Online Procedure, Documents Needed and Fees.
A One Person Company (OPC) is a sort of private limited company that can be established with a single individual serving as both the firm’s director and shareholder. The limits of sole proprietorship firms, the most common type of business registration for small businesses in India, gave birth to the necessity for one person companies. Entrepreneurs can now incorporate their business with just one person, unlike with a private limited company or an LLP, where a minimum of two people are needed.
- Describe One Person Company.
- Benefits of OPC Corporation
- One-person company registration procedure
- Minimum standards for registration with OPC
- Documents needed to register a one-person business
- Documents you will receive following OPC enrollment
- Registration Fees for Individual Companies
- Total amount of time needed to register with OPC
- Frequently Asked Questions
One Person Company - Incorporation Certificate [Sample]
Document Required.
What is a One Person Company?
Under the Companies Act of 2013, a One Person Company, sometimes known as an “OPC,” is a type of private limited company that is registered. It may be registered under the name of a single individual who serves as the company’s director and shareholder. OPC is a privately held firm that is referred to as “OPC private limited” or “OPC Pvt ltd” at the end of its name.
A private limited corporation used to need to have a minimum of two directors and two members. A private corporation could not be founded by one individual. However, under Section 2(62) of the Company’s Act 2013, a new interpretation of OPC was created, allowing one individual to form a private limited company.
Benefits of OPC Corporation.
Step1:- Limited Liability
With limited liability protection, it aids in preserving the owners’ assets. Therefore, if the firm has financial difficulties, the director’s assets are secured and cannot be taken by banks or government agencies.
Step2:- Credibility
Compared to ordinary proprietorship enterprises, OPC has greater credibility because it is a private limited company. One Person Companies are granted the Certificate of Incorporation, in contrast to Sole Proprietorships.
Step3:- Continuous Existence
One Person Company survives when it is transferred to the nominee director, in contrast to proprietorship, which ends with any mishap involving the proprietor.
Step4:- Separate Legal Entity
Since an OPC is a separate private legal organization, its owners are not held personally liable for any actions taken by the company. The business can take on debt and purchase assets in its name.
Step5:- NRI Can register OPC
Non-resident Indians may incorporate One Person Companies by the Union Budget 2021–2022 amendment. An OPC may be registered by anyone who has visited India for at least 120 days in the time frame just before the fiscal year.
Process of One Person Company Registration
Step 1: Submit a Digital Signature Certificate (DSC) application
Since incorporating a one-person business is entirely digital, having a digital signature certificate is a prerequisite. A DSC must be requested from the approved agencies by the individual who wishes to serve as both a director and a subscriber to the company’s memorandum. Getting a DSC is a 24-hour process that can be completed entirely online. Three straightforward verifications are involved in this process: phone, video, and document verification.
Step 2: Applying for name approval
The SPICe RUN form, a component of the SPICe+ form, is used to apply for a name for a single firm. The industrial activity code and the object clause of the company must be defined when creating the name application.
Note: Make sure the name of the firm does not conflict with any already-registered company names, nor does it go against the guidelines for names and emblems (Prevention of Improper Use Act, 1950). Using our company name search tool, you can quickly confirm if the name is available.
Step 3: SPICe Form (INC-32) filing
Following name approval, the SPICe+ form must be filled out with information about the company’s registration. It is an electronic firm incorporation proforma that has been streamlined. The form’s details are as follows:
- Information about the business
- Information about the subscriber and member
- Director Identification Number (DIN) Application
- PAN and TAN application
- A statement from the subscriber and the director
- Professional certification and declaration
Step4: e-MoA (INC-33) and e-AoA (INC-34) filing
The associated forms, SPICe e-MoA and e-AoA, must be completed at the time of submitting an application for business registration. Section 2(56) of the Companies Act of 2013 defines a memorandum of association (MOA). It is the cornerstone upon which the business is constructed. It outlines the company’s goals, authority, and constitution. Section 2(5) of the Companies Act defines the Articles of Association (AOA). It contains a complete list of all the guidelines that pertain to the company’s management.
Step 5: PAN, TAN, and Certificate of Incorporation Issuance
PAN, TAN, and the Certificate of Incorporation shall be granted by the relevant department following the Ministry of Corporate Affairs’ acceptance of the aforementioned documents. The business must now use these documents to open an active bank account. If you need help opening your current bank account, you can get in touch with us.
Register your OPC in India with Taxcult
A one-person company must comply with several regulations, which makes the registration procedure difficult. Taxcult’s specialists can help you with the entire registration process. Three simple steps to register your OPC online:
Contact us via phone or contact form
Provide the required paperwork
Register your incorporation within 7 to 10 working days.
Minimum standards for registration with OPC
A one-person company must meet certain minimal standards to be incorporated online under the Companies Act of 2013.
- A distinctive company name
- There is no minimum amount of capital needed
- During incorporation, a candidate needs to be appointed.
- Provide proof of office.
Documents needed to register a One Person Company
You must present valid identification and evidence of address to incorporate your company as a one-person operation. It is necessary to submit the paperwork to the Registrar of Companies.
- Passport size photographs
- A copy of your voter ID or Aadhar card
- A duplicate PAN card
- A bank statement copy that is no more than two months old
- A legitimate workplace address proof, such as the most recent power or other utility bill.
- If the office is rented, the property owner must provide a No Objection Certificate.
Documents you’ll get after OPC registration
Following one person company’s incorporation, the following documents will be sent to you.
- Incorporation Certificate
- The company’s Permanent Account Number (PAN)
- The company’s Tax Deduction or Collection Account Number (TAN).
- Association Articles (AoA)
- Association Memorandum (MoA)
- The DIN, or director identification number
- Certificate of Digital Signature (DSC)
- Registration paperwork for EPF and ESIC
- Master data for the company
Registration Fees for a One Person Company
One Person Company registration in India starts at ₹7,499 and takes about 7–10 working days total, including government and professional expenses.
| Steps | Cost(Rs.) |
|---|---|
| Certificate of Digital Signature | ₹2,000 |
| Government Charge | ₹1,500 |
| Expert Charge | ₹3,999 |
| Total Charge | ₹7,499 |
Registration you should get after Company Incorporation
GST Registration
Shop & Establishment License
Trademark Registration
Start-up India Registration
Total amount of time needed to register with OPC
In India, registering a one person company or opc firm typically takes seven to ten working days, depending on the Ministry of Corporate Affairs’ (MCA) verification of the supporting documentation.
Frequently Asked Questions (FAQs)
Either a one person company or a proprietorship firm may be registered. Once you have selected the entity type, you must submit the appropriate paperwork, supporting documentation, and professional certifications to the MCA site.
It is possible for an individual to establish a company by registering as a sole proprietorship or one person company. The nature of the corporate entity will be determined by the needs of the enterprise.
A single person can establish a private limited business and take use of all its advantages. Limited liability, a distinct legal entity, credibility, and tax advantages are a few of the primary advantages.
Yes, It is possible to convert an OPC into a Pvt Ltd firm with ease.