One Person Company Registration
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What Is An One Person Company?
One person company is run by a sole individual who is both the shareholder as well as director of the company.
OPC is the latest form of business in India. The fact that there can be only one member in an OPC encourages entrepreneurs who have the potential to start their company but do not have a partner. It is extremely easy to register an OPC and is done under the Companies Act 2013. The act has made it possible for a single person to form a company and there is no need of having partners, which, in turn, inspires more people to start a business on their own. Nevertheless, there is a need for the nominee to be nominated.
This kind of company is apt for small businesses where there are not many chances of the revenue to cross Rs. 2 Crores. If in case the revenue crosses INR 2 crores then the OPC is mandatorily required to convert into a private limited company which can be done only by inducting at least one more partner.
In this kind of registration, it is imperative that the nominee or the director should be an Indian citizen as well as an Indian Resident. In modern times, these kinds of companies are helping a lot in boosting the Indian economy. In the case of an OPC, the business is qualified for Banking loans, credits. All this makes the process of starting your own business extremely easy and simple. To get your OPC incorporated you need to go through the below sections, which describe the eligibility, procedure and requirements for the registration.
Basic Requirements For A One Person Company Registration!
No Minimum Capital
Invest as per the needs of your business and there is no minimum capital requirement in an OPC. However the capital commitment has to be deposited in the bank account of the company. Normally people start with a minimum capital of INR. 10,000/-
It is vital that at least one of the director of the company is an Indian resident. A person is considered resident in India if his/her stay in India was for at least 182 days during the previous financial year. Stay can be at a stretch or in phases. Citizenship of the individual is immaterial.
ONLY ONE PROMOTER
To register an OPC, only person is required to become shareholder and director, a person can become a shareholder as well as a director of the company simultaneously. An OPC can have only one shareholder and a maximum of 15 directors.
NAME OF THE opc
The name of the proposed company should not resemble any existing company or LLP. Further, the same should not match with any registered or applied trademark in India
Stepwise Proceedure For A One Person Company Registration!
Applying digital signatures for the Promoter.
Obtaining name approval of the OPC.
Drafting MOA/AOA and other documents
Filing incorporation along with PAN and TAN.
Follow up with concerned registrar of companies (ROC).
OPC is ready with COI, PAN & TAN.
Documents Required For A One Person Company Registration!
(Scanned Copies Will Do)
FOR REGISTERED OFFICE
Some affidavits and declarations are required to be made, format of which will be shared once name approval of the OPC is received.
Frequently Asked Questions (FAQ’s)
- Opening bank account of the company
- Appointment of statutory auditors
- Deposition of capital contribution
The whole process of OPC registration is online and there is no need for you to be present at our office or any other office for that matter. You just need to send us a scanned copy of the required documents through mail and you will get the OPC incorporation certificate from MCA via email.
No, there is no requirement to have an actual office. One can even start an OPC from their residence if they have proper documents as mentioned on the website.
If it is properly mentioned in the Object Clause of MOA and approved by the registrar, multiple businesses can be carried out by a company.
A person who is 18+ years of age and has a valid PAN card can become a shareholder and/or director in OPC. Even organisations/ foreigners/ NRIs can become a shareholder in OPC.
Yes, a salaried person can become a shareholder and/or director of the OPC
Limited Liability means that the partners are not personally liable to pay debts of the LLP.
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