Simplest form of establishing company by sole proprietor with advantages of a company.
WHAT IS OPC REGISTRATION?
The idea of One Person Company (OPC) in India was introduced to give a boost to entrepreneurs who have great potential to start their own venture by allowing them to create a single person company. If an OPC exceeds a turnover of over Rs. 2 crore or has a paid-up capital above Rs. 50 lakhs, it must be turned into a private or public limited company within six months.
Limited Liability: The directors’ personal property is always safe in a private limited company, no matter the debts of the business.
Continuous Existence: An OPC has a separate legal identity, it would pass on to the nominee director upon his death and therefore, continue to exist.
Greater Credibility: As an OPC needs to have its books audited annually, it has greater credibility among vendors and lending institutions.
DOCUMENTS REQUIRED TO REGISTER OPC REGISTRATION
- Scanned copy of PAN Card or Passport (Foreign Nationals & NRIs)
2. Scanned copy of Voter’s ID/Passport/Driver’s License
3. Scanned copy of Latest Bank Statement/Telephone or Mobile Bill/Electricity or Gas Bill
4. Scanned passport-sized photograph Specimen signature (blank document with signature)
Note: The director must self-attest the first three documents. In case of foreign nationals and NRIs, all the documents must be notarised (if currently in India or a non-Commonwealth country) or apostilled (if in a Commonwealth country).
- Scanned copy of Latest Bank Statement/Telephone or Mobile Bill/Electricity or Gas Bill
2. Scanned copy of Notarised Rental Agreement in English
3. Scanned copy of No-objection Certificate from property owner
4. Scanned copy of Sale Deed/Property Deed in English (in case of owned property)
Note: Your registered office need not be a commercial space; it can be your residence, too.
Only Indian citizen or resident of India can form or incorporate a OPC.
As name suggests, there could not be more then one director and one shareholder to start a One Person Company.
It takes not more then a 15 days to incorporate a One Person company subject to timely submission of documents by the client. However, it also depends upon the workload of the ministry.
Self attested PAN Card, identity and address proof of the directors along with the NOC from the owner for doing business will be required.
A person shall not be eligible to incorporate more than a One Person Company or become nominee in more than one such company.
One Person Company can be registered like Private Limited Company, where all the rules and regulation are laid down by the Ministry of Corporate Affairs.
To get your One Person Company registered click here
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