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Incorporation of One Person Company

One Person Company Registration

One Person Company is a company incorporated under the Companies act, 2013 having separate legal entity, perpetual succession and can sue and be sued by its own name.

Minimum Requirement for One Person Company Registration:

  •   A minimum one Director who is adult.
  •   Director of a one person company has to be an Indian Citizen and Indian Resident.
  •   It is required to have only one member of a company.
  •   The shareholder can be natural person or an artificial legal entity.
  •   A nominee is required to be nominated by sole member for succession in case of death or lunacy of sole member.

Advantages of One Person Company Registration

  • Separate Legal Entity
  • Limited Liability of sole member
  • Separation of Management and Ownership
  • Perpetual Succession
  • Lesser Compliances

Documents required for incorporation of a One Person Company

1. Documents from Directors and Shareholders

A. Identity Proof

1) Permanent Account Number (PAN) Card

2) Aadhaar Card / Passport / Driving License / Voter Identity Card

B. Address Proof

1) Telephone Bill / Mobile Bill*

2) Electricity Bill / Water Bill*

3) Bank Statement /Bank Passbook with latest transaction* 

*(Any one of the Document not older than 2 months)

C. Passport size Photographs

Notes:

  • All the Copies of documents must be Self-Attested by the applicant.
  • Telephone Bill / Mobile Bill/Electricity Bill / Bank Account Statement must be in the name of applicant and should not be older than 2 months.
  • In case of NRI or Foreign National, documents of director (s) must be apostilled.

 

2.  Registered Office – Address

a) No-Objection letter from the Owner of Address to use the address of the registered office of the Company.

b) Address Proof – In the name of the Owner

  • Electricity Bill, Telephone Bill (Fixed Line Only), Gas Bill or Water Bill (Not older than 2 months);- To be signed by the of the Owner of Premises

c) Rent Agreement (if rented)

Steps of Incorporation of a Company:

  • Preliminary Requirements
  1. Select a suitable package.
  2. Provide basic details & documents required for Incorporation.
  3. Make Payment through Secured Payment Gateway 

 

  • Registration
  1. Application for DSC
  2. Application for Name approval
  3. Drafting of documents (MOA, AOA, DIR-2,etc)

 

  • Registered on MCA*
  1. Issuance of COI, PAN, TAN by MCA.

*Company will be registered with 10-12 working days subject to the MCA processing and approval.                        
 

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FAQs:

A: To form an OPC, the following requirements must be met:
The company must have only one shareholder or member.
The shareholder must be a natural person who is an Indian citizen and resident in India.
The shareholder must be at least 18 years of age.
The company must have a nominee who will take over the management of the company in case of the death or incapacitation of the sole shareholder.

A: Some advantages of forming an OPC include:
Limited liability: The shareholder's personal assets are protected from the liabilities of the company.
Separate legal entity: An OPC is considered a separate legal entity from its owner, which means it can enter into contracts, own property, and sue or be sued in its own name.
Easy to form: It is relatively easy and cost-effective to form an OPC compared to other types of companies.
Tax benefits: OPCs are taxed at a lower rate than sole proprietorships or partnerships.

A: Some disadvantages of forming an OPC include:
Limited growth potential: An OPC cannot raise funds through the sale of shares or other means, which limits its growth potential.
Limited to one director: An OPC can only have one director, which may limit its ability to manage the company effectively.
Increased compliance requirements: An OPC must comply with certain regulatory requirements such as annual audits, which can be expensive and time-consuming.

A: Yes, an OPC can be converted into a private limited company if the OPC meets certain criteria such as having a paid-up share capital of more than Rs. 50 lakhs, and having completed at least two years of operation. The conversion process involves filing an application with the Registrar of Companies (ROC) along with the necessary documents and fees.

A: No, an OPC can only have one director, who is also the sole shareholder of the company. However, the director can appoint a maximum of 15 directors in the event of their death or incapacity.

A: Yes, it is mandatory for an OPC to get its annual accounts audited by a qualified chartered accountant. Additionally, the OPC must file an annual return with the Registrar of Companies (ROC) within 60 days of the end of the financial year.

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