Professionalsaathi

One Person Company

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https://professionalsaathi.com/One Person Company

About The One Person Company
Roshan Singh

A One Person Company (OPC) is a unique and progressive business structure that allows an individual to operate a corporate entity with limited liability protection. This concept was introduced to support entrepreneurs who on their own are capable of starting a venture by allowing them to create a single person economic entity. One of the biggest advantages of an OPC is that one person could effectively manage the entire business while enjoying the status of being a company. It combines most of the benefits of a sole proprietorship and a company form of business. It has only one person as a member who will act in the capacity of a director as well as a shareholder.

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Benefits

An OPC enjoys the benefit of Separate Legal Identity in the eyes of law which clearly states that assets and liabilities of the business are not the assets and liabilities of the Directors or shareholders. .

No minimum capital is required to form a One Person Company. It can be registered even with Rs. 10,000 as total Authorized Share capital. .

A shareholder or the owner of a Company has a limited liability towards the company. His/her liability is limited up to the shares subscribed by him/her. .

For the purpose of Annual filing and other compliances, OPC is treated as a Private Limited Company. However, it is exempt from many compliances. It does not have to hold AGM every year. .

All the information relating to the company such as name, date of incorporation, registered office address, the status of the company, etc. are made available in a public database. This feature makes it easy to authenticate the existence of the business that ultimately helps in improving business credibility. .

The company keeps on existing in the eyes of law even in the case of death, insolvency, the bankruptcy of any of its member or shareholder. It continues as a legal person until it is legally dissolved. .

Steps

The first step in the formation of an OPC is obtaining a Digital Signature Certificate (DSC) for the proposed director of the company.

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After obtaining DSC, the proposed director needs to apply for the Director Identification Number (DIN).

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The next step involves choosing a unique name for the company and applying for its approval.

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Once the name is approved, the incorporation documents along with the prescribed fees need to be filed with the Registrar of Companies (ROC).

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After the ROC verifies the documents, a Certificate of Incorporation is issued, following which the OPC can commence its business operations.

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Requisties

  • PAN Card & Aadhar Card of all the Directors and shareholders

  • Photograph of all the Directors and shareholders

  • Self-Attested ID Proof of all the Directors (Driving License/Passport/Voter ID)

  • Electricity Bill or any other utility bill for the address proof of the Registered Office

  • A nominee on behalf of Director has to be appointed. His consent in Form INC – 3 will be taken along with his PAN card and Aadhar Card.

Deliverables

  • One DSC & DIN for Proposed Director

  • Name Reservation under RUN

  • MoA & AoA for Company

  • SPICe i.e. INC-32 Approval

  • Company PAN & TAN

  • Current Account Opening Support

Frequently Asked Questions

Only Indian residents can register an OPCs, and that, too, only one at a time, as per the specifications of the Ministry of Corporate Affairs. .

All such businesses must maintain books of accounts, comply with statutory audit requirements and submit income tax returns and annual filings with the RoC. .

A person can be a member of only one OPC. .

There is no specific tax advantage to an OPC over any other form. The tax rate is flat 30%, other tax provisions like MAT & Dividend Distribution Tax applies as they apply to any other form of company. .

a. A minor shall not eligible becoming a member b. Foreign citizen c. Non Resident d. Any person incapacitated by contract .

In case the paid-up share capital of an OPC exceeds fifty lakh rupees or its average annual turnover of immediately preceding three consecutive financial years exceeds two crore rupees, then the OPC has to mandatorily convert itself into a private or public company. .

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Get In Touch

Feel free to reach out to us if you have any queries.

  • Locations

    Kashmir to Kanyakumari

  • Email Address

    info@professionalsaathi.com

    partners@professionalsaathi.com

  • Contact Numbers

    +91 8950296299

    +91 9315650745

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