One Person Company is also known as "OPC," is a type of private limited company registered under the Companies Act of 2013. It can be registered by a single person who serves as both the company's director and shareholder. A forward-thinking idea was introduced to encourage the incorporation of micro-businesses and individuals with entrepreneurial ideas, as well as to provide entrepreneurs with great potential a boost by allowing them to start their business as a single person company.
The OPC is suitable for small businesses with revenue of less than Rs. 2 crores. It is also possible for the Director and a member to be the same individual. An individual can register an OPC in India whether they are a resident or non-resident Indian. OPC have a significant role in the development of India's economy. A growing number of entrepreneurs are emerging and starting their own businesses. By forming an OPC, a company can gain access to banking perks and become eligible for banking loans and credits.
The following requirements must be satisfied in order to register as One Person Company: Unique business name Minimum 1 Shareholder, 1 Director & 1 Nominee A nominee must be appointed during incorporation Address proof of office No minimum share capital needed DSC (Digital Signature Certificate) for 1 Promoters & 1 witness DIN (Director Identification Number) Minimum Requirements
Below is the process of registering your business as OPC-
A Digital Signature Certificate is required because the formation of a One Person Company is totally digital. A DSC from one of the certified agencies is required for directors and subscribers to the company's memorandum of incorporation. Obtaining a DSC is a simple online process that might take as little as 24 hours to complete. The three basic verifications in this process are document verification, video verification, and phone verification.
Use the SPICe RUN form, which is part of the SPICe+ form, to apply for a name for a One Person Company. The company's industrial activity code and object clause must both be defined while filling out the name application.
After the name has been approved, the company's registration information must be entered into the SPICe+ form. It is a simple proforma for electronically forming a corporation. The form's specifics are shown below:
The SPICe e-MoA and e-AoA are two forms that must be completed at the same time when a company is formed.
After the Ministry of Corporate Affairs approves the above-mentioned paperwork, the responsible agency will issue the PAN, TAN, and Certificate of Incorporation. The organisation must now open a current bank account using these documents.
We manage all of the papers to ensure a seamless engagement with the government. We provide clarity on the incorporation procedure to set appropriate expectations. To provide superior services, we are a well-organized team of experienced CAs, CSs, and lawyers, backed up by a pool of well-known accountants and other members across India.
It can be registered by a single person who serves as both the company's director and shareholder.
Yes, one-person company, also known as OPC, can be formed by a single individual. The sort of business entity chosen will be determined by the needs of the company.
No, once a company is founded, it will remain in effect until the owners formally close it down. There is no need to renew or pay any fees.
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