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One Person Company Registration

The first move towards building an empire!

 

    • Overview
    • Benefits
    • Documents required
    • Process

    What is One Person Company?

    To understand one person company definition, we first need to get into the identity it creates. A registration provides corporate status and many benefits to the members and directors. In the case of a Private company, at least two members are required which is not the same in the case of OPC. To eliminate this drawback and allow a single person to reap the advantages of One Person Company, this sort of a company structure is introduced through the Companies Act, 2013. One Person Company registration is simplified with online filing and process.

    One Person Company feature is such that it has only one shareholder who owns 100% stake of the company. To maintain the character of perpetuity, the appointment of the nominee is compulsory, who will take place of the owner in case of death or his inability. One person company is a type of Private Limited Company.

    Separate Legal Existence
    A One Person Company would obtain the status of a separate legal entity. Such OPC registration ensures that the entity is separate from the owner, unlike a proprietorship firm. OPC can own the assets in its own name and enter into a contract with the parties. The actions of the company are independent of the owner. This is the main benefit of OPC registration.
     
    Lower Compliance Requirements
    A Single Person Company is benefited with an exemption to many compliances unlike a private company. Compliances like holding General and Board Meeting, etc. are not applicable to OPC. However, Board Meeting must be held if more than one director is on Board.
     
    Limited Liability of Owners
    One of the benefits of registering OPC lies in the separate legal entity of the company where the liability and obligations are not charged over the personal assets of the sole member. The liability of a member is limited to the unpaid amount of the capital subscribed by the member. Even in the case of liquidation, the personal assets of the member are protected, except in certain specified cases.
     
    Separation of Management and Ownership
    Even if the OPC is owned by sole personnel, the owner may appoint a director owing up to the responsibility to operate and run a company. The operational duties are assigned to the director(s) whereas the member would be able to fetch profits channeling efforts towards other businesses. However, in One Person Company, the shareholder holds complete control over being a stakeholder.
    PAN Card
    PAN Card of shareholder, nominee, and Directors.
    Identity Proof
    Aadhar card and Voter ID/ Passport/ Driving License of Shareholder, Nominee, and Directors.
    Director’s Address Proof
    Latest Telephone Bill /Electricity Bill/ Bank Account Statement of Shareholder, Nominee, and Directors.
     
    Photograph
    Latest Passport size photograph of Shareholder, Nominee and Directors
     
    Business Address Proof
    Latest Electricity Bill/ Telephone Bill of the registered office address
     
    NOC from owner
    No Objection Certificate to be obtained from the owner(s) of registered office
     
    Rent Agreement
    Rent Agreement of the registered office should be provided, if any

    Process to register OPC online

     
    Day 1 - 2
    • Review of documents and information provided
    • Application for Digital Signature Certificate
     
     
    Day 3 - 6
    • Checking Name availability
    • Drafting of MoA, AoA & other required documents
     
     
    Day 7 - 9
    • Name reservation application under SPICe
    • Filing company registration application
    • DIN allotment application
    • Application for PAN and TAN of company
     
     
    Day 10 - 12
    • Government processing time