One Person Company (OPC) Registration
Complete Solution - Documentation, Filing, Approval
The "One Man Show". One person company (OPC) means a company formed with only one (single) person as a member, unlike the traditional manner of having at least two members in a company (OPC) is a separate legal entity from its promoter, offering limited liability protection to its sole shareholder. It is registered under the guidelines Ministry of Corporate affairs."
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How to Register a One Person Company (OPC)?
You can Register a One Person Company (OPC) in Three Easy Steps
Name Approval
We need a specific Name for registering a One Person Company (OPC), We help you choose the name will all formality checks.
Submission of Documents
We need some specific documents for registered office address and KYC documents of proposed Directors.
Approval
After getting the Company Incorporation, PAN & TAN Approval, we guide you for better tax and compliance management.
General Overview
Requirements & Facts
Documents Required
Advantages
OPC Vs. Sole Proprietorship
General Overview
The Concept of One Person Company
To empower enterpreneurs who on their own are capable of developing ideas, for that enterpreneus the concept of One Person Company introduce under Companies Act, 2013 where a sole propreitor can enter into the corporate framework.The One Person Company registration is much more smother as there is lesser documentation and lesser forms. Such companies are generally created when there is only one founder/promoter for the business. Entrepreneurs whose businesses lie in early stages prefer to create OPCs instead of sole proprietorship business because of the several advantages that OPCs offer.
Requirements & Facts
Requirements of registering OPC
The following are general requirements for formaing an OPC :
- Only a natural person who is resident of India (who resided in India not less than 182 days) incorporate OPC.
- OPC cannot carry on NBFC related activities.
- No OPC can acquire/invest in securities of body corporate.
- OPC cannot allot shares to anyone except its member.
- A nominee (not minor) must be appointed by promoter.
- OPC converted into private limited company when paid up capital exceeds 50 lakhs or turnover crosses 2 crores.
Documents Required
Documents required for OPC Registration
Directors:
- PAN Card
- Address proof- Aadhar Card/ Voter Identity Card/ Passport/Electricity Bill/ Pospaid Mobile bill/Telephone Bill/Gas bill/Water Bill.
- Residential Proof- Bank Statement/Electricity Bill/ Telephone Bill/ Postpaid Mobile bill
Note: The documents provided not older than 2 months
Registered Office Proof:
Registered Office Proof:
- Tittle Deed
- Lease/ Rent Agreement with rent receipt not older than 1 month in the name of company.
- NOC from owner of property.
Advantages
Advantages of OPC
Before the commencement of One Person Company in India, the Limited Liability and Continuous Existence feature was only available to a Private Limited Company or Limited Liability Partnership or a Limited Company. With the commencement of One Person Company, the limited liability and continuous existence feature is now also available for One Person Company, which is an entity with just one member. OPC has the following advantages and exemptions under the Companies Act:
- They do not have to hold annual general meetings.
- Their financial statements need not include cash flow statements.
- A company secretary is not required to sign annual returns; directors can also do so.
- Provisions relating to independent directors do not apply to them.
- Their articles can provide for additional grounds for vacation of a director’s office.
- Several provisions relating to meetings and quorum do not apply to them.
- They can pay more remuneration to directors than compared to other companies.
OPC Vs. Sole Proprietorship
OPC & Sole Proprietorship Difference
A sole proprietorship form of business might seem very similar to one-person companies because they both involve a single person owning the business, but they’re actually exist some differences between them.
The main difference between the two is the nature of the liabilities they carry. Since an OPC is a separate legal entity distinguished from its promoter, it has its own assets and liabilities. The promoter is not personally liable to repay the debts of the company.
On the other hand, sole proprietorships and their proprietors are the same persons. So, the law allows attachment and sale of promoter’s own assets in case of non-fulfilment of the business’ liabilities.
The main difference between the two is the nature of the liabilities they carry. Since an OPC is a separate legal entity distinguished from its promoter, it has its own assets and liabilities. The promoter is not personally liable to repay the debts of the company.
On the other hand, sole proprietorships and their proprietors are the same persons. So, the law allows attachment and sale of promoter’s own assets in case of non-fulfilment of the business’ liabilities.
Frequently Asked Questions
The company shall file form INC-4 in case of cessation of member of OPC on account of death, incapacity to contract or change in ownership. In the same form, user needs to provide details of the new member of the OPC.
In case the paid up share capital of an OPC exceeds fifty lakh rupees or its average annual turnover of immediately preceding three consecutive financial years exceeds two crore rupees, then the OPC has to mandatorily convert itself into private or public company.
A person can be member in only one OPC.
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.
Form INC-6 shall be filed by an OPC for conversion of an OPC into private or public company. Yes, the private company will also file form INC-6 for converting itself into an OPC. The paid up share capital of private company should not be exceeding fifty lakh rupees and should not have average annual turnover more than two crore rupees at the time of such conversion into OPC. The company shall be having one member and shall appoint one nominee to act as member in case of death or incapacity of the member at the time of conversion into OPC.
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