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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.
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.
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–
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.
At least one nominee is required to start an OPC who can act as a shareholder as well as a director.
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.
Any individual/organization can become a member of One Person Company including foreigners/NRI’s.
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
a) Compliances are low
b) Simple to incorporate
c) Fee and expenses are less
d) Body corporate
e) Limited liability
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.