One person company(OPC) gives a single person or promoter with full control over the company while limiting his/her liabilities to the business. The single person will be the only director and shareholder. One person Company must be turned into private or public limited company if an OPC hits an average 3-year turnover of over Rs.2 crore or paid-up capital of over 50 lakh. Furthermore, there is no need for raising equity funding or employee stock options.
Annual return or Income tax return filing must be completed by One person Company before 30th September of each financial year.
OPC (One Person Company) must file GST returns on Quarterly and Annual basis.
One Person Company having ESI registration must file ESI returns. One person company with 10 employees are eligible for ESI registration.
One Person Company having TAN are required to file Quarterly TDS returns and are required to deduct tax at source as per TDS rules.
Service tax returns are due half-yearly while VAT return due date changes from state to state.
One person Company is limited to the liabilities and contributions to the business whereas in Private limited company all the shareholders are liable to contribution to the business.
For OPC, after the demise of the single promoter , it can be transferred to the nominee . In case of sole proprietorships come to end after demise of sole proprietor.
Greater Credility among vendors and lending institution as OPC file audits annualy.
For all those who have a liability to register themselves, if fails to do the same than under section 75A of the finance act 1994 penalty for the failure of an assessed to get himself registered was fixed at Rs. 500/- as a onetime payment but subsequently this section was deleted by the virtue of the finance act 2004 and now the general penalty that is applicable is Rs. 1000/- as per section 77 of Finance act.
Collection of Documents
Preparation of Application
Submission of Application
Certificate of PVT. Limited Registration