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One Person Company (OPC) Registration
One Person Company (OPC) is a very new concept that was firstly introduced in India through the Companies Act, 2013 to encourage self-employment. In one person company, there is only one shareholder is required who is an Indian citizen and Indian resident. The same person can also act as both the director as well as a shareholder of the company. There can be more than 1 director, but not more than 1 shareholder.
Entrepreneurs who are capable of starting a venture on their own can make use of OPC in India. One of the biggest advantages of a One Person Company is that there can be only one member in an OPC, while a minimum of two members are required for incorporating and maintaining a Private Limited Company or a Limited Liability Partnership (LLP). At the same time just like a Private Limited Company, a One Person Company is also a separate legal entity from its promoter, offering limited liability protection to its sole shareholder, while having continuity of business.
Shareholder nominates another person as a nominee in case of death or incapacity of the shareholder. A single person cannot incorporate more than one OPC or be a nominee of more than one OPC.
In case, if an OPC has paid-up share capital that exceeds Rs. 50 lakhs and the annual turnover is above Rs. 2 crores, then it is obligatory for them to convert into a private limited company or public limited company within six months.
It is governed by the MCA (Ministry of Corporate Affairs) and regulated by the Companies Act, 2013, Companies Amendment Act, 2020, the Companies Incorporation Rules, 2014, and other rules framed under these acts.
Advantages of One Person Company:
- The company as a Separate Legal Entity
- Better than Sole Proprietary or Private Limited Company for single owner
- Ownership with single-member only
- No profit or ownership sharing
- Varies relaxations in Acts and Rules as comparison to other Companies
- Easy transfer of ownership
- No minimum capital is required
- Numerous Taxation Benefits
- Easy to get investment/ funding for your Business.
- Business Expansion and Diversification
- Enhanced Brand Image and Improved Trust Factor
- Limited Liability
- Legal Security
- Capacity to Sue and Be Sued
- Better Compliance and Good governance
Basic Requirements for Incorporation of One Person Company
- Only 1 Member (Shareholder/ Subscriber).
- 1 Nominee of One Person Company
- Minimum 1 Director Maximum upto 15
- Registered Office place
- Minimum Capital/Subscription amount at least 1 Rs.
Documents required for OPC Incorporation:
- Self-attested copy of PAN of each Director, Subscriber, and Nominee
- Self-attested copy of Aadhaar of each Director, Subscriber, and Nominee
- Passport size photograph of each Director, Subscriber, and Nominee
- Specimen Signature of Authorized Signatory
- Self-attested Proof of Identity of each Director/ Subscriber (Voters Identity Card/ Passport/ Driving License)
- Self-attested Residential Proof (Bank Statement/ Electricity Bill/ Mobile Bill/ Telephone Bill) (not older than two months)
- No Objection Certificate from Landlord for Registered Office address
- Electricity Bill/ Water Bill of Business Place (not older than two months)
Other Details Required for Incorporation:
- Educational Qualification & Occupation of Director
- Phone No., Email Id of each director, Subscriber, Nominee, and Company
- Proposed name of the Company (at least 2)
- Main Object of the proposed Company
- Proposed Authorized and Paid-up Capital of the Company
- Face Value of Shares
- Authorized signatory of the Company (anyone Director)
- The interest of Directors in other Entities.
Procedure of OPC Incorporation/ Registration:
- Application for Name approval after login on MCA Portal I Form Spice+ Part A with maximum Upto 2 names
- Obtain DSC of Proposed Directors
- Register DSC of Proposed Directors as Authorized Signatory on MCA Portal.
- Obtain DIN of Proposed Directors if no. of Proposed Directors are more than 3 (Maximum upto 3 DINs can be allotted along with incorporation in Spice+ Part b
- After getting name approval prepare Documents like MOA, AOA, NOC from Landlord, DIR-2, Interest in other entities, etc.
- File 2-form INC-3 and physically attest by Nominee
- Filing of e Forms of Incorporation after login on MCA Portal only such as Spice+ Part b, Agile Pro–S, MOA, AOA, INC 9
- Download the forms
- Affix DSC of Directors, Subscribers, and Practicing Professional (Practicing CS, CA, CMA)
- Upload the forms after login to MCA Portal
- Make Payment for PAN/ TAN application
- Stamp duty Payment.
- Wait for Certificate of Incorporation and Allotment of PAN/ TAN
After Satisfaction of Documents, MCA will Grant COI (Certificate of Incorporation), PAN, TAN, ESI PF Registration Number, Shop and Establishment Registration (Optional), GST Registration (Optional)
MCA provides a Certificate of Incorporation within 1 to 30 days.
Why CS Club India?
CS Club India is a group of well-experienced professional who helps you in correct decision-making as per requirement for your business and helps you to register your business and grow faster. We value all our customers and provide them with our best services. We ensure a fast and smooth process and 100% success results in the case of OPC Incorporation.
CS Club India helps you to register your Company across India at a very reasonable price. You can register your Company with us in a few easy steps. We will provide you with facilities at the time of Incorporation. Such as:
- Name Reservation (RUN Application)
- DIN (Directors Identification Number) allotment
- DSC (Digital Signature Certificate) of Directors
- Certificate of Incorporation
- PAN & TAN
- ESI, PF Registration
- Draft of your Company’s constitution (MOA & AOA)
- Opening of Bank Account after Incorporation
- Share Certificate
- GST Registration Certificate (Optional)
- Shop and Establishment Registration (Optional)
After Incorporation also assists you to run your business in the long term. We Provide you with:
- Free consultation for the understanding of the scope of works
- Assisting in the opening of Current Bank Account.
- Holding First Board Meeting within 30 days from the date of Incorporation and subsequent Board Meetings.
- Appointment of the First auditor in the First Board Meeting and filling of Respected forms.
- Filling e-Form of Commencement of Business within 180 days from the date of Incorporation
- Understanding of applicable rules and legal requirements of your Company
- Directors KYC
- Holding AGM (Annual General Meeting)
- Annual Filling
- And other assistance and consultation etc.