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KNOW ONE PERSON COMPANY (“OPC”)

One person company is a unique concept introduced by the ministry of corporate affairs in order to encourage the small traders and entrepreneurs. With passage of time, the opc company mode of business organisation is all set to become the most preferred form of business organization especially for small entrepreneurs. The one person company concept holds a bright future for small traders, entrepreneurs with low risk taking capacity, artisans and other service providers.

ADVANTAGE OF ONE PERSON COMPANY REGISTRATION :

  1.  Only one shareholder:-

Only a natural person, who is an Indian citizen and resident in India, shall be eligible to incorporate a One Person Company.

  1. Director:- 

OPC Registration must have a minimum of 1 Director; the Sole Shareholder can himself be the Sole Director. The Company may have a maximum number of 15 directors.

  1. Freedom from Compliance:- 

One Person Company Incorporation also gets freedom from complying with many requirements as normally applicable to other private limited Companies.

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Advantage of Single Person Company :

·  Separate Legal Entity: One Person Company is a legal entity separate from its members.

·  Limited Liability.: In a Sole Proprietorship firm, the personal assets of the proprietor can be at risk in the event of failure, but this is not the case for a One Person Private Limited Company, as the shareholder liability is limited to his shareholding.

·  Legal Status: The structure of OPC is that similar to Private Limited Company. Hence OPC also enjoys the corporate status which helps the entrepreneur to attract quality workforce and helps to retain them by giving corporate designations, like directorship.

·  Free Compliances: OPC form of company is very easy to manage. Only few filings are to be made with ROC and they are exempted from conducted Annual General Meeting. The Board Meetings can be conducted for every six months.

5-15 days (Subject to ROC Response) after receipt of all the necessary Documents, The breakup of the Number of days is as follows

 

Activity Days
Taking Digital Signature of Directors 1-2 Day
Taking Directors Identification Number (DIN) 1 Day
Reservation of the name of the Company 0-3 Days
Preparation of other documents such as MOA,AOA, Forms etc 0-1 Days
Filling of documents with Authorities 0-1 Day
Getting Final Certificate of Incorporation 3-7 Days
Total Number of Days 5-15 Days

DOCUMENTS REQUIRED FOR ONE PERSON COMPANY INCORPORATION:

  • Self attested copy of Identity Proof of Director (Copy of PAN Card)
  • Self attested copy of Address Proof of Director (Voter ID/Aadhar Card/Copy of Passport/Driving License/Electricity Bill/Telephone Bill)
  • Self attested copy of Bank Account Statement/Electricity Bill/Mobile Bill of director
  • Passport size Photograph of director
  • Copy of current Electricity Bill/Water Bill/House Tax etc for the premises proposed to be used as registered office of the company
  • If Property is Rented, then Rent Agreement and NoC signed from owner of property.

 

INFORMATION REQUIRED WITH REGARD TO ONE PERSON COMPANY

  • Director (& Nominee) Detail:
  1. Educational Qualification
  2. Profession/Occupation of Director with area of Operation
  3. Citizenship alongwith Residential Status of Director
  4. Place of Birth of Director
  5. Permanent & Present Residential Address of Director
  6. Contact Number of  Director
  7. E-mail Id of Director

 

  • Company Detail:
  1. Preference wise proposed names of the Company with Significance of the name 
  2. State in which Company is to be registered
  3. Authorized and Paid Up capital of the Proposed Company
  4. Main Object of the Proposed Company
  5. Division of paid Up capital among the Subscribers.
  6. Number of Proposed Directors
  7. Details of Nominee person.
  8. Number of Proposed Shareholders
  9. Whether the promoters are carrying on any Partnership firm, sole proprietary or unregistered entity in the name as applied for?
  10. Whether the proposed name(s) contain(s) name of any person other than promoter(s) or their close blood relatives?
  11. Whether the proposed name(s) include(s) the name of relatives?

WHAT YOU GET

  • Unique Director Identification Number (DIN) for Life time                                                  
  • Digital Signature Certificate (DSC)
  • Reservation the name for your company
  • Certificate of Incorporation (COI)
  • Rubber Stamp of the company
  • PAN Card of the company
  • Proper Incorporation file
  • Draft Copies of MOA & AOA
  • Bank account opening documents

Q1.      What is One Person Company?

One Person Company a new company structure, contains the benefits of sole proprietorship and corporate status. It has only one member, as the Member cum Director and a nominee.

Q2.      How can register a One Person Company?

One Person Company can be registered like Private Limited Company, where all the rules and regulation are laid down by the Ministry of Corporate Affairs.

Q3.      How much capital do I invest to start a One Person Company?

The minimum capital requirement is Rs. 1,00,000/- but this amount differ from your investment. Authorized capital and investment are not one and the same. You can invest as many as you can, but when you want to incorporate a company legally, it has to be started with Rs. One lakh as capital.

Q4.      How many Directors can we have in One Person Company?

A minimum of 1 is required while starting a One Person Company, but you can have up to 15 Directors for your OPC.

Q5.      Who can be a nominee for a One Person Company?

Nominee can be anyone, such as your spouse, father, mother, daughter, brothers, sisters etc., but they should hold proper identity proofs such as PAN card, Voter id or Passport or Driving License etc., in order to be appointed as Nominees for One Person Company.

Q6.      Who is Director of a Company?

A Director is the person who manages and control the affairs of the company. A Director is the brain of a Company. They occupy a pivotal position in the structure of the company. Directors take the decision regarding the management of a company collectively in their meetings known as Board Meetings.

Q7.      How can I change a nominee for my company?

A Nominee can be changed with the proper intimation and filing of necessary forms with Registrar of Companies

Q8.      Can Foreign Direct Investment allowed for One Person Company?

No, FDI is not allowed for One Person Company, if it does then it will lose its very nature of One Person Company.

Q9.      Who cannot form a One Person Company?

A Minor, Foreign citizen, Indian Non resident, a person incapacitate to contract are restricted from Forming a One Person Company.

Q10.   Can a One Person Company converted into Private Limited Company?

Yes, it can be converted into Private Limited Company, if the One Person Company has exceeded the threshold limit by filing necessary forms.

 

Q11.   How can a One Person Company converts itself into Private Limited Company?

One Person company can convert itself to Private Company, when the paid up capital exceeds Rs. 50 lacs or its average turnover exceeds Rs. 2 crores for the relevant period.

Q12.   How many types of OPC are there?

There are 3 types of OPC’s :–

  • A company limited by shares
  • A company limited by guarantee
  • An unlimited company
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