One Person Company Registration
Section 2 (62) Companies Act 2013 defines one person company (OPC) as a business entity that requires only a single person as a member or a director to set up.
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The concept of a one person company started in India with the Company’s Act 2013. The act allowed a single person to start their own business. Before this enforcement, it was impossible to start a business single handedly. One person companies, commonly abbreviated as OPCs, offer multiple benefits to solo entrepreneurs. For example, your company will have a legal status and can enjoy benefits like credibility, organic traffic, ownership rights, etc.
Let’s see a few more features of one person company:
Features of a One Person Company
- One person company allows single ownership
- Requires few legal compliance.
- One person companies are separate legal entities.
- Member of a OPC have limited liabilities.
- Secures personal wealth.
- It requires a nominee to continue the business’s existence.
- OPCs do not require setting any minimum paid-up capital.
- OPCs enjoy the same privileges as a private limited company.
Eligibility for Registering an OPC
- Any resident in India or NRI who is a citizen of India can become a member of an OPC.
- “Resident in India” means a person who has spent at least 120 days in India.
One Person Company Registration India A Complete Process
One Person Company Registration in India (OPC) can be done easily by following the suggested steps below.
Step 1: Checking name availability
We will check the company’s name to ensure that the proposed name for your business doesn’t match any other company’s name. Thus, it is mandatory to pick a unique name. To do so, you can visit MCA’s official website and enter the company/LLP name. Also make sure that there should be no trademark or domain name matching your business’s proposed name.
Step 2: Filing SPICe+ Part A form to reserve name
The next step is to reserve the proposed name for your business. There are certain legal formalities that MCA requires here such as filling the SPICe+ form. Our experts will create a “New Application” to reserve your company’s name. We may ask you the following details to complete your application:
- Business type
- Company class
- Category of company.
- Company sub-category
- Name of the company’s main division and description.
- Particulars of the proposed name
Step 3: Name approval
Once the company’s proposed name is submitted on the MCA’s portal, it will usually go to CRC (Central Registration Centre) for approval. However, it is to be noted that the company’s name can be rejected (if not found feasible). Therefore, it is mandatory to follow the stated guidelines carefully. MCA usually informs the applicants about the acceptance or rejection of their application on their provided email or mobile number.
Step 4: Filling SPICe+ Part B
Next, we will proceed for incorporation and complete the rest of the details. Applicant company may encounter the following details:
Structure of the company: Capital structure, AOA, whether the company has share capital or doesn’t total authorised capital, total subscribed share capital, etc.
Most companies in India are registered with a paid-up capital of Rs. 1 lakh however there is no minimum capital prescribed, for which they must pay a fee. You can check what the fee is you need to pay by using MCA’s fee calculator.
Company address: Here, MCA asks applicants to provide address details of the proposed business, city, state, district, phone number, and email ID of the company.
Subscriber details: The details of the subscriber to MOA and the company’s director along with a valid DIN will be required. As we will proceed, we will be asked to provide further details of the subscriber (name, surname, father name, gender, dob, nationality, place of birth, etc.).
If you don’t possesDIN, you can still incorporate your OPC, which will automatically generate your DIN.
Step 5: Gathering required documents
- PAN card
- For Identity Proof-aadhar card/voter id/passport/Driving Licence
- Passport Size Photo
- Business Address Proof (Latest electricity bill or telephone bill of the registered office)
- NOC from the Owner
- Rent Contract (If Rented)
- For Resident Proof-Latest Bank Statement/Telephone or Mobile Bill/Electricity or Gas Bill
Minimum Documents Required
Step 6: Selecting nominee
To complete your OPC registration, you shall need to provide the name of a nominee along with their particulars. The name of the nominee is required to ensure the perpetual survival of the OPC in the event of the company owner’s death.
Step 7: Completing attachments
Here, applicant company would be requested to upload files on pdf form.
- Memorandum of Association
- Articles of Association
- Copy of bills
- Consent of nominee (INC-3)
- Identity proof/ residential proof of subscriber
- ID proof of applicant
Step 9: Issue of Incorporation certificate (COI): If everything will be in order, the application will be approved by MCA and COI will be issued. PAN and TAN will also be mentioned on the certificate.
What to keep in mind before submitting documents?
- Standard accessible formats (Use jpg images)
- Correct format (Use standard forms to complete applications)
- Hire legal help (Experts will ensure attention-to-details)
- Ensure picture clarity (Ensure scanned images are not blurry but clearly visible)
- Rich media (The uploaded images should be latest)
- Follow guidelines (Place each document wherever required)
Why Hire JustStart for your One Person Company Consultant Services?
- JustStart consists of qualified CS, CA, lawyers, and business administrators.
- 360° Corporate Legal Support
- JustStart would be a one-stop-place for incorporation, annual filings, and other professional services.
- On-Time Service
- Super Support and Fast Service (Call, Email, Chat Support)
- less expensive than other professionals and service providers
- Point-to-Point update and dedicated relationship manager for guidance on upcoming compliance and further Requirements
LET'S CLEAR ALL THE DOUBTS!
An OPC should file the form INC-4 to inform the RoC in case of a change in membership resulting from the death of an existing member, or their incapacity to continue operations. The users may also be required to furnish details of the new member of the One-Person Company.
As per Section 2 (62) of the Companies Act, OPCs, or One-Person Companies, are business entities that can be incorporated with one member. Therefore, OPC is essentially a company with one person as its member or shareholder.
No. A person can only be a member of one company at a time.
MCA offers the facility to complete one-person registration online for the convenience of the applicants. In fact, the process can be completed 100% online without any need to visit MCA in person.
Only a natural person who is an Indian citizen or an NRI can choose to become a nominee.
Nominee must also be over 18 years of age. He cannot become a nominee for more than one OPC.
Once all the forms, including SPICe+ (Part A and Part B), have been submitted successfully, applicants will automatically receive the company’s Certificate of Incorporation which will include its CIN, PAN & TAN.
According to Rule 3 laid out in Companies Incorporation Rules 2014, only a resident of India or an NRI who is an Indian citizen and who is not a minor can be elected as a nominee in an OPC.
Yes. The owners can change the nominee of an OPC by notifying the company via INC-4 along with the consent of the existing and new nominee.
No. By nature of its formation, an OPC does not and cannot be incorporated as a public limited company
- Digital signature of the owner
- Copies of PAN (Aadhar) or Voter ID
- Address proof
- Residential proof
- Email address/mobile phone number
- Passport-size photographs
- Nominee consent
- For more information, please check the “minimum documents required” section above.
- Don’t submit documents without a structure.
- Never underdo what’s requisite.
- Avoid submitting old images.
- Avoid completing the one-person company registration online by yourself. Instead, get legal help from experts like Juststart.
- Don’t forget to note the formats needed, such as jpg images only for passport size photographs.
- Make sure to attach documents that have not expired.
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