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One Person Company Registration
Before the enactment of the Companies Act of 2013, the formation of a company in India necessitated at least two individuals. However, with the advent of this legislation, there’s a notable shift towards promoting One Person Companies (OPCs). The Companies Act of 2013 specifically facilitates the creation and operation of OPCs in India, allowing a single individual to spearhead such entities. While traditional private companies mandate a minimum of two directors and two members, a One Person Company is a departure from this norm, as it can be formed by a single person. The legal framework supporting OPCs in India is outlined in Section 262 of the Companies Act of 2013. The OPC Registration process requires the representation of the entire company by a lone director and a single member. Noteworthy is the streamlined compliance structure associated with OPCs, which imposes fewer responsibilities compared to traditional private companies. This legal provision offers a simplified avenue for individuals looking to establish and operate companies independently in India.
Who Requires it ?
- An OPC can only have one shareholder, who must be a natural person (i.e., an individual, not a company or LLP).
- The shareholder must be an Indian citizen and a resident of India (as per Section 2(68) of the Companies Act, 2013). A "resident" is someone who has stayed in India for at least 182 days in the previous financial year
- The shareholder must appoint a nominee (another individual) who will take over the OPC in case of the shareholder’s death or incapacity.
- The nominee must also be an Indian citizen and resident of India
- The nominee’s consent must be provided in Form INC-3 during registration
- An OPC must have at least one director, who is typically the shareholder themselves.
- The maximum number of directors allowed is 15
- Its paid-up share capital exceeds ₹50 lakh, and
- Its average annual turnover exceeds ₹2 crore for the preceding three financial years
Documents Required for OPC Registration in India
Following are the crucial documents required for One Person Company Registration in India
- A scanned copy of a current bank statement: A scanned copy of a current bank statementBank statements can be accessed via Internet banking or by visiting a bank branch. Account statements and transaction summary statements are two additional common titles for them.
- A phone bill, an electricity or gas bill and a mobile bill: A phone bill, an electricity or gas bill and a mobile billUtilities often include power, gas, water/sewage, and garbage disposal. Other services, such as internet, cable TV, and phone service, are occasionally viewed as extra utilities because they are now considered standard in the majority of Indian households. The cost of utilities might vary greatly based on your location, the temperature where you reside, and your usage habits. As a result, these are also presented as critical documents for OPC Registration.
- Rental agreement in English, digitally transcribed: Rental agreement in English, digitally transcribedTenants are frequently given hard copies of rental agreements. This must be scanned and submitted to the appropriate authority for documentation.
- A digital transcription of a landlord’s no-objection certificate: A digital transcription of a landlord’s no-objection certificateThis document comes from the specific landlord. Section 12 of The Companies Act, 2013 requires that every corporation maintain a registered address. When a company is incorporated in India, the registered address is attached to the SPICe+ form. If the business’s address changes after formation, a Form INC-22 notification of the company’s new registration address must be sent to the ROC.
- A scanned copy of the property or sale deeds in English (if the property is owned): >A scanned copy of the property or sale deeds in EnglishA sale deed is a legal document used in real estate transactions to confirm the purchase of property and the transfer of ownership from the seller to the buyer. This is the primary ownership transfer documentation. A sale deed is also known as a conveyance deed or a final deed.
OPC Registration Procedure
Following is the procedure for One Person Company Registration in India:
- Despite the fact that the company’s everyday operations are managed by a single person, OPC offers opportunities for eternal succession. Following the death of a company member, the nominee can administer the business.
- A one-person company member has limited liability. Because OPC is a registered corporation, it is treated as a separate legal entity, providing its members with greater protection. Members’ liability is restricted to their shares, therefore they are not accountable for any losses incurred by the firm. In the event of bankruptcy, creditors may sue the corporation rather than the director for procuring the company’s debt.
- In a One Person Company, a single member serves as a director and is responsible for managing the company’s day-to-day operations. There is no need for an executive director to oversee daily operations in this situation. A single member is more than adequate and serves as a shareholder with full responsibility.
- Because the OPC is considered a separate legal organisation, the individual has the ability to possess company property and other assets in their name. Other people cannot claim the properties, which include machinery factories, residential property, structures, and other assets. The OPC has the legal authority to acquire land directly in its name.
- The ROC issues a certificate of incorporation with a PAN and TAN.
- Open a bank account and get your business started.
Benefits of One Person Company in India
Following are some important features of One Person Company in India:
- Simple Succession: Despite the fact that the company’s everyday operations are managed by a single person, OPC offers opportunities for eternal succession. Following the death of a company member, the nominee can administer the business.
- Limitation of Liability: A one-person company member has limited liability. Because OPC is a registered corporation, it is treated as a separate legal entity, providing its members with greater protection. Members’ liability is restricted to their shares, therefore they are not accountable for any losses incurred by the firm. In the event of bankruptcy, creditors may sue the corporation rather than the director for procuring the company’s debt.
- Shareholder and sole directorship: In a One Person Company, a single member serves as a director and is responsible for managing the company’s day-to-day operations. There is no need for an executive director to oversee daily operations in this situation. A single member is more than adequate and serves as a shareholder with full responsibility.
- Ownership of Real Estate: Because the OPC is considered a separate legal organisation, the individual has the ability to possess company property and other assets in their name. Other people cannot claim the properties, which include machinery factories, residential property, structures, and other assets. The OPC has the legal authority to acquire land directly in its name.
Frequently Asked Questions (FAQs): OPC
Q1. What is an OPC (One Person Company) ?
An OPC is a type of company in India that is owned and operated by a single individual. It allows a single person to have complete control over the business while limiting their liability. It is a hybrid between a sole proprietorship and a private limited company.
Q2. Who is eligible to register an OPC?
Any Indian citizen, whether resident or non-resident, who is at least 18 years old, can register an OPC. The individual must also be a natural person (not another company or partnership).
Q3. What documents are required for OPC registration?
Key documents include:
Identity proof (Aadhaar card, PAN card, etc.)
Address proof (passport, utility bills, etc.)
A recent passport-sized photograph
Proof of business address (rental agreement or ownership document)
Q4. Can I convert an OPC to a Private Limited Company?
Yes, an OPC can be converted into a private limited company if the paid-up capital exceeds ₹50 lakh or if the annual turnover crosses ₹2 crore in a financial year.
Q5. What are the compliance requirements for an OPC?
OPCs are required to hold an annual general meeting (AGM) and maintain proper accounting records. Additionally, the OPC must file annual financial statements and income tax returns. However, unlike other companies, OPCs are exempt from holding board meetings.
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