Today, our topic is One Person Company Registration; or OPC Registration in India. The Companies Act, 2013, introduced the concept of One Person Company (OPC) in India. Further, this was to support entrepreneurs desiring to start a business on their own. While a Private Limited Company or Limited Liability Partnership requires at least two members for incorporation, you can start an OPC with a single member.
Also, it has most of the features of a private limited company. For example, an OPC must file audited financial returns with the MCA like any other company. However, there are some limitations too. For example, you must convert the One Person Company into a Private Ltd Company if your annual turnover crosses Rs.2 crore. Further, an OPC must nominate a person who will take place of the sole member in case of his death or incapacity to act as a member.
Eligibility Criteria for One Person Company Registration
- Minimum one director, one shareholder and one nominee
- Director Identification Number (DIN) of all the Directors
- DSC or Digital Signature Certificate of all Directors and shareholders
- At least one directors must be an Indian resident
- Further, the shareholder and nominee must be a natural person, an Indian citizen, and residents of India.
Documents and Details required for One Person Company Registration
Here is a list of the documents and details required for one person company registration:
Documents: Directors, the Shareholder, and the Nominee
- Identity Proof; one of the following documents:
- Voters ID
- Driving License
- Present Address Proof; one of the following documents:
- Mobile Bill
- Electricity Bill
- Bank Statement/Copy of the bank passbook
- Telephone Bill
- Digital Signature Certificate (DSC) of all directors and the shareholder
- PAN Card of all directors, the shareholder and the Nominee
- Aadhaar Card of all directors, the shareholder and the Nominee
- Passport size color photograph of all directors (in jpeg format)
Documents for the proposed registered office
- If the proposed registered office is on a lease, then the rent/lease agreement.
- Also, a copy of the receipt of payment of the security deposit and rent.
- A No Objection Certificate or NOC from the owner of the premises.
- Also, a copy of any utility bill. This must carry the name of the owner. Further, it must be less than two months old.
Additional Details of the directors, the shareholder, and the Nominee
- DIN of the Director, if available
- Details about the nationality
- Particulars about the educational qualifications and professional work experience.
- Contact details. These include the contact numbers and also the email addresses.
- To determine nationality and the place of birth.
- Details about the duration of stay at the current address.
- Proposed names of the OPC (at least 3/4) in order of preference.
- Particulars about the planned business activities of the OPC (short description)
- Details about the Authorised share capital and the paid-up share capital.
One Person Company Registration Process
Here is a quick guide on the one person company registration process:
- Company name reservation: – Visit the official website of the Ministry of Corporate Affairs (MCA). Fill Form SPICe+ Part A to apply for the reservation of the company name.
- Obtain DSC: – To process the incorporation of an OPC, you must obtain a DSC for the sole promoter and the director. You will need a passport size photograph along with address and identity proof documents for the application.
- Get ready for incorporating your OPC: – Keep the following documents ready:
- Documents for the proposed registered office as mentioned above.
- Identity and Address Proofs of the directors, the shareholder, and also the Nominee
- Consent of the proposed director in form DIR-2.
- Consent from the nominee in Form INC-3 along with his Aadhaar Card and PAN Card.
Once you have these things ready, visit the MCA portal and fill webform SPICe+. This form has two parts:
- Part A for name reservation as explained above.
- Part B for multiple services:
- Incorporating the OPC
- Compulsory issue of PAN and TAN
- Allotting DIN to a maximum of three directors
- ESIC and EPFO registration
- If the OPC is in the state of Maharashtra, then registration for Profession Tax.
- GST registration of the OPC.
- Also, the opening of a bank account.
The Certificate of Incorporation – You receive the certificate of incorporation on the approval of your application.
As you can see, the process of a One Person Company Registration is similar to that of private limited company registration with minor changes. We hope that the article helped you gain a clear perspective of things that you need to do to incorporate your OPC. Drop us a line if you need any further assistance or avail of our OPC registration services. Good Luck!