There is no rule stating the minimum paid-up capital. Your paid-up capital can be as low as Re.1 and can go up to the limit of Authorized share capital. Hence you can have Rs.25,000 paid-up capital and Rs.10 Lac Authorized share capital.
If you have a higher Authorized share capital whenever you want to increase the paid-up capital of the company you can do it directly by Rights issue process. Otherwise, you will have to increase Authorized share capital first and then do the rights issue process.
The appointment of Auditor within 30 days is compulsory. Otherwise, a penalty of Rs.100 per day of delay is levied. Appointing an Auditor does not mean taking him on the payroll. Financials of every OPC and Private limited company should be Audited every year. This Audit is referred to as Statutory Audit. Appointment of Auditor is the process of informing RoC, the details of Auditor who will be conducting your statutory Audit. The Auditor will not even visit your office every day. Once a year he will conduct the Audit of the financials. For the first year of incorporation, Auditor is appointed only for that financial year. Subsequently, the Auditor is appointed for a period of 5 years. If you want to remove the Auditor the compliance is complex. However, the Auditor can voluntarily resign anytime.
No. First, the profit has to be declared, requisite tax needs to be paid. After this Dividend needs to be declared. Dividend distribution tax needs to be paid (Around 18%). After this Dividend can be transferred to shareholder's account.
As Director of the company, you can take any amount as salary. It is better to have a fixed salary and a variable bonus that can either be disbursed monthly, quarterly or annually. This variable bonus will give the flexibility in compensation you want.
An OPC can have only one shareholder and one nominee member (Optional). Hence, you cannot sell your shares partially to another individual or entity. However, you can transfer 100% of your shares to another individual. Even if you want to put your own money as equity capital in the company you can do so up to a maximum of Authorized share capital
almost 3 years ago