One Person Company
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Documents Required
- Pan Card
- Aadhaar Card
- Passport
- Voters Identity Card
- Ration Card
- Driving License
- MOA Subscriber Sheet
- AOA Subscriber Sheet
- Recent Utility Bill, Business Place
- Specimen
- NOC from Landlord
- Board Resolution Authorising Investment (If the proposed shareholder is another company or legal entity.)
- Foreign Government - Address Proof (Any document issued by a Foreign Government having photo and address of the Director or Shareholder.)
- Investing Company Address Proof (If the proposed shareholder is another company or legal entity.)
- Name Significance Letter
One Person Company (OPC) Registration
Embarking on the journey of entrepreneurship through a One Person Company (OPC) brings the allure of limited liability and a distinct legal identity. At SS Memane & Company, we specialize in simplifying the OPC registration process, ensuring that aspiring entrepreneurs navigate the legal formalities seamlessly. Our seasoned team is dedicated to providing expert guidance at every step, from document preparation to filing, empowering you to make informed decisions about your OPC setup.
Introduction to One Person Company (OPC)
The concept of One Person Company (OPC) registration in India was introduced under the Companies Act of 2013. It allows a single individual to establish a company, merging the benefits of a sole proprietorship with the legal protection of a private limited company. This structure aims to foster entrepreneurship and formalize Micro, Small, and Medium Enterprises (MSMEs).
Eligibility Criteria
Before proceeding with OPC registration, it’s vital to understand the eligibility criteria:
- Natural Person and Indian Citizen: Only a natural person who is an Indian citizen can establish an OPC.
- Resident in India: The promoter must be a resident in India, having lived in the country for at least 182 days during the previous calendar year.
- Minimum Authorized Capital: The OPC must have a minimum authorized capital of Rs 1,00,000, as stated in the company’s capital clause during registration.
- Nominee Appointment: The promoter must appoint a nominee who would become a member in the event of the promoter’s death or incapacity.
- Restrictions on Certain Businesses: OPCs cannot engage in financial activities like banking, insurance, or investments.
- Conversion to Private Limited Company: If the OPC’s capital or turnover exceeds specified limits, it must convert into a private limited company.
Advantages
OPCs offer several advantages, including:
- Legal Status: Obtains a separate legal entity status, protecting the individual from personal liability.
- Easy Fundraising: Easier access to funds through venture capitalists, angel investors, and banks.
- Reduced Compliance: Exemptions from certain compliance requirements under the Companies Act, 2013.
- Simple Incorporation: Minimal requirements for incorporation, with one member serving as director.
- Efficient Management: Swift decision-making and efficient management with a single person in charge.
- Perpetual Succession: Maintains continuity even with one member.
Disdvantages
While OPCs offer advantages, they also have limitations:
- Suitable for Small Businesses: Primarily suitable for small-scale businesses due to the limitation of having one member.
- Restriction on Business Activities: Restricted from engaging in certain activities.
- Ownership and Management: Lack of clear distinction between ownership and management.
Required Documents
Essential documents for OPC registration include Memorandum of Association (MoA), Articles of Association (AoA), nominee’s consent, proof of registered office, director’s declaration, and a declaration by a qualified professional certifying legal compliance.
At SS Memane & Company, we assist you throughout the OPC registration process, ensuring compliance and offering expert guidance. Contact us today to embark on your entrepreneurial journey with confidence.
One Person Company (OPC) Registration in India with SS Memane & Company
In India, registering a One Person Company (OPC) is streamlined through the SPICe+ (Simplified Proforma for Incorporating Company Electronically Plus) form, which has replaced previous application forms for company incorporation.
The registration process for an OPC involves two main parts:
Part A: This initial section of the SPICe+ form focuses on securing approval for the desired company name and applying for the Director Identification Number (DIN) or Permanent Account Number (PAN) for the proposed director.
Part B: The subsequent segment, known as Part B, entails furnishing incorporation-related details. Here, essential information such as the registered office address of the OPC, details about share capital, particulars of the director, and information about the shareholder is provided.
Here are the steps involved in OPC registration:
Step 1: Obtain a Digital Signature Certificate (DSC) Secure a Digital Signature Certificate (DSC) for the intended director of the OPC. The DSC is utilized for electronically signing crucial documents.
Step 2: Obtain Director Identification Number (DIN) Acquire a Director Identification Number (DIN) for the proposed director from the Ministry of Corporate Affairs (MCA).
Step 3: Name Reservation Apply for name reservation through the MCA portal using Form SPICe+ (Part A). Ensure that the chosen name for your company is distinct and does not resemble any existing company or trademark.
Step 4: Prepare MOA and AOA Draft the Memorandum of Association (MOA) and Articles of Association (AOA) for your company. These documents define the company’s objectives and internal rules.
Step 5: File the Forms File the necessary forms with the MCA for OPC registration. Attach the relevant documents to the SPICe+ form, including MOA, AOA, declarations, proof of the registered office, nominee appointment, and other documents as required by the MCA.
Step 6: Certificate of Incorporation Upon approval by the ROC and verification of compliance requirements, the ROC will issue a Certificate of Incorporation, signifying the successful registration of your One Person Company. Notably, the PAN number (Permanent Account Number) and TAN (Tax Deduction and Collection Account Number) are generated automatically during the incorporation process, eliminating the need for separate applications.
Why SS Memane & Company for OPC Registration?
SS Memane & Company is your ideal partner for One Person Company (OPC) registration for several compelling reasons. With our years of expertise in company registration and in-depth understanding of the regulatory landscape, we simplify the often complex OPC registration process.
We offer expert guidance, from name reservation to document preparation and submission. Our commitment to accuracy and compliance guarantees that your OPC registration adheres to all legal requirements. Our dedicated support team is readily available to address any queries or concerns you may have.
Get started now with SS Memane & Company and embark on your entrepreneurial journey with confidence!
Proprietorship vs Limited Liability Partnership (LLP) vs Company
| Features | Proprietorship | Partnership | LLP | Company |
|---|---|---|---|---|
| Definition | Unregistered type of business entity managed by one single person | A formal agreement between two or more parties to manage and operate a business | A Limited Liability Partnership is a hybrid combination having features similar to a partnership firm and liabilities similar to a company. | Registered type of entity with limited liability to the owners and shareholders |
| Ownership | For One Person Company | |||
| Registration Time | 7-9 working days | |||
| Promoter Liability | Unlimited Liability | Limited Liability | ||
| Documentation | ||||
| Governance | – | Under Partnership Act | LLP Act, 2008 | Under Companies Act,2013 |
| Transferability | Non Transferable | Transferable if registered under ROF | Transferable | |
| Compliance Requirements | Know More | |||
One Person Company (OPC) Registration FAQs
Q: What is an OPC, and how does it differ from other business structures?
A: An OPC, or One Person Company, is a unique business structure in India that allows a single individual to operate as a company, combining the advantages of a sole proprietorship with the legal protection of a private limited company.
Q: When was the concept of OPC introduced in India?
A: The concept of OPC was introduced under the Companies Act of 2013.
Q: What is the primary objective of OPC registration?
A: The primary objective of OPC registration is to promote entrepreneurship and encourage the formalization of Micro, Small, and Medium Enterprises (MSMEs).
Q: What are the eligibility criteria for OPC registration?
A: To register an OPC, you must be a natural person and an Indian citizen, resident in India for at least 182 days during the previous calendar year. The OPC must have a minimum authorized capital of Rs 1,00,000, and a nominee must be appointed.
Q: Can an OPC engage in financial activities like banking or insurance?
A: No, an OPC cannot engage in financial activities like banking, insurance, or investments.
Q: What happens if the OPCs paid-up share capital exceeds 50 lakhs or its annual turnover exceeds 2 Crores?
A: In such cases, the OPC must be converted into a private limited company to comply with regulatory requirements.
Q: How many OPCs can an individual establish?
A: An individual can establish only one OPC.
Q: Can an OPC have a minor as its member?
A: No, an OPC cannot have a minor as its member.
Q: What are the advantages of registering an OPC?
A: Advantages include limited liability, easy fundraising, reduced compliance, simple incorporation, efficient management, and perpetual succession.
Q: Are there any disadvantages to registering an OPC?
A: Yes, disadvantages include suitability primarily for small businesses, restrictions on certain activities, and a potential lack of clear distinction between ownership and management.
Q: What is the registration process for an OPC in India?
A: OPC registration is done through the SPICe+ form, involving obtaining a Digital Signature Certificate (DSC), Director Identification Number (DIN), name reservation, preparation of MOA and AOA, filing forms, and obtaining a Certificate of Incorporation.
Q: What documents are required for OPC registration?
A: Required documents include MOA, AOA, nominees consent, proof of registered office, declarations, and a compliance certificate.
Q: What is the significance of obtaining a Digital Signature Certificate (DSC)?
A: A DSC is used for electronically signing documents during the registration process.
Q: What is a Director Identification Number (DIN), and why is it required?
A: A DIN is a unique identification number for directors, and its required for legal compliance and governance.
Q: How is the registered office address determined for an OPC?
A: The registered office address should be decided and declared during the registration process.
Q: What is the role of a nominee in an OPC?
A: A nominee is appointed to take over the OPC in the event of the director’s death or incapacity.
Q: What is the Certificate of Incorporation, and when is it issued?
A: The Certificate of Incorporation is an official document issued by the ROC after approval, signifying the successful registration of an OPC.
Q: Why should I choose SS Memane & Company for OPC registration?
A: SS Memane & Company offers expert guidance, simplifies the registration process, ensures compliance, and provides dedicated support to make OPC registration hassle-free.
Q: What are the post-incorporation formalities for an OPC?
A: Post-incorporation formalities may include filing a notice regarding the registered office within 30 days after incorporation.
Q: How can SS Memane & Company assist with post-incorporation formalities for OPCs?
A: SS Memane & Company’s experts are ready to assist in fulfilling OPC compliance requirements, ensuring your business remains in full legal compliance.
Our happy clients say about us
Starting my business as a sole proprietorship was made incredibly easy with the guidance and support from SS Memane . Their team provided clear instructions and assistance throughout the process, making it seamless and stress-free. Highly recommended.
I couldn't be happier with the service provided by SS Memane for my sole proprietorship registration. They were efficient, professional, and knowledgeable, ensuring that everything was done correctly and promptly. Thank you for your excellent support!
SS Memane exceeded my expectations with their exceptional service for my proprietorship registration. From start to finish, they were responsive, thorough, and dedicated to ensuring a smooth process. I'm grateful for their expertise and would definitely choose them again!
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