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One Person Company Registration
What is a One Person Company (OPC)?
A Private Limited Company (Pvt Ltd) is a type of business entity registered under the Companies Act, 2013 in India. It offers limited liability protection to its shareholders, restricts the transfer of shares, and limits the number of shareholders to 200. This structure is preferred by startups, small, and medium-sized businesses due to its credibility, legal protection, and ease of raising funds.
Prerequisites and Eligibility Conditions
Only One Shareholder: Must be an Indian citizen and resident of India.
Nominee Requirement: A nominee must be appointed in case of the owner’s incapacity or death.
Director: The shareholder can also be the sole director.
Registered Office: Proof of the company’s registered office address in India.
Capital Requirement: No minimum paid-up capital required.
Key Benefits of One Person Company Registration
Limited Liability Protection: The sole owner’s personal assets are protected from business liabilities.
Separate Legal Entity: The company has its own legal identity, distinct from the owner.
Easy to Manage: Single ownership ensures quick decision-making and streamlined operations.
Perpetual Succession: The company continues to exist even if the owner changes, with a nominee director in place.
Ease of Compliance: Fewer compliance requirements compared to private limited companies.
Tax Benefits: Eligible for various tax deductions and benefits under the Income Tax Act.
Disadvantages of a One Person Company
Limited to One Shareholder: Only one person can be the shareholder, restricting ownership expansion.
Mandatory Nominee: A nominee must be appointed, which adds to the documentation.
Higher Compliance Costs: Compared to sole proprietorships, compliance costs are relatively higher.
Conversion Restrictions: OPC cannot carry out Non-Banking Financial Investment activities and must convert to a private/public company if turnover exceeds INR 2 crore.
One Person Company Registration Procedure
Step 1: Obtain Digital Signature Certificate (DSC): Required for signing electronic documents.
Step 2: Apply for Director Identification Number (DIN): Unique identification number for the director.
Step 3: Name Approval: Reserve your company name through the RUN (Reserve Unique Name) service on the MCA portal.
Step 4: Draft Incorporation Documents: Prepare the Memorandum of Association (MOA) and Articles of Association (AOA) defining the company’s objectives and rules.
Step 5: File Incorporation Forms: Submit the SPICe+ (Simplified Proforma for Incorporating Company Electronically Plus) form with required documents.
Step 6: Certificate of Incorporation: Issued by the Registrar of Companies (ROC) after verification.
Step 7: Apply for PAN & TAN: Obtain the company’s Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN).
Step 8: Open a Bank Account: Open a current account in the company’s name.
Step 9: Post-Incorporation Compliance: Apply for GST registration, MSME registration, etc., as required.
Why Choose Humsabka Advisor for One Person Company Registration?
Expert Guidance: Professional support from name approval to post-incorporation compliance.
Quick Processing: Hassle-free documentation and fast-track registration process.
Affordable Packages: Cost-effective solutions tailored to solo entrepreneurs.
Legal Compliance Support: Assistance with annual filings, legal advisory, and statutory compliance.
Transparent Process: Clear communication and regular updates throughout the registration process.
Get your One Person Company registered effortlessly with Humsabka Advisor. Contact us today for expert assistance!
Documents & Information required for One Person Company
- PAN Card of Director & Nominee
- Aadhar Card of Director & Nominee
- Bank Details of Director & Nominee
- Address Proof (Like Rent Agreement)
- Nominee Declarations
- Mobile No. of Director & Nominee
- Email id of Director & Nominee
- Photo of Director & Nominee
- Utility Bill (like Electricity Bill)
- Nominee’s Consents
Comparison: Sole Proprietorship vs Partnership vs LLP vs Company
One Person Company Registration FAQ’s
What is the minimum capital required to start an OPC?
There is no minimum paid-up capital requirement to start an OPC in India.
Can a foreign national or NRI register an OPC in India?
No, only an Indian citizen who is a resident of India can register an OPC.
Is it mandatory to appoint a nominee for an OPC?
Yes, appointing a nominee is mandatory in case of the owner’s incapacity or death.
Can an OPC be converted into a private limited company?
Yes, an OPC must be converted into a private limited company if its turnover exceeds INR 2 crore or paid-up capital exceeds INR 50 lakh.
How long does it take to register an OPC?
The registration process typically takes 7-10 working days, depending on document verification and approvals.
Can an OPC have more than one director?
Yes, an OPC must be converted into a private limited company if its turnover exceeds INR 2 crore or paid-up capital exceeds INR 50 lakh.
What are the annual compliance requirements for an OPC?
OPCs must file annual returns, financial statements, and maintain statutory registers as per the Companies Act, 2013.
Is GST registration mandatory for an OPC?
GST registration is mandatory if the OPC’s annual turnover exceeds INR 20 lakh or engages in inter-state supply of goods/services.
Can an OPC be part of a joint venture or partnership?
No, an OPC cannot form a joint venture or partnership with another business entity.
What are the tax benefits of registering an OPC?
OPCs are eligible for various tax deductions, lower corporate tax rates, and benefits under the Startup India scheme.