registration in India primarily includes professional fees and government fees. The professional fees may vary depending on the chosen service provider, whereas the government fees are fixed as per the authorized share capital of the company.
Government Fees:
– PAN/TAN application (if required): INR 66 (approximate)
– SPICe+ form filing fees: As mentioned above
Professional Fees:
Professional fees charged by chartered accountants, company secretaries, or online service providers for assisting with OPC registration may range from INR 8,000 to 15,000 (approximate).
Additionally, it is essential to acquire a Digital Signature Certificate (DSC) and Director Identification Number (DIN), which involve certain charges. The DSC cost can range from INR 500 to 1500, while DIN registration fees are approximately INR 500.
Benefits of OPC Registration in India
1. Limited Liability Protection: OPC offers limited liability protection, keeping the personal assets of the owner separate from the business’s debts and liabilities.
2. Sole Ownership and Control: As the sole shareholder and director, you have complete control over the decision-making process, ensuring flexibility in managing your business.
3. Easy Funding: OPCs can attract investors through equity funding, making it easier to raise capital for business expansion.
4. Legal Recognition: OPCs are recognized as legitimate business entities, gaining credibility and fostering trust among potential clients and partners.
5. Tax Advantages: OPCs benefit from various tax incentives and exemptions, reducing the tax liability and enhancing profitability.
Conclusion
OPC registration in India provides an excellent opportunity for solo entrepreneurs to establish their businesses with limited liability benefits. By following the mentioned steps and understanding the associated costs, aspiring business owners can easily navigate the registration process. OPCs offer immense growth potential for Indian entrepreneurs, and their simplified compliance requirements make,
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opc registration cost in india
This article is only published for informational purposes. Please consult your Chartered Accountant or Financial Advisor before making any important financial decisions.
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