One Person Company | OPC Registration | OPC Company Registration

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4. Introduction to a One Person Company The concept of the one-person company was brought to India by the Companies Act, 2013 to assist the entrepreneurs. They are the people who are capable enough to start a venture allowing them to create a single person economic entity.

5. Advantages of having an OPC Following are the advantages of a One Person Company: • You can have more than 1 directors but shareholders cannot be more than 1 • Member’s death doesn’t affect the OPC • OPC is effortless to set up and maintain • Members have restricted Liability Under OPC liability • Registration and incorporation of OPC requires less paperwork • OPC enjoys no interference from third parties.

6. Eligibility criteria for the incorporation of OPC • The entrepreneur desirous of incorporating an OPC must a citizen of India and resident in India. • Legal entities like LLP and company cannot be an OPC. • Promotor selects a nominee during the incorporation process • The minimum authorized capital must be Rs 1 Lakh. • Minors, foreign citizens, any person incapacitated by contract cannot be members of an OPC • If the paid-up capital is more than Rs 50 lakhs or if the turnover is above 2 crores OPC cannot exist. • The OPC must have at least 1 shareholder/Nominee/Directors.

7. Documents required for registration of OPC • PAN card or scanned copy of passport in case of foreign nationals and NRI • Scanned copy of passport, voter ID or driving license.  • Copy of current bank account, phone or mobile bill, electricity or gas bill. • Passport size photographs • Signature or thumb impression  • Memorandum of Association  • Articles of Association  • Affidavit and consent of the proposed director

8. Fees required for registration of OPC

9. Procedure for registration of OPC The process for registration of OPC is as follows: • Digital Signature Certificate (DSC): The first step is to obtain a DSC, the director would require documents for address proof (Aadhar Card, Pan Card etc.). It is mandatory for digital company registrations. • Director Identification Number (DIN): The director has to fill the SPICe form to avail DIN. Director’s name and address proof have to be submitted. Form DIR-3 is filled for an existing company. • Name approval application: Moreover, the name for company registration can be approved either through the RUN web service of MCA (Ministry of Corporate Affairs) or Form SPICe32. Submitting a preferred name with signature. The ministry will decide to approve that name. The company’s name once approved shall affix Private Limited at the end for example XYZ (OPC) PVT. LTD. • Filling the forms with MCA: To complete the OPC registration, the above-mentioned documents will have to be attached with the SPICe form, SPICe-MoA and SPICe-AoA along with DSC

10. Compliances Post OPC Registration • A minimum 1 board meeting every 6 months. The time gap between meetings shouldn’t be less than 90 days. • properly mention the books of accounts • Likewise, timely completion of Statutory audit of financial statements • Thereby, income tax returns have to be filed every 30th September • Similarly, Financial statements in Form AoC-4 and RoC annual return in Form MGT7 have to be filed.

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