We believe that you've decided to start your journey into business arena. Let’s take you to one step closure to know One Person Company incorporation process and its implication on business structure. You don't have excess paperwork to start an OPC (One Person Company). But there are some important things you need to know before starting your journey in the entrepreneur’s world.
Is a One-Person Company right for you to start?
If you want to have full control over your business with limited liabilities, then OPC is the best choice to start with. But ensure that you convert your business structure (within six months) to the private limited company after crossing an average turnover of 2 crores over three consecutive years or has a paid-up capital of over 5o lakhs.
Documents Required for One Person Company
Identity Proof of Director & Nominee Director
Color Photo of Director & Nominee Director
PAN card of both Directors and Nominee Director
Proof for Registered office in India
OPC Registration Procedure
Step 1. Obtaining DIN & DSC
The initial step towards One Person Company Registration in India has to apply for DIN (Director’s Identification Number) and DSC (Digital Signature) of the Directors. Following documents are required in order to obtain the DSC and DIN
Photo ID Proof of Business Owner: Aadhar card | Arms License | Department Id | Driving License | Freedom
Fighter id card | Pan Card | Passbook | Passport | Ration Card | Voter id card
Address Proof: Aadhar card | Arms License | Department ID | Driving License | Freedom Fighter ID Card | Pan Card | Passbook | Passport | Ration Card | Voter id card
Proof of Possession of Premises: Sale deed | Rent agreement | Electricity Bill, etc.
Photo: Passport size photograph
Step 2. Name Application Approval
One of the most important steps is to choose a unique and available name for the proposed Company.
Step 3. Application for Incorporation
It is the final step for One Person Company Registration Process. This requires the filing of the Articles of Association of the Company and Memorandum along with several other documents by the proposed directors and shareholders.
After the Incorporation application is approved, the Registrar will issue a Certificate with a Corporate Identification Number (CIN). The TAN and PAN of the Company will be issued.
Corpseed Three Easy Steps for OPC Registration
Fill-up our requirement form
We'll collect all your documents and file them directly with the authority
You'll receive your completed One-Person Company registration package by E-mail
If above benefits & Liabilities satisfy your business requirement, then OPC might best suit your business needs. Now in order to run One Person Company, a little more preparation will definitely go a long way.
Our expert CA / CS will help you to identify the various types of licenses /Registration/Permits required to start your One Person Company.
For example, to start your food business as an OPC, you might need to register with FSSAI or get FSSAI License.
Liabilities of a Private Limited Company
OPC must nominate a nominee director in the MoA and AoA of the company, the nominee director will become the owner of the OPC in case the sole Director gets disabled.
NRI’s or Foreign nationals cannot own a One Person Company
File annual returns with MCA (Ministry of Corporate Affairs)
Annual account audit by a CA is mandatory
One Person Company requires filing the annual return with the Income Tax Department
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Each company in India has to follow a set of compliances as set by different other regulatory bodies. The ‘Company Annual Compliance’ regimes need companies to gather their business information and update the regulatory bodies such as Ministry of Corporate Affair (MCA), Income Tax Department other regulatory bodies.
Similar to a company, OPC is also a separate legal entity from its promoter, offering limited liability protection to its sole shareholder.
Sole Director has all the control over business decisions
OPC being a separate legal entity, is unaffected by the death or departure of any member and continue to be in existence regardless of the change in ownership.
Ownership of a business can be easily transferred to a company by transferring shares.
In case your OPC exceeds annual sales turnover by Rs.2.00 crores or the paid-up capital exceeds Rs.50 lakhs, then it's mandatory to convert your OPC into a Private Limited Company. A private limited company has less limitations and less liabilities as compared to OPC.
How to get One Person Company Registration?
Connect With Corpseed
Connect with the team corpseed to discuss specific requirements for your business at IVR: +91 7558 640 644 or email@example.com. It takes 20-25 minutes to discuss requirement.
Once you discuss the requirement, we will align a dedicated Account managers are here to help understand your business and provide best solutions and assist you with the entire process.
Real Time Update
Use our platform to track progress of application and many more. Always know what is going on with your application, what is in progress, and what is done.
Once job is completed, you will receive documents directly to your email ID and at your doorstep along with 30 days payback guarantee incase not satisfied with the services.
No, you need not to be present at our office or appear at any office for the incorporation of a One-person Company. All the documentation has been completed by us. In case of any communication during incorporation, we might use email to receive or send documents to you.
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