One Person Company Registration

Q. What is the concept of One Person company (OPC) in India?

Ans- OPC is a hybrid of sole-proprietorship and corporate form of business and is suitable for professionals, and startups at the individual level. One Person company (OPC) is a company that has only one person as a member.  OPC is a type of private company. One person is required for registration of OPC. Only a natural person, who is an Indian citizen and resident in India shall be eligible for OPC registration and shall be the nominee for the sole member of an OPC. An OPC shall have a minimum of one director.   

Q. What are the eligibilities for OPC Registration in India?

Ans- The following are the eligibilities for OPC registration in India-

• Minimum Person Requirement- One person is required to start an OPC in India. These companies shall have a minimum of 1 director.  The same person can become a shareholder and director of the company. 
• Minimum Capital Requirement- The capital of the business depends on the need of the business and statutory no minimum capital is required to start the OPC. However, the minimum authorized and subscribed share capital required for the public limited company is 1 Lakh.
• Unique Name- The name of the OPC should be unique and should not be similar to any existing company or trademark.
• Resident Director- Among directors, one person must be a resident Indian.

Q. What are the documents required for OPC registration in India?

Ans- The following are the documents required for OPC registration in India-

Identity Proof (Directors and Shareholders)

• PAN cards for Indian nationals (mandatory)
• Passport for foreign nationals (mandatory)
• Proof of nationality for foreign nationals.
• Proof of Identity: (Voter ID/ Passport/Driving License) (anyone)
• Resolution of the Board of company /LLP for authorization of director/partner size photos

Address Proof (Directors and Shareholders)

• Bank Statement,  Electricity /Telephone/Mobile bill) (Not older than 2 months) (anyone)

Proof of Registered Office

• Conveyance /Lease deed / Rent agreement etc. along with rent receipts (anyone)
• Copy of utility bills (Telephone/Gas/Electricity bill) (not older than 2 months) (anyone)
• NOC from landlord

Note-

All the documents in case of foreign director should be additionally complied as follows:

• Notarised (if residing in commonwealth countries).
•  Notarised and apostilled (if residing in a country that is a signatory to the Hague Convention.)
• Notarised and consular (if not covered in the above categories).

Q. What are the Procedures for OPC registration in India?

Ans- The following are the procedures for OPC registration in India-

• Step 1: Reservation of name of company
• Step 2: Take the DSC of directors and shareholders
• Step 3: Approval of other regulators (if required)
• Step 4: Get the certificate of registration, PAN, and TAN
• Step 5: Open the Bank Account of the company

Q. What are the benefits of OPC registration in India?

Ans- The follwoing are the benefits of OPC registration in India-

• Individual Entrepreneurship- OPC gives individual entrepreneurs all the benefits of a company., which means they will get credit, bank loans, access to the market, limited liability, and legal protection available to the companies.
• Opportunity for small businessmen- OPC provides tremendous opportunities for small businessmen and traders, including those working in areas like handloom, handicrafts, and pottery.
• Less Compliance- The amount of compliance by an OPC is much lesser in terms of filing returns, balance sheets, audits, etc. 
• Limited Liability of Shareholders- The liability of shareholders of the OPC is limited only to the shares subscribed by them and should not be personally liable for the debts of the company in case the company is unable to pay its liabilities.
• Separate Legal Entity- OPC legal entities are separate from their shareholders/ promoters.
• Perpetual Existence- OPC existence will go for even and its existence will not be affected by the death of shareholders, directors, or transfer of shares to others.
• Capacity to Sue and to be Sued- OPC can take legal action against another and also another person can take legal action against the company, separate for directors, shareholders, and promoters.
• Ownership of Properties- OPC can sell, purchase, and own the properties like an individual.
• Contractual Rights-  OPC being a legal entity different from its members, can enter into contracts for the conduct of the business in its name.

Yes, you can get a discount on the product/service as per the company policy.

Max up to 20%, as allowed from time to time on this product/service.