Easily Register a Company

One Person Company is a new type of business entity that allows a single entrepreneur to operate a corporate entity with limited liability protection.

About ONE PERSON COMPANY (OPC)

The concept of One Person Company (OPC) is a new form of business, introduced by The Companies Act, 2013. This concept giving an opportunity to the entrepreneur(s) carrying on the business in the sole proprietor form of business to enter into a corporate framework.

Process to register One Person Company

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Features of One Person Company

Minimum number of director required is one.

Liability of sole member is limited.

One person company is treated as separate legal entity.

No need to call annual general meeting (AGM) during the year.

One person company is a form of private limited company in which a single person can start the company.

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.

BENEFIT of a One Person Company

Separate legal entity

The one person Company (OPC) is legal entity. The members of an OPC have no liability to the creditors of an OPC for such debts. The death, bankruptcy or withdrawal of capital by one member does not affect the OPC’s ability to trade.

Limited liability

The most significant reason for shareholders to incorporate the ‘one person Company’ is certainly the desire for the limited liability. Shareholders are only liable for their share of money they invested in the company. Their Personal assets are safe.

Taxation

There are many allowances and tax deductible cost that can be offset against the profits of an OPC and the tax would be paid after deducting many costs incurred by members. In addition to that the current level of Corporation Tax is lower than income tax rates.

Less Compliance

The compliance procedure becomes simpler as they have been provided many exemptions in comparison to Private Limited Company. In other words less compliance has to be done by one Person Company and intimation to the roc compression to other structure is very less.

Easy to Get Fund

Banking and financial institutions prefer to lend money to the company rather than proprietary firms. In most of the situations Banks insist the entrepreneurs to convert their firm into a Private Limited company before sanctioning funds. So it is better to register your start-up as a One Person private limited rather than proprietary firm.

Easy to Transfer of company

OPC can transfer the entire share holding to any person who is concerned. These changes of ownership, saves the time and money. If in the case of the member dies, the nominee undertakes the affairs of the company so automatically holding of member will transfer to nominee.

DO’S & DON’TS:

DO’S DON’TS
1 At the end of financial year annual filling must be file to the registrar of companies. 1 A person shall not be eligible to incorporate more than a One Person Company or become nominee in more than one such company.
2 OPC shall file with Income Tax Return every year before 30th September. 2 An OPC cannot be incorporated or converted into a company under Section 8 of the companies Act 2013. (Non profit Organisation).
3 Maintain Proper Books of Accounts and Prepare and File Balance Sheet. 3 An OPC cannot carry out Non-Banking Financial Investment activities including investment in securities of anybody corporate.

Difference between Sole Proprietorship and OPC

Sole Proprietorship OPC
1 No Separate Legal Entity 1 Separate Legal Entity
2 Unlimited Liability 2limited Liability
3 Debt is sole responsibility of the proprietor 3 Debt is not the sole responsibility of the shareholder.
4 May register in Shop & Establishment Act 4 Follow Companies Act, 2013
5 Paid by owner 5 Separate tax

FREQUENTLY ASKED QUESTIONS (FAQS)

One Person Company (OPC) has been introduced by the Companies Act, 2013. This concept was first recommended by the expert committee of Dr. J. J. Irani in 2005., has quickly become a popular legal structure for businesses and contains the benefits of sole proprietorship and corporate status. OPC means a company which has only one person as member.
The money requirement for an OPC is not of a major concern during the process of registration. You can start an OPC with any amount of capital as you don't need to show proof of capital invested during the incorporation process.
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.

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.

A Nominee can be changed with the proper intimation and filing of necessary forms with Registrar of Companies
A minimum of one is required while starting a One Person Company, but you can have up to 15 Directors for your OPC.
No, you are not allowed to form more than one OPC and nominee in your company cannot be appointed as nominee in any other One Person Company.
A person can be member in only one 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.
A Minor, Foreign citizen, Indian Non resident, a person incapacitate to contract are restricted from Forming a One Person Company.
If the member dies, the nominee undertakes the affairs of the company and within 15 days of time, the company has to intimate the Registrar of Companies by filing Form INC-4 with prescribed fee
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.
  • Minimum 1 Shareholder
  • Minimum 1 Director
  • The director and shareholder can be same person
  • Minimum 1 Nominee
  • Minimum Share Capital shall be Rs. 1 Lac (INR One Lac)
  • DIN (Director Identification Number) for all the Directors
  • DSC (Digital Signature Certificate) for all the Directors
No, FDI is not allowed for One Person Company, if it does then it will lose its very nature of One Person Company.
As per the Companies Act 2013, the provision relating to holding of AGM is not mandatory for an OPC.

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Basic
Rs.11500/-
all inclusive fees

OPC Registration with DSC, DIN, Name Approval, Incorporation Fee, PAN, TAN, Share Certificates, Company Kit and Bank A/c opening Assistance Services.

Standard
Rs.16500/-
all inclusive fees

OPC Registration with DSC, DIN, Name Approval, Incorporation Fee, PAN, TAN, Share Certificates, Company Kit, 1 Year ROC Secretarial Compliance Fillings.

Premium
Rs.21500/-
all inclusive fees

OPC Registration with DSC, DIN, Name Approval, Incorporation Fee, PAN, TAN, Share Certificates, Company Kit, 1 Year ROC Secretarial Compliance Fillings and Trademark Application.

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