One Person Company Registration

At8 Accounting > ONE PERSON COMPANY

We handle your one-person company (OPC) Registration remotely through technology-based system and paperwork to make your company more registered and centered.

 

One Person Company is defined in Sub- Section 62 of Section 2 of The Companies Act, 2013, which reads as follows:

‘One Person Company means a company which has only one member’

An OPC is incorporated as a private limited company, where there is only one member and prohibition in regard to invitation to the public for subscription of the securities of the company.

 

 

Characteristics of One Person Company:

  • Company limited by sharesCompany limited by guarantee.An OPC can be formed under any of the categories.
  • Prohibits any invitations to public to subscribe for the securities of the company. Restricts the right to transfer its shares.
  • An OPC is required to give a legal identity by specifying a name under which the activities of the business could be carried on. The words ‘One Person Company’ should be mentioned below the name of the company, wherever the name is affixed, used or engraved.
  • The member of an OPC has to nominate a nominee with the nominees written consent, and file it with the Registrar of Companies (RoC). This nominee in the event of death or in event of any other incapacity, shall become a member of an OPC.
  • Company Registration Process in India takes 7-10 days
  • They do not have to hold annual general meetings.
  • Their financial statements need not include cash flow statements.
  • A company secretary is not required to sign annual returns; directors can also do so.
  • Provisions relating to independent directors do not apply to them.
  • Their articles can provide for additional grounds for vacation of a director’s office.
  • Several provisions relating to meetings and quorum do not apply to them.
  • They can pay more remuneration to directors than compared to other companies.

 

Advantages of a One Person Company

 

  • Separate Legal Entity
  • Minimum Share Capital Requirement
  • OnlyOne member Required
  • Limited Risk to Personal Assets
  • Limited Liability
  • Continuing Existence
  • Borrowing Powers
  • Trust Factor
  • Brand in Market

 

 

Documents Required for Incorporation/Registration

 

  • Identity and Address Proof of the Directors or Members-All the Members are required to provide their PAN and any Address Proof, (such as Aadhar Card, Voter Id card, Driving License) for the registration of the Company but make sure that the credentials in the PAN card is matching with the Address Proof.

 

  • Residence Proof of the Partners in case the Partner does not have DIN: Latest bank statement, telephone bill, mobile bill, electricity bill or gas bill should be submitted as a residence proof which should not be more than 2 months old.

 

  • In case of Foreign Nationals: If a Foreign national wants to be a member in a Company then he is mandatorily required to have a passport and that shall be apostille by the proper authority of the foreign country and in addition to this a address proof such as Driving license, bank Statement or any other document issued by the Government.

 

  • Utility Billfor the registered Office: Anyone document such as gas bill, electricity, or telephone bill must be submitted. The bill should contain complete address of the premise and owner’s name and the document shouldn’t be older than 2 months.

 

  • No Objection Certificate from the Owner: Every Company shall have a permanent address at the time of incorporation which shall be called as the Registered office of the Company that can be either taken on rent, owned by the Partner, or at the consent of the Landlord to allow the Company to use his premises as the Registered Office.

 

  • Email id / Contact No of the Directors or MembersThe Members are required to provide their email and contact no for the purpose of OTP verification.

 

  • Filing of the Necessary Forms with the Ministry

 

  • Passport Size Photo of the Directors or Members

 

  • Identity and Address Proof of the Nominee who shall be the member in case of mis-happening.
  • Obtaining the consent of the Nominee.