All about One Person Company Registration

One Person Company (OPC) means a company which has only on person as a sole member or single owner. An individual who is an resident and also Indian citizen in India can incorporate a One Person Company. The concepts were introduced to give advantage to sole proprietor to run business with limited liability as compared to sole proprietor whose liabilities are unlimited.

Features of One person company:

  1. Only one person ( individual) can form company.
  2. It is a kind of Private Company which have all the advantage of private company.
  3. Maximum capital is 50 lacs and maximum turnover is 2 crores.
  4. OPC can convert itself to private company after 2 years of establishment.
  5. Single shareholder or member should give name of one person who act a s a nominee of the company, that in the event of death of a sole member, they will become that one person.
  6. It doesn’t required to hold any annual general meeting

Apart form this there are some inherent limitations in one person company

  1. Ag person can have only have one one person company they can not open more than one one person company.
  2. There is requirement of nominee in case of person company, that in the event of death of proprietor that one person can control the company, however that nominee can not open there own one person company because he is already a nominee in one person company.
  3. A one person company must be mandatory convert itself in to normal private limited company whenever its paid up capital exceeds 50 lacs or its turnover exceeds 2 cr ( average profit of last 3 years)
  4. A person can voluntary convert its one person company only after 2 years of its incorporating.

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Reasons for one person company (OPC)

Documents Required for OPC Registration

1. Pan Card & pictures

Individual PAN card and one passport size picture required who is willing to form a company and same documents for nominee is required.



PAN

2. Aadhaar Card

For OPC registration we need Adhaar card of proposed owner and nominee.





aadhar

3. Bank Details

One document from the option is required (Bank statement/ updated bank passbook/ Utility bill ) not older than 2 months.



CURRENT ACCOUNT STATEMENTS

4. Business address proof

Any utility bill like electricity bill or water tax bill is required, not older than 2 months. in case property is rented in than rent agreement with owner is required.

Electricity bill
Smiling confident businesswoman posing with arms folded. Happy beautiful black haired young Latin woman in formal suit standing for camera over white studio background. Corporate portrait concept

Reasons for One person company (opc)

1. Easy to start

A one person company can easily be formed by a single owner there is only some basic KYC documents is required.

2. less complainces

There are some basic exemption has been provided to one person company likne not required to hold AGM or board meeting in comparsion to private limited.

3. Tax Advantages

In all other entities income tax rate is 30%, but in the case of private limited or OPC company income tax rate is 25%.

4. Separate Legal Entity

Company means separate entity from its director, company create with the process of law and end with the process of law. There is one saying "Members may come, members may go, But the company runs forever", which means company members and director may change any time.

5. Market credibility


In India people use to take serious if you are doing business with the name of Private limited or OPC private limited the simple reason behind this is the Indian government take close check of every company.

REGISTRATION PROCESS

Step-1

Expert advice

Get a call from expert so as they can understand business

Step-2

Name approval

Take a name approval from ministry of corporate affairs which you desired for your proposed firm

Step-3

Documents submission

Send all the documents according to your business requirement as suggested by the expert.

Step-4

Digital signatures

Get digital signatures of owner of OPC

Step-5

Application filling

Once all the documents been send by you our team filled the application to the relevant department.

Step-6

Getting a certificate

This is the last and final step of completion of your work to get your desired certificate

How Ovakil help in OPC registration ?

Ovakil helps you for registering Company business,it usually take 4-5 days for all process

1. Company Incorporation certificate

We will provide company incorporation certificate after all process, this certificate is important for every company and required as a proof of company registration

2.OWNER DSC and DIN

Directors needs digital signature and director identification number (DIN) for company registration, we will provide all DSC and DIN

3. PAN and TAN

Permanent account number (PAN) and Tax allocation number (TAN) will be provide by us in this registration.

4. MOA and AOA creation

Memorandum of association (MOA) and Article of association (AOA) will prepared after understanding your business needs.

HOW OVAKIL HELP IN OPC REGISTRATION ?
FAQ

FAQs

Yes, you can convert it if you want and there are some cases where compulsory conversion is also required
like changing in rules or exceeding of maximum authorized capital.

One person company cannot run Non banking financial services under OPC.

There is no minimum capital required, this is individual choice at the time of registration of Company.

There is flat rate of income tax @ of 25% up to profit of 50 lakhs. After that 30% income tax rate is applicable on OPC.

Free Consultation

Any Doubts? Get a Callback from Ovakil Legal Panel.

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PACKAGES

sILVER

all inclusive fees
5100 Monthly
  • OPC REGISTRATION
  • Pan card
  • 1 DSC
  • MOA/ AOA of company
  • Expert advice
  • MSME Registration
  • GST Registration

GOLD

all inclusive fees
5600 Monthly
  • OPC REGISTRATION
  • Pan card
  • 1 DSC
  • MOA/ AOA of company
  • Expert advice
  • MSME Registration
  • GST Registration

Platinum

all inclusive fees
6100 Monthly
  • OPC REGISTRATION
  • Pan card
  • 1 DSC
  • MOA/ AOA of company
  • Expert advice
  • MSME Registration
  • GST Registration
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