Only a natural person who is an Indian citizen or an Indian resident shall be eligible to act as a member and nominee of an OPC. The term 'resident in India' means a person who has stayed in India for a period of not less than one hundred and eighty-two days during the immediately preceding one financial year.
The company shall file form INC-4 in case of cessation of member of OPC on account of death, incapacity to contract or change in ownership. In the same form, the user needs to provide details of the new member of the OPC.
Yes, a one-person company must appoint an auditor, no matter what its revenues. In fact, an auditor must be appointed within 30 days of incorporation.
The DSC is an instrument issued by certifying authorities (TCS and n-Code are two of them) by which you can sign electronic documents. No person can be appointed as a Director without DIN and having duplicate DIN is an offense. DSC to be PAN encrypted as going forward, all filings relating to Income Tax has to be done by a director who’s DSC is PAN encrypted.
With the amendments to the Companies Act in 2015, there is no prescribed minimum paid up capital amount. You can choose how much do you want to start your company with and go up to a maximum of the Authorised Share Capital (again decided by you). However, as a general practice, most entrepreneurs start the company with a paid up capital of Rs 1 lakh.
No, the complete process can be carried online. Wazzeer has developed Standard Operating Processes that seamlessly delivers Business Registration 100% online.
Yes, you can show your own residential or rented home address as the registered office address of the Company. If you take a place for rent, and the bills are in the owner’s name, a ‘No Objection Certificate’ is required from the owner of the property. Should the director be physically present during this process? No, the complete process can be carried online. Wazzeer has developed Standard Operating Processes that seamlessly delivers Business Registration 100% online. How much do I need to invest? With the amendments to the Companies Act in 2015, there is no prescribed minimum paid up capital…
No, the complete process can be carried online. Wazzeer has developed Standard Operating Processes that seamlessly delivers Business Registration 100% online.
The accounting process for a company can be segregated into two parts: The records of the company are well maintained For filing of taxes, the amount needs to be calculated. In the absence of bookkeeping and entries, calculation of taxes is prone to errors. For Private Limited Companies and other entities which meet the revenue criteria, auditing is mandatory. Bookkeeping is the process of creation of the books which are audited by the auditor. It is advisable to maintain monthly books of accounts which can be audited at the end of the financial year instead of creating the accounts in…
For a for-profit business, there are primarily five types of business entities in India:i. Public Limited Companyii. Private Limited Companyiii. Limited Liability Partnership (LLP)iv. Partnershipv. One Person Company (OPC)vi. Proprietorship While the first four types (Public Limited, Private Limited, LLP and Partnership) require more than one promoter, OPC and Proprietorship are the types of entity applicable when there is only one promoter.