Register Your One Person Company with Bizhub
One person company (OPC) in India is one of the easiest forms of corporate entities to manage. OPC is a hybrid of Sole-Proprietorship and Corporate form of business.
Drafting a deed
Execution of deed
PAN
TAN
What is a One-Person Company?
One person company (OPC) in India is one of the easiest forms of corporate entities to manage. OPC is a hybrid of Sole-Proprietorship and Corporate form of business. It has been provided with various concessions in compliance requirements under the Companies Act. It is a form of a company where the compliance requirements are lesser than a private company. OPC registration is very easy and cheap process.
OPC Registration opens up new business opportunities for sole proprietors and entrepreneurs who also wish to enjoy the advantages of limited liability, and a separate legal entity as well. OPC does away the hassles of finding the right partner for starting a business as the registered entity. It requires only one person who will act as a member, shareholder, and director. One Person Company is a Private Limited Company but with 1 stockholder or Owner. It is a more legalized and credible structure of a proprietorship. It has all the characteristics of a Private limited company but requires only 1 shareholder. More details of one Person Company can be found here.
One Person Company in India is a new concept that has been introduced with the Company’s Act 2013. One Person Company in India is incorporated by a single person. Before the enforcement of the Companies Act 2013 a single person was not able to establish a company. An OPC has features of a Company and the benefits of the sole proprietorship. Earlier if a person had to establish a business then he or she should only opt for a sole proprietorship.
What is the minimum requirement for OPC registration?
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Documents required for OPC registration
The documents required from the director and applicants are:
PAN card
Passport
Driver License
Aadhar Card
Bank Statement/ Mobile Bill / Utility Bill having an address
Documents required of the proposed registered address are as follows
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Major reasons for incorporating an OPC in India What are the benefits of Incorporating an OPC in India?
Partnership firm registration has more advantages than disadvantages. Here, we have mentioned the advantages of Registering a Partnership firm.
Procedure to obtain OPC Registration
Application for DSC:
The following documents are required to obtain the Digital Signature Certificate for the proposed Director for which the following documents need to be submitted:
- Address proof
- Aadhar Card
- PAN Card
- Photo
- Email Id
- Phone Number.
Application for the Director Identification Number:
Once the DSC is obtained the next step is to apply for the DIN for the proposed Director in SPICe Form along with the name and address proof of the Director. Form DIR 3 is the only option that is available for existing companies. W.E.F from January 2018 the applicant is not required to file Form DIR 3 separately. DIR 3 can be applied within the SPICe Form for up to three Directors.
Name Approval Application:
The next step while incorporating an OPC is to decide the name of the Company. The Name of the company can be approved in the SPICe+ 32 application. In case the name gets rejected another name can be submitted by making an application another SPICe+ Form.
Once the name is approved by the MCA we move to the next step to draft the MOA and AOA of the company.
MOA and AOA preparation:
The Memorandum of Association and Article of Association are to be submitted to the ROC.
The Memorandum of Association consists of the objectives that are to be followed by the Company. The MOA states the business for which the company is being incorporated.
The Articles of Association lays down the laws on which the company will operate.
As there is only 1 Director and a member a Nominee has to be appointed because in case of incapacitation or death of the promoter the Nominee has to take the place. The consent of the Nominee will be taken along with the PAN and Aadhar card in Form INC 3.
Declaration and Consent of the proposed Director will be taken in Form 9 and DIR 2 respectively.
A declaration by a professional certifying that all the compliances are met.
Filing Forms with MCA:
All the documents will be attached in the SPICe Form, The MoA and the AoA will be uploaded on the site for approval.
Issuance of Certificate of Incorporation:
On verifying the Registrar of Companies will issue the Incorporation and the business can be commenced.
FAQs On OPC Registration
As the name suggests, a One Person Company can be started with one director.
A nominee is a person who in the event of death or disability of the subscriber of the One Person Company shall assume his position. Memorandum of Association of a One Person Company will mandatorily prescribe the name of the person.
Yes. Anyone can be appointed as a nominee, provided he or she holds a correct PAN in his or her name.
Yes. A nominee can be changed at any time with due intimation to the Registrar.
In case the paid up share capital of an OPC exceeds 50 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 a private or public company.
Yes, NRIs / Foreign Nationals / Foreign Companies can hold shares of a Private Limited Company subject to Foreign Direct Investment (FDI) Guidelines.
The OPC shall inform RoC in form INC-5, if the threshold limit is exceeded and is required to be converted into private or public company.
No, A person can be member in only one OPC.
Director Identification Number is a unique identification number assigned to all existing and proposed Directors of a Company. It is mandatory for all present or proposed Directors to have a Director Identification Number. Director Identification Number never expires and a person can have only one Director Identification Number.
No, FDI is not allowed for One Person Company. You may consider incorporating a Private Limited Company if you desire to bring FDI.
Yes, the Act has not made any restriction for a One Person Company to become a member of another Private Limited Company.
A One person company can easily be converted to a Public or Private Limited Company.
No, you will not have to be present for registering of an OPC. OPC incorporation is a completely online process.
BizHub provides One Person Company(OPC) Registration all across India. You can obtain One Person Company(OPC) registration in Ahmedabad, Mumbai, Pune, Bangalore, Chennai, Delhi, Kolkata, Kanpur, Nagpur, Jaipur or any other cities easily with us.
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