What is One Person Company?
One Person Company (OPC) is a new concept in the recenet days where a company can be incorporated with only one member unlike Private Ltd Company where minimum 2 members are required.
Registration of OPC (One Person Company)
Obtaining DSC and Name Approval
Digital signature certificate must be obtained for the sole promoter and the nominee for processing the incorporation. Application for DSC require passport size photos of the applicant, identity proof and address proof. In parallel to the Digital Signature applicaiton, the application for name reservation can be submitted to the MCA. Name approval applications are processed by the MCA in 24-72 hours. The name proposed must conform to the naming standards, and the name of the OPC must end or include the words (OPC).
Appointment of Nominee in OPC
The one-person company incorporation laws specify that the sole member of a One-Person Company to have the name of a candidate in the Companies MOA, who will conduct the firm after the former has expired or has been incapacitated.
On filing for incorporation, approval is granted by the Registrar of Companies (ROC). In case there are any issues with the documents submitted, the application for incorporation can be resubmitted.
Obtaining Statutory Registrations & License
GSTIN
PAN
TAN
EPF & ESI
IE Code
FSSAI
Requirements for OPC Registration
- Only a natural person who is Indian Citizen and resident in India can incorporate OPC.
- Legal entities cannot incorporate a OPC.
- The minimum authorised capital is Rs 1,00,000.
- A nominee must be appointed by the promoter during incorporation.
- Businesses involved in financial activities cannot be incorporated as a OPC.
- OPC must be converted to a private limited company when paid-up share capital exceeds Rs.50 lakhs or turnover crosses Rs.2 crores.
