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One Person Company (OPC)

One Person Company registration in Pune - OPC incorporation services by Azalea Advisors

Complete One Person Company (OPC) Registration Solutions

Corporate laws in India revolutionised with the advent of a new concept that led to a unique way of starting a business with accorded flexibility. According to Section 2(62) of the Companies Act 2013, One Person Company (OPC) is a company with only one person as a member.

Features of One Person Company

It is formed by one person only for any lawful purpose, who must be an Indian citizen or has lived in India for more than 120 days during the previous calendar year.
OPC is a private company managed by a single member as a separate legal entity.
A sole member of the OPC must appoint a nominee while registering the company.
No minor shall become a member or nominee of the OPC or can hold share with beneficial interests.
The appointed nominee can manage the OPC and work as a successor in case of a member’s demise or disability.
OPC can be converted into a private or public limited company, either voluntarily or mandatorily once it crosses the prescribed turnover or paid-up capital thresholds.
The liability of the shareholder/director is limited.
OPC can be converted into a private or public limited company, voluntarily.
It cannot carry out non-banking financial activities, including investment in corporate securities.
It has a low registration cost and fewer rules and regulations compliance.
No minimum paid-up capital is required.

Benefits of One Person Company

Easy to operate, thus making the decision-making faster.
It enjoys several privileges and exemptions under the Companies Act.
GST registration is not mandatory if turnover is below Rs. 40 lakhs (subject to applicable conditions); however, statutory audit is required for an OPC regardless of turnover.
OPC does not have to hold Annual General Meetings.
Directors can sign the annual returns , company secretary is not required for the same.
Financial statements need not include cash flow statements.
A minimum authorised capital of Rs.1 lakh is required to incorporate the OPC, but no paid-up capital is required.
OPC can be easily dissolved without any legal process.
OPC has limited scope for raising equity funding, as it cannot add more than one member

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Procedure for Registration of OPC

OPC is registered online on the Ministry Of Corporate Affairs (MCA) website.
Apply for the Digital signature certificate (DSC) of the company’s director, with a self-attested copy of the documents.
Apply for the Directors Identification Number (DIN).
After the approval of DSC, the challan amount is paid online.
Apply for the name approval. The name of the company will end with ‘OPC Private Limited’. At least 2 to 3 names should be suggested for the company’s name.
Memorandum of Association (MOA) and Article of Association (AOA) are submitted to the Registrar of Companies (ROC).
Declaration and consent of the director are required on Form INC-9 and DIR-2, respectively.
The declaration is required by the professional verifying that all the compliances have been fulfilled.
On verification, the ROC will issue the certificate of incorporation along with PAN and TAN.

Documents required

1
PAN card of the member and the nominee.
2
Address proof:- Driving licence, Adhaar card, and proof of residence of the member and the nominee.
3
Latest bank statement, mobile phone bill (postpaid), Telephone bill, the electricity bill of the premises
4
A coloured passport-size photograph of the member and the nominee
5
Proof of address of the registered office.
6
NOC of the landlord and the copy of the rent agreement.
7
A copy of the sale deed is required in case the property is self-owned.
One Person Company recognises a person’s economic entity and lightens a path for small traders and service providers to venture into business by enhancing their opportunities through corporate identity.

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