One Person Company Registration
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What is One Person Company
‘One Person Company’ (OPC) is an revolutionary concept is a step forward to facilitate more business friendly corporate regulations in India. Registration of One Person Company (OPC) in India would definitely encourage corporatization of micro businesses and entrepreneurship with a simpler legal regime so that the small entrepreneur is not compelled to devote considerable time, energy and resources on complex legal compliances. One Person Company (OPC) is a hybrid of sole proprietor and company form of business. With the implementation of the Companies Act, 2013, a single national person can constitute a Company, and register a One Person Company (OPC) in India.
One Person Company (OPC) registration provides a whole new bracket of opportunities for those who look forward to start their own ventures with a structure of organized business. One Person Company (OPC) will give the young businessman all benefits of a private limited company which categorically means they will have access to credits, bank loans, limited liability, legal protection for business, access to market etc all in the name of a separate legal entity. The charges for registration of One Person Company (OPC) in India are also minimal and registration procedure of One Person Company (OPC) is less complex than other entities.
Unilex being the professionally managed firm provides One Person Company (OPC) registration within 10 working days, subject to government processing time. Our professionals help in estimating the cost of One Person Company (OPC) registration, document required for One Person Company (OPC) and hassle free procedure for One Person Company (OPC) registration.
Advantages of One Person Company Registration
The greatest benefit of One person Company is Limited Liability of its Members. One Person companies, according to Apex, are treated as a single entity, making the company responsible for all debts. If anything happens to the company, its members shall only be liable for unpaid amount in its shares.
Less Compliance and management
Being a Closely held One Person Company has to do less compliance burden under Companies act as compared to private and public limited companies, hence One Person Company can more focus on other functional and core areas.
Continuity of Existence
OPC Being a Private limited company enjoys permanent succession because the company is its own legal entity. Shareholders and employees act “as agents of the company”
You, only the owner helpful in quick decision-making, controlling and managing the business without following any elongated processes and methodologies as adopted in other companies. The sense of belonging inspires to grow the business further.
Like a Private company, One Person Company can raise funds through venture capital, financial institutions, angel investors etc. A One Person Company can raise funds thus graduating itself to a private limited company.
Benefits of being a Small Scale Industries (SSI)
An One Person Company can avail the various benefits provided to Small Scale Industries like lower rate of Interest on loans, easy funding from bank without depositing any security to a certain limit, manifold benefits under Foreign Trade policy and others
Salient Features of One Person Company (OPC) Registration
- One Person Company (OPC) can be registered only as a Private Company
- One Person Company (OPC) has only one person as a member/shareholder, although it can have one or more Directors.
- One Person Company (OPC) may be either a company limited by share or a company limited by guarantee or an unlimited company
- The word “OPC” in bracket should be engraved in between the name. Example: ABC (OPC) Private Limited.
- The One-Person Company (OPC) cannot carry business of Non-Banking Financial Investment activity including investment in security of anybody corporate.
- The One Person Company has to nominate one Nominee.
- The Director of a One Person Company (OPC) should be Indian Resident.
Mandatory Requirements for One Person Company (OPC) Registration
- DIN and DSC of all the Directors
- Minimum 1 Directors
- Only 1 shareholders
- One nominee
- There should be some amount as paid up share capital
- Atleast one Indian resident Director.
- Registered office address in India
Who cannot become a member of One Person Company (OPC)
- A minor shall not be eligible to become a member or nominee of the OPC or can hold share with beneficial interest.
- Foreign citizen.
- Non Resident.
- A person incapacitated to contract.
- Persons other than natural person i.e living human being.
Documents For One Person Company Registration
|Passport size Photograph|
|Copy of PAN card|
|Copy of Aadhar Card|
|Address Proof (Bank Statement/Mobile Bill/Telephone Bill)|
|For Registered Office|
|Copy of Electricity Bill|
|Sale Deed (if owned)|
|Copy of rent agreement (if rented)|
New guidelines for selecting the name of a One Person Company (OPC)
- Name and object of the company could differ entirely and not necessarily to be in consonance with each other.
- Promoter can keep Company name on their initials and the same could be abbreviated.
- No need to change company name in case of business activity change.
- No need to obtain any sort of NOC whose name is being used in Company’s name.
Cost Of One Person Company Registration
|Stamping and Notary Charges||500|
Some of the privileges and benefits of One Person Company (OPC) are:
- Limited Liability concept is there in One Person Company (OPC), the members are only liable to the amount of share unpaid.
- Unlike a private limited or public limited company (listed or unlisted), OPCs need not bother too much about compliance’s.
- Businesses currently run under the proprietorship model could get converted into OPCs without any difficulty.
- Funding options are also there in case of One Person Company (OPC) and could well raise capital from others like venture capital financial institutions etc., thus graduating to a private limited company.
- Conducting of Annual General Meeting (AGM) is not required in OPC.
- For One Person Companies, at least one Board Meeting must be held in each half of the calendar year and the gap between the two meetings should not be less than 90 days.
- Financial statements of a one person company need to be filed with the Registrar, after they are duly adopted by the member, within 180 days of closure of financial year along with all necessary documents.
OPC vs Private Limited Company vs LLP which business form to choose
For any startup or Entrepreneur, it is the most crucial decision as to which form of entity they should register in India to do business. Here we have drafted some of the important points based on various factors to help you out in your decision making process:
|S. No.||Particulars||Private Limited||One person company||Limited Liability Company|
|1||Eligibility||Any individual may form a PLC||Only a natural person who is an Indian citizen and resident in India.|
shall be eligible to incorporate an OPC
|Any individual and body corporate may be a partner in LLP|
|2||Taxation||Taxed at 30% plus surcharge and cess as applicable.||Taxed at 30% plus surcharge and cess as applicable.||Taxed at 30% plus surcharge and cess as applicable.|
|3||Closure/Dissolution/Winding up||Can be initiated- Voluntarily, or By the Tribunal||Can be initiated- Voluntarily, or By the Tribunal||Can be initiated- Voluntarily by the partners or; By the Tribunal|
|4||Existence or Survivability||PLC is not dependent on the directors or shareholder. Can be dissolved only voluntarily or by Regulatory Authorities.||Existence of an OPC is not dependent on the Director or Nominee Director. Could be dissolved only voluntarily or by Regulatory Authorities.||LLP can continue its existence irrespective of changes in partners.|
|6||Statutory Audit||Compulsory||Compulsory||If Contribution > Rs 25lacs or, Turnover > Rs. 40lacs|
|Member – 1|
Director – 1
Nominee of Sole Member – 1
|Designated Partners – 2|
|8||Fund Raising Options||High||Low||Low|
Mandatory Compliances of a One Person Company (OPC) Every Year
- Minimum 2 board meetings as prescribed under the Act
- Statutory audit by a chartered accountant
- Filing of ITR
- Annual filings to registrar of companies
- Maintaining Minutes and statutory registers
Procedure For Registering One Person Company
Obtaining The DSC & DIN(1-2 Working Day)
- Digital Signature Certificate(DSC) and Director Identification Number(DIN) is required for the proposed Directors of the Private Limited Company. DIN and DSC can be obtained for the proposed Directors within 5 to 7 days.
Documnet Review & Completion(3-4 Working Day)
- After obtaining the DSC and DIN of the proposed Directors, our team will get in touch for a unique name and along with that collect all the requisite documents in scan for the incorporation of the company through the SPICE i.e INC 32
Document Submission(1-2 Working Day)
- After the review of all the documents required, we will submit them to the MCA and once it gets approved by the ministry we will send the MOA & AOA via mail and DSC through courier
FAQ’s About One Person Company Registration
Who is eligible to act as an member of OPC?
Only a natural person who is an Indian citizen and resident in India shall be eligible to act as a member and nominee of an OPC. The term “resident in India” means a person who has stayed in India for a period of not less than one hundred and eighty two days during the immediately preceding one financial year.
A person can be a member in how many OPCs?
A person can be member in only one OPC.
What if a member of an OPC becomes a member in another OPC by virtue of being a nominee in that other OPC?
Where a natural person, being member in One Person Company becomes a member in another OPC by virtue of his being a nominee in that OPC, then such person shall meet the eligibility criteria of being a member in only one OPC within a period of one hundred and eighty days, i.e., he/she shall withdraw his membership from either of the OPCs within one hundred and eighty days.
Which Form is to be filed in case of withdrawal of consent by the nominee of an OPC or in case of intimation of change in nominee by the member?
Form INC-4 shall be filed in case of withdrawal of consent by the nominee or in case of intimation of change in nominee by the member.
Is there any threshold limits for an OPC to mandatory get converted into either private or public company?
In case the paid up share capital of an OPC exceeds fifty lakh rupees or its average annual turnover exceeds during the relevant period exceeds two crore rupees, then the OPC has to mandatorily convert into private or public company.
Can the form once submitted, be rectified by the company user?
Once filed, the eForm cannot be rectified. You may, however, re-submit the e-Form, if the concerned MCA office has marked the status of your SRN as ‘Required Re-submission’.
Whether a One Person Company (OPC) is treated as Private Limited or Public Limited ?
Section 2(68) of the bill provides for the definition of private company to include OPC. It also explicitly excludes OPS from the condition for minimum number of members i.e. 2 for its formation. This implies that all the provisions of the act which is applicable to a private company shall also be applicable to OPC unless otherwise it is specifically excluded from its compliance. Also section 3 of the bill, further clarifies the fact that OPC shall be treated as a private company for all legal purposes with only one member.
Whether OPC Is Required To File Annual Return ?
As per the provisions to section 92(1) of the Companies Act 2013, the annual return in case of OPC shall be signed by the company secretary or where there is no company secretary, by the director of the OPC.
Whether One Person Company (OPC) required to conduct Annual General Meeting ?
As per section 96(1) of the Companies Act 2013, the provision relating to holding of AGM is not mandatory for a OPC.
How many Board Meetings are required to be conducted by OPC?
At least one board meeting must be held in each half of the calendar year and the gap between the two meetings should not be less than ninety days.
Whether clause of compulsory rotation of auditors is applicable on OPC?
Provision for compulsory rotation of auditor in section 139(2) are not applicable to OPC as they apply to listed companies and companies belong to such class or classes as may be prescribed (unless central govt. applies it to OPCs through notification).