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One Person Company or OPC is a kind of proprietorship firm where the company is formed by a single person.Getting One Person Company Registration is very easy.
Get registered with us Online. Price starting from INR 7999/- only.
The idea of One Person Company (OPC) in India was introduced to give a boost to entrepreneurs who have great potential to start their own venture by allowing them to create a single person company. Since, no intervention from any third party is seen, it makes it more beneficial. So, if you want to start up your own business, you don’t have to worry about all the complex and tedious processes.
It possess advantages such as having a limited liability, ease of creation and winding up, separation of ownership and management, etc.
As a result, startups and growing businesses register a private limited company.It provides their business with a separate corporate entity, eases to raise funds, and an ability to transfer equity to potential investors.
However, there is no road to raise an equity funding or offering the employee stock option in One Person Company in the early stage of the period. Into the bargain, If One Person Company anytime hits an average three- year turnover of over Rs 2 crore or has paid- up capital of over Rs 50 lakhs then it must be turned into the private limited company or public limited company within the six months.
Section 2 (62) of the Companies Act, 2013 defines OPC as a company which has only one person as a member.
Looking at the legal nature of OPC then we will see OPC can be registered only as a private limited company. This means that all the provisions that are applicable to the private company will be applied to OPC unless otherwise expressly excluded in the act or rules made thereunder.
There is no minimum capital required for OPC registration. However, the maximum Authorize capital of One Person Company shall not exceed Rs 50 lakhs at any point in time.
There is a limited liability related to One Person Company which means the liability on the Director is limited. The personal asset of the Director won’t be attached to the debt of the business. The property is safe.
The death or illness or incapacity of the director won’t disturb the ongoing process of the company as the nominee director will hold the rope to continue the business.
As an OPC needs to have its books audited annually, it has the greater credibility among the vendors and the lending institution
Now, when the company will be registered with one person then there is no chance of any legal disputes arises between the director and any chance of ego clashes which usually happen.
For the purpose of Annual filing and other compliances, OPC is treated as a Private Limited Company. However, it is exempt from many compliances. It does not have to hold AGM every year.
♦ Photograph of all the Directors♦ PAN Card of all the Directors♦ ID Proof of all the Directors (Driving License/Passport/Voter ID/Aadhar Card)♦ Electricity Bill, or any other utility bill for the address proof of the Registered Office
♦ Copy of bank statement
♦ Email ID and mobile number
♦ Rent agreement on the name of the company (No Objection Letter (NOC) from the landlord with his/her consent to use the office as a registered office of a company must be submitted)
♦ Only a natural person who is a citizen of India and resident in India♦ Is eligible to be a nominee for the sole member of an OPC♦ A resident of India is a person who has stayed in India for at least 182 days in the preceding one year
♦ If an OPC exceeds a turnover of over Rs 2 crores or has a paid-up capital above Rs 50 lakhs. It must be turned into a private or public within six months.
A Compliance Manager will get in touch with you to obtain your documents along with a simple checklist. You need to fill up that checklist and submit along with your documents for processing. Our expert team will verify documents and proceed with registration formalities. All throughout the process, your dedicated Compliance Manager will keep you updated on the progress of Company Registration.
Once you submit your documents along with Checklist, we will proceed with the application of your Digital Signature and subsequently name approval. You may give up to three names of your choice. Names should be unique and suggestive of Company’s business. We will proceed with name approval through a form called “RUN” as prescribed by MCA. Name approval is received usually 1-2 days.
Once a name is approved, we will draft MOA (Memorandum of association) and AOA (Articles of association). We will file incorporation documents with MCA through a form called “SPICe” along with subscription statement. Usually, MCA approves the forms within 2-3 days once filed and issues Incorporation Certificate with CIN. PAN & TAN are allotted alongside. You may then proceed to open your Company Bank Account.
At least one nominee is required to start an OPC who can act as shareholder as well as director.
Any individual/organization can become the member of One person company including foreigners/NRI’s.
As we know, that the OPC is one man army but at the same time what happens if that one man gets hurt. So, for that purpose, we need to appoint a nominee. He will be not come into the picture until or unless the director met with some any consequence.
You can start your OPC business with authorized share capital Rs. 1 lac only and there is no difference in capital structure as compared to a private limited company.
OPC registration is 100% online process. No need to be present physically to our office or ministry of corporate affairs. We will send our personnel to your home or office for document signature.
OPC businesses shall maintain books of accounts complying with statutory audit requirements and submit income tax returns and annual filings with the RoC.
Don’t worry!! Our expert will help you to choose a best suitable plan for you. Get in touch with our team to get all your queries resolved. Write to us at firstname.lastname@example.org or call us @+91 8409671011