One Person Company Registration
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What is a One Person Company (OPC) ?
One Person Company (OPC) is a company incorporated by a single person. Before the enforcement of the Companies Act, 2013, a single person could not establish a company. If an individual wanted to establish his business, he/she could opt only for a sole proprietorship as there had to be a minimum of two directors and two members to establish a company.
An OPC can have more than one director upto 15 Directors. As per the recent amendments introduced vide Union budget 2021 any person whether an Indian citizen or not can form a one person company whereas previously, NRIs were not allowed to incorporate OPCs. Further, the limitation of paid-up capital and turnover presently applicable for OPCs is done away with, so that there are no restrictions to growth of OPCs in terms of paid up capital and turnover.
Requirements to Register an OPC
1. Unique Name of Company
The proposed name of the company should not resemble any existing company or LLP. Further you must check the trademark registry to ensure that the name does not match with any registered or applied trademark in India.
2. Capital Requirement
Invest as per requirement of your business, and there is no minimum or maximum capital requirement as such to be maintained in the company. However, the government fee on company registration is calculated on the capital
3. Resident Director
One director of the company must be resident in India. A person is said to be resident if he or she stays in India for at least 182 days during the preceding financial year irrespective of their citizenship.
4. Only One Person Required
An OPC can be registered in India, by only one person, who shall act as the directors/shareholders of the company. The maximum number of directors of an OPC is 15 and the number of shareholder cannot go beyond one.
5. Nominee Required
Nominee in a one person company is a person designated by the sole promoter of the company to succeed in his/her place, in the case of death or incapacitation of the sole promoter.
Process of Registration for OPC
1. Digital Signature
DSC signature is a digital token which we need for filing any type of forms under MCA & other department sites.
2. DIN (Director Identification Number) of all the Directors
DIN is the identity of the Director of company same like PAN number.
3. Name Availability of Company
The name of company will be approved by MCA for that we need to submit few names in department site for approval.
4. Drafting of MOA and AOA
Memorandum of Association and Articles of Association of the company is drafted after the name of the company is approved.
5. Final Application for COI
After drafting of MOA & AOA finally we are applying for COI with all stamp duties.
6. PAN and TAN
The IT Department allots PAN & TAN, which is mentioned on the certificate of incorporation. Next is Bank A/c opening.
Documents Required
1. Photographs of Director/Promotor & Nominee
2. PAN card of Director/Promotor & Nominee
3. Identity Proof (Aadhaar / Voter ID / Driving License / Passport) Any One
4. Address Proof (Bank Statement / Electricity, Mobile, Telephone Bill) Any One (Not older than two month)
5. Utility Bill as Proof of Registered Address (Not older than two month)
6. NOC from the Owner of the Premises
Benefits of an OPC Registration
1. Limited Liability
The directors' personal property is always safe in a private limited company, no matter the debts of the business.
2. Continuous Existence
Sole Proprietorships come to an end with the death of the proprietor. As an OPC company has a separate legal identity, it would pass on to the nominee director and, therefore, continue to exist.
3. Greater Credibility
As an OPC needs to have its books audited annually, it has greater credibility among vendors and lending institutions.
4. Easy to start
In OPC registration one shareholders & minimum one Director along with a nominee are needed. For registration of a opc company required an address for the registered business office address.
5. Globalize
In an OPC limited company the area of business in not limited after registration, you can build your team and globalize your business after few nominal document part.