One Person Company Registration
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One Person Company Registration
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One Person Company Registration
The launch of OPC in the legal system is a step that would promote the corporatization of micro-businesses and entrepreneurship with simpler legal authorities so that the small entrepreneur is not compelled to give significant time, resources, and energy on complex legal compliances. This will not only allow individual abilities to contribute to economic growth but also create employment opportunities. With the enforcement of the Companies Act, 2013, a single national person can form a Company, under the One Person Company (OPC) concept. Rules of OPC company or establishments do not allow Non-Banking Financial Institutions.
What is a One Person Company (OPC)?
Under section 2(62) of the Companies Act, 2013, "One Person Company" is defined as a company that has only one member.
Over the time, the OPC mode of business organization is all ready to become the most favored form of business organization. The advantages arising from this unique concept are many, to name a few –
- Minimum paperwork and fewer compliances.
- Ability to form a distinct legal entity with only one member
- Provision for change to other types of legal entities by the introduction of more members and improvements in the Memorandum of Association
The One Person Company idea will have a great future for small traders, artisans, entrepreneurs, and other service providers with low risk-taking ability. The OPC would serve as a launchpad for such entrepreneurs to showcase their skills in the global platform. The foreign joint venture investors are going to find it very convenient to deal with a sole entrepreneur instead of having to even it out with various shareholders/directors leading to chances of discrepancy in concepts, ideas, and understanding of the business.
MeraLegal has the highest score of registering thousands of One Person Company in India. MeraLegal is working around the clock to provide our client’s best consultancy and legal services.
Types of One Person Company
- An unlimited company.
Minimum Conditions for registering an OPC in India
- One shareholder
How do we help in getting registration?
- Business plan guidance
Not just one or two, but there are many reasons why you should go for One Person Company registration. Let’s see what they are:
- Unlike a private or public limited company (unlisted or listed), OPCs do not need to be concerned about compliances.
Before you continue to OPC registration, it’s very necessary to keep the following documents handy:
- Scanned copy of PAN Card
- Latest telephone Bill/Electricity Bill/ bank statement etc.
- Copy of passport/Driving License/voter ID etc.
- Consent in written form from Nominee
- Passport size photograph etc.
For the registered office
- Copy of notarized Rent agreement
- Any Utility bill of the Registered Business Place
- NOC gets from the owner of the property where applicable.
- Others, if required.
Certification of Incorporation issued by the Department
After all the requirements, ROC should issue a certificate of incorporation, after which you can start your business.
Frequently Asked Questions ?
One Person Company (OPC) in India was introduced by the Companies Act, 2013, to promote entrepreneurs who are capable of their own to begin a company by enabling them to form a single person entity. The most significant advantages of a OPC is that there can be only one member in an OPC. In contrast, at least two members are needed for incorporating and maintaining a Private Limited Company or a Limited Liability Partnership. Similar to a Company, an OPC is a distinct legal entity from its members, provides limited liability security to its shareholders, has continuity of business, and is easy to integrate.
One Person Entity enables a single Entrepreneur to operate a business with Limited Liability protection, and an OPC has a few limitations. For example, every OPC must recommend a nominee Director in the AOA or MOA who will become the owner of the OPC if the promoter Director is disabled. Also, an OPC must be changed into a Private Limited Company if it reaches the turnover of Rupees Two crores and must submit audited financial statements with the Ministry of Corporate Affairs (MCA) at the end of each Financial Year. Hence, it is essential for the Entrepreneur to carefully consider the features of a OPC before incorporation. In India, MeraLegal can help to register a One Person Company (OPC).
Only one shareholder is needed to register a One Person Company.
A minimum of one director is needed to register a One Person Company, and the maximum number should not cross fifteen.
For One Person Company, no minimum capital is needed.
Only a person who is an Indian and resident in India will be eligible to serve as an OPC candidate and member, where the word “resident in India” means a person who has stayed in India for not less than 182 days in the preceding one financial year.
People are restricted from Forming a One Person Company are as follows:
- A minor
- Non Resident
- Foreign citizen
- Any person incapacitated by contract to start an OPC
A person can be a member of only one OPC in the OPC Registration process.
No, an individual can start only one OPC at a time. This rule applies to the candidate in an OPC also.
When a person, being a member in One Person Company becomes a member in another OPC by way of being a nominee in that OPC, then that person should fulfill the qualification criteria of being a member in only one OPC within a time of 180 days, i.e., within 180 days, from any of the OPCs, he/she should cancel his membership.
If the member dies, the nominee takes over the activities of the company. Within 15 days, the company has to inform the Registrar of Companies by submitting Form INC-4 with the prescribed fee.
Yes, the name of the nominated person shall be specified in the memorandum of One Person Company, and his permission must be taken in Form INC-3.
The person recommended by the subscriber or member of a One Person Company can withdraw his permission by giving written notice to such sole member and the One Person Company.
The word "OPC" shall be specified in brackets under the name of the company, where its name is printed, engraved, or affixed
Yes, you can register a company anywhere in India that can be commercial or residential.
The most significant advantage of OPC is that the person and the entity are distinct, and it only requires one member to form the body
Few of the necessary basic compliance which an OPC requires to follow are: –
- Maintenance of proper books of accounts.
- Submitting income tax returns of the company every year before 30th September.
- Statutory audit of financial statement
- Minimum one Board Meeting in each half of the calendar year and the time break between the two Board Meetings should not be less than 90 days.
- Submitting of Financial Statements in Form AOC-4 and ROC Annual Return in Form MGT 7
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