OPC Registration
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Market Price : INR 15,500
Our Price : INR 3,999 Only
Savings : INR 11,501
Govt Fees : Inclusive in the price
Time for Registration : 15 to 20 Working Days
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One Person Company Registration means a company registered as OPC under Companies Act, 2013 . OPC has only one person as a member.
As per section 2(62) of the Company’s Act 2013, a company can be formed with just 1 Director and 1 member. It is a form of a company where the compliance requirements are lesser than that of a private company.
Several other countries had already recognized the ability of individuals forming a company before the enactment of the new Companies Act in 2013. These included the likes of China, Singapore, UK, Australia, and the USA . Entrepreneurs whose businesses lie in early stages prefer to create OPCs instead of sole proprietorship business because of the several advantages that OPCs offer.
Elegibility
1. Minimum Number of Promoters:
At least one Person shall act like a subscriber cum director and one other person shall be a nominee. So in the OPC also, at least two persons are required.
2. Residential Status:
Any person can be subscriber and director in the One Person Company Registration. It is mandatory the the partner should be Individual.
3. Capital Requirement:
Companies Act, 2013 does not discloses any amount of minimum capital, hence no limit has been imposed on capital.
4. Purpose of One Person Company Registration:
OPC can only be formed for runninng business intended to make profit. OPC can not be formed for charitable purpose, although its a body corporate.
5. Compulsory Clause:
In OPC, the promoter should be Indian Resident who is responsible for the operation of the OPC.
Documents for One Person Company Registration
Documents and Details Required for One Person Company Registration
(Scanned Copy of Self Attested Documents are required)
Documents Required of Proposed Directors and Promoters:
- Copy of PAN Card of the Proposed Promoter and One Nominee.
- Copy of ID Proof of the Proposed Promoter and One Nominee(VoterID/Passport/Driving License/Aadhar Card).
- Copy of Residential Proof of the Proposed Promoter and One Nominee (BankStatement/Electricity Bill/Telephone Bill/Mobilebill).
- Passport Size Photographs of of the Proposed Promoter and One Nominee.
Documents For Registered Office
- Electricity Bill/ Water Bill in the Name of Office Owner
- Rent Agreement & NOC (if office is on rent)
- NOC (If office is self-owned or owned by parents)
Information Required Except Documents:
- Proposed names of the company (Maximum 4 Names).
- Main objects of the proposed company(Brief write-up).
- Designation Description of of the Proposed Promoter and One Nominee.
- Authorised Share Capital of the Company and Paid up capital of the Company.
- Educational qualification, Place of Birth of the Proposed Promoter and One Nominee.
- E-mail ID, Mobile Number and Occupation of the Proposed Promoter and One Nominee.
- Please provide Director Identification Number (DIN) of of the Proposed Promoter and One Nominee, if obtained already. If not, then DIN will be allotted only at the time of Incorporation of Company.
- Digital Signature Certificate (DSC) of the Proposed Promoter and One Nominee, if available.
Procedure of One Person Company Registration
The process for One Person Company Registration can be divided into following steps:
Digital Signature
Digital signature certificate must be created and approved by the licensed companies in India, e.g Vsign, Emudhra, Sify, etc. It is mandatory for the acting director and for nominee both. Application for DSC would require passport size photos of the applicant, identity proof and address proof.
Name Availability
Application for name reservation can be submitted to the MCA. Upto 2 names at a time can be applied which further could be rectified one again if not approved I the first time. The name should comply the norms for name approval guidelines.
Incorporation
After obtaining name approval, incorporation application is required to be filed to the ROC on mca.gov.in. I requires multiple details and documents e.g Spice Part B, Memorandum of Association (MOA), Articles of Association (AOA), INC-9, Agile Form. Further, the identity proof, address proof and residence proof of the member and nominee would be required. In addition to the MOA, AOA, identity proof, address proof, other incorporation documents like affidavits and declaration of the sole promoter must be submitted. Further, the consent of the nominee director must also be attached in Form INC-3.
On filing for incorporation, approval is granted by the Registrar of Companies (ROC). In case there are any issues with the documents submitted, the application for incorporation can be resubmitted.
Benefits of OPC Registration
The advantages of an One Person Company Registration
A one-person company (OPC) is best suited for people who wish to be solo entrepreneurs. Sole proprietorships, interestingly, offer the same benefit. However, unlike sole proprietorships, an One Person Company Registration offers limited liability and the status of a separate entity, along with a better standing in the market (increased trust and respect).
If you’re just looking around for related information on startups, government registrations, tax, or legal documentation, check out the list of services we provide to make your interaction with the government as smooth as possible by doing all the legal documentation for you. We will also give you absolute clarity on the process to set realistic expectations. Some of the characterstics are as follow:
Safety Net
According to the Companies Act, the liability of the single shareholder in an OPC is limited to the unpaid subscription money in his/her name. This means that his/her personal property is completely safe from creditors of the business.
Succession
The Companies Act also provides for a person, nominated by the stakeholder, to take over the reins of the company in the event of the death or inability of the said stakeholder. Moreover, this allows the OPC to have a continuous life beyond that of the founding director.
Market Value
An One Person Company Registration under the Companies Act and enjoys the same privileges that come with a firm being listed as a private limited company.
Easy Credit Facilities
The legality of this type of business, and also the perpetual succession clause, makes it popular among banks and financial institutions.
Easier Returns Filing
While it is mandatory for an OPC to get its accounts audit and file requisite annual returns, the same can be easy with the signature of the director; the need for a company secretary’s signature is not mandatory.
Frequently Asked Question
In case the paid up share capital of an OPC exceeds fifty lakh rupees or its average annual turnover of immediately preceding three consecutive financial years exceeds two crore rupees, then the OPC has to mandatorily convert itself into private or public company.
The OPC shall inform RoC in form INC-5, if the threshold limits is exceeded and is required to be converted into private or public company.
Form INC-6 shall be filed by an OPC for conversion of an OPC into private or public company.
Yes, the private company will also file form INC-6 for converting itself into an OPC. The paid up share capital of private company should not be exceeding fifty lakh rupees and should not have average annual turnover more than two crore rupees at the time of such conversion into OPC. The company shall be having one member and shall appoint one nominee to act as member in case of death or incapacity of the member at the time of conversion into OPC.
Where a natural person, being member in One Person Company becomes a member in another OPC by virtue of his being a nominee in that OPC, then such person shall meet the eligibility criteria of being a member in only one OPC within a period of one hundred and eighty days, i.e., he/she shall withdraw his membership from either of the OPCs within one hundred and eighty days.