One Person Company
A One Person Company (OPC) is a type of company structure in India designed for entrepreneurs who want to operate a business with limited liability but as a single owner.
₹ 6000/- ₹ 10000 40% Off (Excluding Government Fees)
Documents Required (Generally)
- PAN card, Aadhaar card, address proof, passport-sized photo (for director and nominee
- Proof of registered office address
- MoA and AoA
- Nominee director details
One Person Company Details
Benefits of an OPC:
- Limited Liability: Similar to a Pvt Ltd company, your personal assets are protected if the company faces debts.
- Separate Legal Entity: The OPC has a distinct legal identity from its owner.
- Easier Compliance: OPCs have fewer compliance requirements compared to a Pvt Ltd company.
- Fewer Members: Only one member (you) is required to form and manage the OPC.
Suitability of an OPC:
- Ideal for small businesses and solo entrepreneurs.
- Not suitable for businesses with multiple founders or those aiming for high growth with external funding.
Registration Process for an OPC:
- Obtain Director Identification Number (DIN): Apply for a DIN, a unique ID for company directors.
- Digital Signature Certificate (DSC): Get a DSC for online filing.
- Name Approval: Choose a unique name and get it approved by the Ministry of Corporate Affairs (MCA).
- SPICe+ Form: File the SPICe+ form electronically. This form incorporates company incorporation, name reservation, and allotment of PAN and TAN.
- MoA and AoA: Prepare the Memorandum of Association (MoA) outlining the company’s objectives and the Articles of Association (AoA) defining internal rules.
- Nominee Director: Appoint a nominee who will take over the company in case of your incapacitation or death.
- Incorporation: Upon submitting the application and documents, the MCA will process it and issue a Certificate of Incorporation, formally registering the OPC.
FAQs
A One Person Company (OPC), as the name implies, is a legal business structure
designed for a company with a single founder/member. Unlike a traditional company
that requires at least two directors and members, an OPC allows a sole entrepreneur to
incorporate and enjoy the benefits of a company structure.
In India, there is no minimum capital requirement to register a One Person Company
(OPC). This means you can incorporate the company with a nominal amount of capital.
Previously, there was a minimum authorized capital of Rs. 1 lakh, but this requirement
has been abolished. This change makes it easier for individuals to start businesses with
limited resources.
To start a One Person Company (OPC) in India, you must meet certain eligibility
criteria.
- Citizenship and Residency: Only an Indian citizen and resident of India can
be the member and director of an OPC. Non-resident Indians (NRIs) are not
eligible. - Age: The individual must be at least 18 years old.
- Single Membership: You can only be a member of one OPC at a time.
- No Disqualification: You cannot be disqualified under the Companies Act,
2013. This could be due to past fraudulent activities or other legal issues.
Limited Capital, Single Ownership, Nominee Director, Restrictions on Activities,
Limited Credibility, Conversion Challenges.
Board Meetings, Financial Filings, Annual Return, Maintenance of Books of Accounts,
and Director KYC.
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