A One Person Company (OPC) is a unique business structure that allows a single individual to establish and run a company with limited liability. In this guide, we'll navigate through the process of OPC registration, explore its advantages and disadvantages, discuss the need for registration, outline required documentation, and address frequently asked questions to assist individuals in establishing a successful OPC.
OPC registration provides a single individual with the opportunity to enjoy the benefits of a private limited company, including limited liability, while being the sole owner and decision-maker. It enhances credibility and fosters growth opportunities for entrepreneurs.
a. Limited Liability:
The liability of the owner is limited to the extent of their investment.
b. Single Ownership:
Suitable for solo entrepreneurs who want full control over the business.
c. Separate Legal Entity:
OPC is recognized as a separate legal entity, distinct from its owner.
d. Ease of Management:
Simplified management and compliance requirements compared to other structures.
a. Single Ownership:
Limits collaboration and shared decision-making.
b. Limited Capital:
Raising capital may be challenging compared to larger corporate structures.
c. Conversion Restrictions:
Mandatory conversion to a private limited company if the OPC exceeds specified thresholds.
d. Nominee Requirement:
A nominee must be appointed, which could lead to complications if not managed properly.
Yes, an OPC can be converted into a private limited company, subject to certain criteria.
No, there is no minimum capital requirement for OPCs.
The nominee takes over the management of the OPC in such cases.
The registration process for a One Person Company (OPC) in India involves the submission of various documents. Here is a brief overview of the documents required for OPC registration:
Identity and Address Proof: PAN card of the proposed Director and shareholder and Aadhar card or Voter ID or Passport or Driving License for address proof. Passport sized photograph: Passport-sized photograph of the proposed Director and shareholder. Registered Office Proof: Documents like electricity bill, water bill, or property tax receipt for the address where the registered office will be situated and Rental agreement and a no-objection certificate (NOC) from the property owner, if the property is rented. Director Consent: Consent in Form DIR-2 from the proposed Director for being appointed as a Director in the company. Nominee Consent: Consent in Form INC-3 from the nominee for being appointed as such. Memorandum of Association (MOA) and Articles of Association (AOA): Drafting and submission of MOA and AOA, which define the objectives and rules governing the company. Declaration of Compliance: Declaration in Form INC-9 by the proposed Director and shareholder stating that all requirements of the Companies Act, 2013, and the rules made thereunder have been complied with. Affidavit: An affidavit from the Director and the nominee in Form INC-9 declaring that they are not disqualified to become directors under the Act. Proof of Ownership or Consent of Owner: If the registered office is owned by the Director, then any document such as sale deed or property tax receipt confirming the ownership. If it is rented, a rental agreement and NOC from the owner are required. Utility Bill: Recent utility bills for the registered office address.
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