One Person Company Registration
As its name reveals, a One Person Company refers to a business format in which there is a single business owner. In an OPC business format, there can be more than one director but cannot have more than one member. Due to its easy management, OPC is one of the widely chosen business formats in India. Any aspiring entrepreneur can choose to setup a One Person Company.One Person Company is described in Sub-Section 62 of Section 2 of Companies Act, 2013, which states: "One Person Company means a company which features only one member". Under this category of Business Entity, there is no need for obligatory minimum two directors, similar to the case of Private Limited Company incorporation. Company incorporation as "One Person Company (OPC)" is a quite new concept in India but is rapidly becoming a preferred choice of Entrepreneurs, who carry the vision, ability and conviction to transform their ideas into business success.
Benefits of One Person Company
• Legal Status and Corporate Identity: The structure of One Person Company (OPC) is very much similar to a Private Limited Company (Pvt Ltd). This helps Entrepreneurs to invite Corporate Investment, Quality Workforce and Increase Business Globally.
• Continued Legal Existence: A One Person Company (OPC) has 'perpetual succession' i.e. it's existence will sustain, until unless it has been legally liquefied. The legal existential status of One Person Company (OPC) remains unchanged, even after death/other departure of shareholder. Any such company also continues to legal exist in case of Changes of Ownership.
• Limited Liability: According to Indian law, One Person Company (OPC) is referred as a distinct/separate identity from its owner. This clause legally disconnected the personal assets of shareholder(s) and director(s) in the company. The personal assets of shareholders and directors remain legally safeguarded from acquisition/liquidation if there is a credit default by One Person Company (OPC).
• Lesser Compliances and Formalities: One Person Company (OPC) needs to meet comparatively less compliances than a Private Limited Company (Pvt Ltd) or aPublic Limited Company (listed or unlisted), Ltd. One Person Company (OPC) is also relieved from Procedural Formalities such as Annual General Meetings (AGM), General Meetings (GM) and Extraordinary General Meetings.
• OPC Company Limited by Share Capital
• OPC Company Limited by Guarantee (with share capital or without share capital)
• OPC Unlimited Company
At registrationwala.com, we have a team of company incorporation experts who are ready to help you in regard to One Person Company registration. Backed by a team of legal and business professionals, registrationwala.com could be your most sought after partner in your endeavor of registering your One Person Company in India.Our objective is to help small businessmen and entrepreneurs who run their business in an informal way move towards a well-accepted and formal system of business with One Person Company registration.
• Copy of PAN Card
• Identity Proof (Voter Card, Passport, Driving Licence)
• Address Proof (Bank Statement, Mobile bill, Telephone bill, Electricity Bill)
• Passport Size Photo
For Registered Office
•Ownership Proof (Electricity Bill, Gas bill, Electricity Bill, Mobile Bill)
• NOC (Download Format)
To some extent, both the business formats work on the same principle. The registration procedure of OPC is very much similar to that of a Private Limited Company. The term "One Person Company" needs to be mentioned in brackets beneath the name of such company, wherever its name is printed, engraved or affixed.
OPC is one of the most feasible types of business formats when it comes to its management. An OPC needs to face lesser number of legal compliances as compared to Private Limited Company and Public Limited Company. For example, such companies have no need to hold Annual General Meeting (AGM).
An individual who is an Indian citizen and Indian resident can choose to setup a One Person Company. There is no minimum educational requirement for such individual to become the director in company. Even he can be a shareholder of such type of company.
Director Identification Number (DIN) refers to a unique identification number which is required for an individual to become a director of a company. DIN is allotted by Ministry of Corporate Affairs.It is very much like a PAN Card number. It needs to be mentioned in documents while appointing a person as a director of a company.
No. Once the company is created, it will be valid till it gets officially dissolved down by the owners. No renewal or fees is required. However, every year one man companies have to file very basic returns with ROC office.
It takes around 5 to 8 days to setup a (OPC). The time to be consumed generally depends on the submission of necessary documents to respective authority and obtaining government approvals. It is suggested to pick a unique company name and furnish all required documents for speedy processing of application.