One person company benefits and compliances
One person company functions on the principles of a company but is generally managed by one primary person. It has to be registered under the Companies Act of 2013. The member of such a company is one person, however, it can have multiple investors, shareholders, creditors or employees. Some of the benefits as well as features of OPC can be listed as follows- · Ease of incorporation The OPC can be incorporated by any person born in India, who is not regarded as foreign. Such a person will need approvals from the Registrar of Companies with respect to naming and other formalities. Following which, registration fees have to paid, e-forms to be uploaded, and the incorporation certificate is received. · Ease of compliance Annual Compliance for OPC is similar to a company, however, it is slightly simpler. The packages for one person compliance are about 1/3 rd times cheaper than a normal company. The process of compliance can be understood by following step
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Every company incorporated in India is required to submit an annual return each year, along with all of the necessary documents, to the Ministry of Corporate Affairs in order to comply with the roc annual filing & requirements for section 8 company. You must provide all of the necessary documents along with your E-form application to the Ministry of Corporate Affairs in order to be eligible to submit it.
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