Gone are the days when starting a company required a team of directors and members. Thanks to the innovative OPC Company concept introduced in the Companies Act 2013, you can now be your company's sole director and member!
This game-changing concept empowers you to establish your own company and offers the benefits of a sole proprietorship. With fewer compliance requirements than a private company, the OPC allows you to focus on growing your business and reaching new heights of success.
Whether you're a resident or an NRI, the OPC concept opens up endless possibilities to unleash your entrepreneurial spirit and take control of your future. So why settle for anything less? Join the OPC revolution today and let your business soar to new heights!
Separate Legal Entity
OPC is a separate legal entity and capable of doing everything that an entrepreneur would do.
More Opportunities, Limited Liability
One of the advantages of One Person Company is that it has more opportunities, limited liability since the liability of the OPC is limited to the extent of the value of the share you hold, the individual could take more risk in business without affecting or suffering the loss of personal assets. It is the encouragement to new, young and innovative start-ups.
You, only the owner helpful in quick decision-making, controlling and managing the business without following any elongated processes and methodologies as adopted in other companies. The sense of belonging inspires to grow the business further.
Less Compliance Cost
OPCs have been provided with a number of exemptions and therefore have lesser compliance related burden than a Private Limited Company
Easy to obtain Loans
Being a separate Legal Entity, a One Person Company can easily raise Loans from Banks, NBFC as compared to Sole Proprietorship
Indian Resident Natural Person can form OPC
Only a natural person who is an Indian citizen and resident in India shall be eligible to incorporate a One Person Company and shall be a nominee for the sole member of a One Person Company. Further a single person is not eligible to incorporate more than One OPC and become nominee in more than one such company.
A One Person Company can only have a Single Member, thus raising of funds from Third Party Investor is not allowed.
Public Disclosure of Company Information
A One Person Company should file its Annual Returns, financial Statements, Auditor’s reports, Board’s Report etc to the Registrar of Companies, that become public document once filed with Registrar of companies and will be inspected by general public as well as competitors by paying some fees to the Registrar of Companies. Data revealing will create an entity competitively underprivileged. Competitors – especially those not required to disclose any documents – will access that data and use it to enhance their own business.
Are you an entrepreneur looking to start your own company? One Person Company (OPC) is the perfect option for you! Here are some of the top features of OPC company that make it an ideal choice for small business owners:
Easy Succession: Despite having only one member running all the company's daily activities, OPC provides options for perpetual succession. In the event of the member's demise, the nominee can run the company and continue its operations seamlessly.
Limited Liability: OPC is a registered company treated as a separate legal entity, providing more excellent protection to its members. The member's liability is limited to their shares, so they are not liable for any losses conducted in the company. This means that creditors can only sue the company and not the company's director for procuring its debt, providing financial security for its members.
Sole Directorship and Shareholder: In an OPC, a single member acts as a director and is liable for managing the company's day-to-day activities. There is no need for an executive director to run the daily needs; a single member is more than sufficient to act as a shareholder with all responsibilities.
Ownership in Property: Since the OPC is treated as a separate legal entity, the member has the right to hold property related to business and other assets in their name. The properties, including machinery factories, residential property, buildings, and other assets, cannot be claimed by another person. As per law, the OPC can acquire property directly under its name, providing a sense of ownership to its members.
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The OPC registration process is straightforward and hassle-free. Here's a step-by-step guide:
Step 1: Get a Digital Signature Certificate (DSC)
Obtain a DSC for the proposed director with address proof, Aadhaar card, PAN card, photo, email ID, and phone number for OPC company registration.
Step 2: Apply for a Director Identification Number (DIN)
Apply for the DIN of the proposed director in SPICe Form along with name and address proof. Now DIN can be applied within the SPICe form for up to three directors.
Step 3: Name Approval Application
Decide on a name for your company and submit it in the Form SPICe+ 32 application. Once approved, move on to the next step.
Step 4: Prepare Required Documents
Prepare documents such as a Memorandum of Association (MoA), Articles of Association (AoA), proof of registered office, and a declaration of compliance.
Step 5: File Forms with MCA
Attach all required documents to the SPICe Form and upload them to the MCA site for approval—no need to file separate applications for PAN Number and TAN.
Step 6: Receive Certificate of Incorporation
On verification, the Registrar of Companies (ROC) will issue a Certificate of Incorporation, and your business is ready to start.
Checklist for Registering Your OPC Company
Keep in mind the following requirements before registering your OPC:
• One member
• Nominee appointment
• Consent of the nominee
• OPC name must comply with Companies (Incorporation Rules) 2014
• The minimum authorized capital of Rs.1 lakh
• Proof of registered office
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Get your One Person Company registration in India hassle-free with our comprehensive guide on the essential documents required. To kickstart the registration process, you will need a few mandatory documents to get started.
• Firstly, a scanned copy of your current bank statement will be required for documentation purposes. You can easily access this document by logging into your internet banking account or visiting a bank location. Your account statement or transaction summary statement should suffice.
• Next up, you will need to provide copies of your electricity or gas bill, phone bill, and mobile bill. These utility bills cover essential services such as electricity, gas, water/sewage, and rubbish disposal. If you have additional services like internet, cable TV, or phone services, they may also be considered extra utilities. It's important to note that the price of utilities varies widely based on your region, usage patterns, and the temperature where you live.
• Additionally, you will need to provide a rental agreement in English transcribed in a digital format. Rental agreements are typically handed over as hard copies to tenants, so ensure that you scan and provide this document in a digital format.
• Another crucial document required for One Person Company registration is a landowner's no-objection certificate in a digital format. This certificate should be obtained from the landowner of the specific land where the company will be registered. It's important to note that every company must maintain a registered address under Section 12 of The Companies Act, 2013. When incorporating a business in India, the registered address is provided as an attachment to the Spice+ Form. However, if the business's address changes after incorporation, a Form INC-22 notification of the new registration address must be submitted to the ROC.
• Lastly, if you own property where the company will be registered, you must provide a scanned copy of the property or sale deeds in English. A sale deed is a legal document used in real estate transactions to prove the purchase and transfer of property ownership from the seller to the buyer. This primary ownership transfer paperwork may be required during OPC registration.
With these essential documents, you can kickstart your OPC registration process without any hiccups. Don't let the registration process overwhelm you - our guide makes it easier for you to take the first step towards starting your dream company!
If you want to register an OPC company, then Instabiz Filling is a perfect choice. Our expert team has helped countless entrepreneurs set up their businesses. We can guide you through the entire process, from obtaining the necessary documents to obtaining the Certificate of Incorporation.
Here are some reasons why you should choose us for your OPC company registration:
Our team of experienced professionals will provide you with expert guidance throughout the entire registration process. We will help you understand the legal requirements and assist you in preparing the necessary documents.
We offer competitive pricing for our OPC company registration services. We understand the importance of cost-effectiveness when starting a business, which is why we offer our services at affordable prices.
Quick Turnaround Time:
At Instabiz Filling, we value your time and understand that delays can be costly. That's why we strive to complete the registration process as quickly as possible. We have a streamlined process that ensures your OPC company registration is completed promptly and efficiently.
We take pride in providing exceptional customer service. Our team is always available to answer any questions and will ensure that you are satisfied with our services.
In short, we are committed to providing hassle-free and seamless OPC company registration and Private Limited Company and LLP registration experience. Contact us today to get started on your entrepreneurial journey!
However, if the paid-up share capital of the One Person Company (OPC) exceeds rupees 50 lakhs or if its average turnover exceeds rupees 2 crores then such One Person Company (OPC) could convert itself into a private limited company within two months.
The company shall be having one member and shall appoint one nominee to act as member in case of death or incapacity of the member at the time of conversion into OPC.
The shareholder and director are two different entities, though a shareholder can be a director at the same time.
There is no such minimum capital requirement, hence a business can be founded with capital as little as INR 1.
1. Utility Bill of Registered Office Address;
2. Proof of Ownership of Registered Office Address;
3. Copy of PAN & Aadhar as Identity proof of all Subscribers and Directors;
4. Copy of Utility Bill/Bank Statement as Address proof of all Subscribers and Directors;
5. Copy of Passport size all Subscribers and Directors.
Time taken for registration is considered on the basis of working hours of government officials which is 12 working hours on a single day. Therefore, the approx. time taken for formation of entity would be 4 days.