One Person Company(OPC) Registration

Enquiry form

https://www.youtube.com/watch?v=3l69C5Y54II&t=36s

What is OPC Registration ?

       An OPC is the most modern form of business in India proposed by the Companies Act, 2013 and understand for a-One Person Company.

       You can easily register One Person Company under the outlines of the companies Act 2013 and the laws thereto, where it was made viable for a single person company to work as a company without the complexity of having partners. This encourages more people to come forward to commence a business. The OPC is fit for small businesses where the turnover is not likely to cross Rs. 2 Crores.
In OPC Registration it’s important to note that the nominee or the director should be Indian Resident.

        A One Person Companies 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 firm can gain access to banking perks and become eligible for banking loans and credits. So, if you want to establish your own business, you don’t have to be concerned about the network or the lengthy processes.

Why choose One Person Company?

• Can have more than 1 directors, but the shareholder cannot be more than 1.
• No minimum capital required
• Effortless to set up and maintain comparatively.
• Restricts the liabilities of its members
• Minimum Paperwork is needed.
• Not multiple compliances
• No interference from any third party is seen
• Even no person is permitted to incorporate more than 1 one-person company
• Not affected by the death of a member or shift in ownership

Eligibility Criteria for OPC Registration

The following is the eligibility guidelines for OPC Registration in India.
• Only a person who is a citizen of India and resident in India. Resident in India refers to a person who had lived in India for a time not less than 182 days in the preceding one year
• Legal entities like company or LLP cannot join an OPC.
• A nominee must be selected by the promoter while the incorporation.
• The least authorised capital must be Rs 1 Lakh.
• An OPC is restrained from operating a minor as its member.
• If an OPC crosses a turnover of over Rs 2 crores or has a paid-up capital more than Rs 50 lakhs. It must be converted into a private or public within 6 months.

Registration that can be taken by One Person Company(OPC):

• PAN/TAN Registration
• MSME/SSI Registration
• ESI Registration
• PF Registration
• FSSAI Licence
• Import Export Code Registration
• ISO Registration
• GST Registration

Documents Required For OPC Registration

• Copy of PAN Card of owner
• Passport size photograph of the owner
• Copy of Aadhaar Card/ Voter identity card
• Copy of Rent agreement (If rented property)
• Electricity/ Water bill (Business Place)
• Copy of Property papers (If owned property)
• Landlord NOC (Format will be provided)

Concerns Related to OPC Registration

• Minimum authorised share capital required for One Person Company having share capital is Rs.1,00,000/-.
• Minimum and maximum number of members for One Person Company is one only.
• The subscriber to the Memorandum must make the payment for the total amount of shares subscribed by him to the company upon incorporation.
• It is a separate legal entity yet only one person is responsible for the workings of the company. A total contrast from what Sole Proprietorship offers.
• There can be only one member at a time. However, one nominee is mandatory to be appointed. This member and nominee cannot be a minor.
• An OPC can be limited by guarantee or limited by shares or unlimited company.
• An OPC limited by shares must comply with following requirements :
• Must have a minimum paid up share capital of INR 1 Lac.
• Shares will not be allowed to be transferred to anyone else.
• An OPC is prohibited from giving any invitations to public to subscribe for the securities of the company.
• No OPC can voluntarily convert into any other kind of company within two years from the date of incorporation of One Person Company, except when the threshold limit of paid up share capital, being fifty lakh rupees, is crossed or its average annual turnover during the relevant period exceeds two crore rupees.
• An OPC cannot convert into a company registered under OPC.
• An OPC is required to give a legal identity by specifying a particular name under which the activities of the company can be carried on. The words ‘One Person Company’ must be mentioned below the name of the company, wherever the name is affixed, used or engraved.
• An OPC is subject to the same taxes as a Private Limited Company.
• When an OPC limited by shares or by guarantee enters into a contract with the sole member of the company, who is also the director of the company, the terms of contract or offer must be recorded in writing or contained in a memorandum or recorded in the minutes of the Board meeting held next after entering into the contact.
• An OPC must inform the Registrar about every contract entered into by the company with the sole member of the company within a period of fifteen days from the date of approval.

Factors to Consider While Selecting an One Person Company(OPC) Name

For every business entity, company name is very important. It is the first impression for your stakeholders, suppliers and the buyers. The company name should be short, attractive and relevant. You need to take care of various factors while choosing a name for your OPC–

• Simple and short : The name of your company should be concise and short. People should be able to pronounce it easily and recollect the name as early as they read it or hear it.
• Meaningful : Your company name should be related to your business. It should make your brand value in the market.
• Not illegal or offensive : The name of your company should not be offensive/illegal. It should not be abusive and against the beliefs and customs of any religion or group.

• Suffix : OPC’s are not required to end their name with “Private Limited” or “Limited”.
• Unique name : Your company name should not be identical or similar to the name of an existing trademark or a company.
• Blacklist : Abstracts, adjectives and generic awards are denied. Even words like Bank, exchange and stock exchange are also not allowed to be used.

Frequently Asked Questions (FAQ’s)

What do you understand by OPC and its Registration?

One Person Company (OPC) a new company formation, upholds the advantages of sole proprietorship and the corporate state having one member, as the Director and a nominee. The concept of OPC Registration was started by the Companies Act, 2013 to give a boost to the entrepreneurs who have the capability of commencing their own venture. They are applicable to create a single person company. The OPC Registration is mandatory for all entrepreneurs.

How many people are required to start One Person Company?

At least one nominee is required to start an OPC who can act as a shareholder as well as a director.

How much capital is required to begin with OPC Company?

The least capital demand is Rs. 1 Lakh but this amount vary from your investment. Authorised capital and investment are not the same in OPC Company. You can invest as much as you want to but when you need to incorporate a company professionally, it has to be begun with Rs.1 Lakh as capital.

Who can become a member of One Person Company?

Any individual/organization can become a member of One Person Company including foreigners/NRI’s.

For incorporation of One Person Company do I have to be present in person?

The entire procedure is 100% online and you don’t have to be present at our office or any other office for incorporation. A scanned copy of documents has to be sent via mail

What is the reason that OPC Company is preferred by individuals?

a) Compliances are low
b) Simple to incorporate
c) Fee and expenses are less
d) Body corporate
e) Limited liability

Are we allowed to form more than one One Person Company?

No, you are not permitted to form more than 1 OPC and nominee in your company cannot be selected as the nominee in any other OPC company.

Testimonial

Recently I have connected my friend Hemant Modi to Single Key Advisory for Book Keeping work as he was looking for person who was competent enough and having in depth knowledge of accounts. So after vigorous meetings he appointed Single key Advisory as his Book Keeping Agency and now he has found them most inclusive, efficient and effective and they have a feeling of relief. I wish him continued success and recommend them strongly for the service.

Chirag ShahDIP Projects
Being a startup we had our accounts all messed up and one fine day I approached Single Key Advisory to see if they could help us. After having a look over our stuff they agreed to do the needful and for days the office would remotely login to our computers and do the entries. Within few weeks all our accounts were in place. I would recommend them to all who face any such difficulties.

Moizz Ezzyfounder and CEO of Infign
We have taken services of Single Key Advisory which were commendable. I have stopped taking services from my old vendor due to their effective rate and on time services. I highly recommend them

Nikit AgarwalAmantran Gems & Jewels Pvt. Ltd
We have been using the services of Single Key Advisory since 2019. We are really satisfied with the services we are getting from the whole team. I will strongly recommend their services.

Akash BinwaniChitra Prints Pvt. Ltd.
My husband has taken the services of Single Key Advisory and has really appreciated the work. He shall recommend to whomsoever needs these services

Dr. Vipasha ShahSparkle 32
Previous
Next