One Person Company

One Person Company Registration

One Person Company is the new type of business entity preferred for a single entrepreneur to start his business in India.

OPC or One Person Company is a recent business entity introduced by the Companies Act, 2013 which allows a single person to run an economic entity. The biggest advantage of OPC is that it encourages entrepreneurship and provided the benefit of having only a single member of the company. An OPC is also a separate legal entity from its sole promoter while offering the safety of limited liability along with ease of incorporation. Every OPC must nominate a nominee director in the memorandum and articles of the company who can take over the OPC ownership in case the sole member of the OPC is incapacitated for any reason. Another key feature of the OPC is that once the average three year turnover of the company exceeds Rs. 2 crores or the paid-up capital exceeds 50 lakh, it must compulsorily convert to a Private Limited Company.

Panomics Legal Mentors is the best business and legal services platform for services relating to OPC registration in India, offering a variety of company registration services like Private Limited Company registration, Partnership, LLP registration, Public Limited Company registration, Nidhi Company registration, Section 8 Company registration, Producer Company registration,  Indian Subsidiary registration and FSSAI registration.

Panomics Legal Mentors will help you to register a One Person Company from the comfort of your home, offering you services that are very professional and suited to an individual’s needs.

Get a free consultation for One Person Company registration with Our Top Rated Experts with simple Registration.

Advantages of One Person Company

  • Single Promoter — OPC is the only type of corporate entity in India which can be started as well as operated by a single person. The sole proprietorship model ensures that the single promoter has full company control with a safety net of limited liability at the same time.
  • Limited Liability of directors — A One Person Company offers safety to the personal assets of the sole director in the form of limited liability in the event of a liquidation. In the scenario where the OPC is unable to repay its debts, the personal assets of the director are safe and the director is only liable for the initial amount invested in the business.
  • Perpetual Existence — A One Person Company continues to exist until it is legally dissolved by its director. Death or departure of its director for any reason has no effect on the company’s existence and the company continues to exist even when there is a change in ownership.
  • Greater credibility – As per law, an OPC needs to undergo annual auditing of its books; thus offering it greater credibility among financial institutions as well as vendors.
  • Property Ownership — Since a One Person Company is a juristic person; it can own and sell property under its name. As long as the company is a running concern, the property owned under the company name cannot be claimed by the nominee director.
  • Compliance Exemptions –An OPC has many benefits in the form of compliance exemptions such as holding AGMs (Annual General Meetings) and Board Meetings; signing on annual returns and financial statements; notice of meeting; the power of the tribunal to call member meetings; calling of EGMs (Extraordinary General Meetings) to name a few.

Documents required for registration

For Sole Director/Nominee Director

  • Self-attested copy of PAN card

Identity Proof:  

  • Passport; or
  • Aadhar card; or
  • Voter ID; or
  • Driving license
  • Passport size photographs

Address Proof:

  • Self-attested copy of Telephone/Mobile or Electricity bill; or
  • Bank Account Statement (Less than 2 months old)

For Registered Office, Company Address Proof:

  • Telephone/Mobile/Electricity/Gas bill (Less than 2 months old); AND
  • In case of rented premises a notarized copy of Rent Agreement with a No-Objection Certificate (NOC) for conducting business;
  • In the case of self-owned premises registered title document

Others:

  • Consent of the Nominee
  • MOA and AOA

Minimum Requirement

  • A minimum of 1 director
  • A minimum of 1 shareholder
  • A minimum of 1 nominee
  • Shareholder and director can be the same person
  • Director/Member/Nominee to be Indian Resident
  • Shareholders and Nominee must be Resident in India
  • DSC (Digital Signature Certificate) for 1 witness and 2 promoters
  • DIN (Director Identification Number) for all company directors

Registration Process

Panomics Legal Mentors will help you to register an OPC from the comfort of your home, offering you services that are very professional and suited to an individual’s needs.

Get a free consultation for OPC registration with Our Top Rated Experts with simple Registration.