If you want to start up your own business, you don’t have to worry about all the complex and tedious processes. You can have One Person Company (OPC) in India. There is only one Director and one Shareholder, only one nominee Director shall be included in addition. The nominee Director will not have any power until the original director becomes incapable or he is no more. it is the best option for those who want to register a Company with only one Director. One Person Company, which is a new concept in India, already sees a good response from Entrepreneurs.
A One Person Company is a company with a single member. It was introduced by the Companies Act, 2013. OPC is subject to all the provisions of the Act like a private limited company unless expressly excluded. One Person Company is a new type of business entity that allows a single entrepreneur to operate a corporate entity with limited liability protection
ADVANTAGES
1. Application of DSC & DIN
In Incorporation of Company the First Step is to acquire Digital Signature Certificate (DSC) and Director Identification Number (DIN) for the proposed Directors of the One Person Company. Prospective Directors have to apply for Digital signature and DIN. Digital signature is an online signature used for filing and DIN refer to Partners Identification number issued by MCA. If the director already has DSC and DIN, then this step can be skipped.
2. Application for Name approval:
Upto 4 Name option can be Given In 1 Run (Reserve Unique Name)
Provide maximum 4 names in order of priority for your company name for approval of MCA of which one will be selected. Names provided should ideally be unique and suggestive of company business.
3. OPC Registration:
After getting name approval an application must be filed, with the Registrar of Companies (ROC) within whose jurisdiction the registered office of the company is proposed to be situated. The MOA and AOA of the company must be signed by the sole member who is also the subscriber to the memorandum in the presence of at least one witness who must also attest the signature and must also sign and give his details. The affidavit must be submitted by sole member who has subscribed to the memorandum and named in the articles.
4. Nomination by the sole member:
The subscriber to the memorandum of a One Person Company must nominate a person, after obtaining prior written consent of such person, who shall, in the event of the subscriber’s death or his incapacity to contract, become the member of that One Person Company. The name of the person nominated shall be mentioned in the memorandum of One Person Company.
5. Online Filing of OPC:
The Ministry of Corporate Affairs (MCA) has issued an integrated incorporation form INC-32. So now, an OPC can be incorporated online by filling the Simplified Proforma for Incorporating Company Electronically (SPICe) form in Form INC-32 (using Digital Signature Certificate of the Director) along with (eMOA) in Form INC-33 and (eAOA) in Form INC-34.
6. Apply for PAN, TAN and Bank account:
The moment OPC is incorporated, application for PAN & TAN needs to be made with NSDL. Post this, for opening of bank account submit the Incorporation certificate, and PAN along with resolution with a bank to open your bank account.
Company Registration package includes
Our composite package price
Our composite package price for one person company registration from Rs.4999/- + Government and other statutory fees as per norms.
Only Indian residents can register an OPCs, and that, too, only one at a time
No, a single person cannot register more than one OPC on his name.
To start One Person Company you require minimum One Lakh rupees capital.
One Person Company has only One Main Director and one nominee Director who does not have any power until the Main director is no more or incapable to do business or make decisions.
No, One Person Company has an exemption from conducting Annual General Meeting and Ordinary General Meeting from the Company Law.
A lot of people considering an OPC registration go with the private limited company structure because it is mandatory to convert an OPC to a private or public limited company if turnover is over Rs. 2 crore or paid up capital is over 50 Lakhs.
It is not mandatory to convert One Person Company into Private Limited Company in future. But if the Company crosses average turnover of 2 crores in preceding three financial years or Paid up Capital of over Rs. 50 Lakh, then it is compulsory to convert into Private Limited Company.
