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One Person Company Registration

Certifications Bay assures to assist you in One Person Company registration online by maintaining the flexibility and bright outlook at the most reasonable price, while you can focus on other fundamental business aspects.

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How much it cost to Register Business in India?

The cost of establishing a business in the India varies significantly, depending on a range of factors, such as:

  • Type of business
  • Location
  • Specific licensing requirements

Offering all-inclusive business setup services in India, we understand these complexities and offers a comprehensive cost calculator. This tool provides a transparent estimation of all expenses involved in setting up your business in India. With CertificationsBay’s cost calculator, you can strategically plan your investment, making the journey toward business establishment more transparent and manageable.

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What is OPC?

As per Section 2(62) of the Companies Act, a One Person Company (OPC) is a type of company that has a single individual as its sole member. In an OPC, the individual promoter has complete control and authority over the company, acting as both the shareholder and director. However, a nominee director is also appointed, who has no authority unless the actual director is unable to perform his duties.

Furthermore, OPCs are required to follow specific regulations and guidelines outlined in the Memorandum of Association (MoA) and Articles of Association (AoA). These documents lay out the rights and responsibilities of both the company and its member, providing a framework for the operation of the Company. Compliance with these rules is essential to ensure that the OPC functions smoothly and effectively.

Streamlining One Person Company Registration

An OPC, or One Person Company, represents a unique blend of two business structures: the independence of a sole proprietorship and the advantages of a company. This innovative structure eliminates the challenges associated with finding suitable co-partners when establishing a registered entity.

By transforming unstructured proprietorship businesses into organized private companies, OPCs pave the way for sole proprietors and startups to thrive. Governed by Section 3(1)(c) of the Companies Act, 2013, OPCs can be established for any lawful purpose by an individual. As per Section 2(62), an OPC is defined as a company with only one person as its member.

OPCs are classified as private companies, comprising a single director and shareholder. This setup allows individuals to benefit from limited liability while operating as sole proprietors. The rise of One Person Companies exemplifies significant growth within India’s corporate sector.

When should a one-person company be converted to a private limited or public limited company?

An OPC must undergo conversion into either a private limited company or a public limited company in the following circumstances:

  • When the annual average turnover of the past three years exceeds Rs. 2 Crore.
  • When the paid-up share capital of the company surpasses or reaches Rs. 50 lakh or more due to fresh investments or an increase in share value.

Contact us to convert your One Person Company (OPC) into Private Limited or Public Limited Company.

Advantages of One Person Company Registration

  • OPC is a distinct legal entity, with rights similar to that of an individual, enabling it to engage in contracts, initiate and be subjected to legal proceedings.
  • Grant full control of the company to an individual.
  • Regardless of factors such as death, bankruptcy, or changes in membership, an OPC will maintain its existence as a separate legal entity.
  • Small businesses are suited to this type of company.
  • Offers flexibility in terms of taxes for the business.
  • OPCs are easy to manage.

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Reasons to Choose CertificationsBay for One Person Company (OPC) Registration

  • Successfully completed 500+ Business registrations in India.
  • Solid Network /CAs/CPAs.
  • Fintech Licensing Experts with years of Experience.
  • Experience of Resolving Tax Disputes.
  • Worked with over 1,000+ Entrepreneurs across the India.
  • Online  Service Delivery Platform ensuring Timely Support.
  • Maintained Consistency with 99.7% Client Recommendations.
  • 100+ Queries for Business registration in India Daily.

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How to start One Person Company Registration with CertifiactionsBay?

Follow the steps below to Register you One Person Company with CertificationsBay experts support.

  • Schedule a Free Call back and our Expert will guide you for the requirements
  • Completion of documentation.
  • Attach the Documents.
  • Submit the form to the concerned authorities.
  • Liaison with the concerned authorities.
  • If the application and Documents are found to be satisfactory by the officials then the registration shall be issued and in case of any objection, we will take care accordingly for getting Business Registration.

One Person Company Registration Documents Requirements

 

  • Proof of ownership of the principal office, along with evidence of ownership and a No Objection Certificate (NOC) from the owner.
  • Submission of Form INC-9 for declaration and Form DIR-2 for consent from the director is mandatory.
  • It is necessary to appoint a nominee in case the director or member becomes unable to perform his duties, and their permission must be obtained through Form INC-3, along with their PAN and Aadhar card details.

Our Team will help you prepare the required documents. Documents requirements varies depending on business model. Contact our team for guidance.

Criteria for One Person Company Registration Eligibility

Before proceeding with One Person Company (OPC) registration, it’s essential to meet the following eligibility criteria:

  • Residency Requirement: The individual forming an OPC must be a natural person and a resident of India in the preceding calendar year.
  • Single Member: An OPC can have only one member.
  • Unique Name: The proposed name for the OPC must be distinct and not similar to any existing company or trademark.
  • Limit on OPC Formation: An individual cannot form more than one OPC, and likewise, cannot be the nominee of more than one OPC.
  • Director Requirement: There must be at least one director for the OPC.
  • Paid-Up Capital and Turnover: Previously, there were thresholds for paid-up capital (Rs 50 lakh) and average annual turnover (Rs 2 crore) in the immediately preceding financial year. However, with recent budget revisions, there are no restrictions on these limits.
  • Name Specification: The name of the One Person Company must include “OPC Private Limited.”
  • Nominee Indication: It’s mandatory to indicate the name of another individual as a nominee. In the event of the subscriber’s death, the nominee assumes membership of the One Person Company.

How We Assist You in One Person Company Registration?

  • We will help you ensure that all necessary documentation is in order to facilitate a smooth registration process.
  • We will assist you in filling the application form.
  • We will ensure to monitor the status of your One Person Company Registration application and keep you informed of its progress.
  • We will work closely with officials to ensure timely follow-up and resolution of any issues that may arise during the Registration process.
  • If requested by the authorities, we will provide assistance to help you meet any additional requirements necessary for the One Person Company Registration process.
  • We are committed to providing you with the most satisfactory solutions to any concerns or queries you may have regarding the Registration process.

CertificatonsBay has a team of legal professionals who deal with these issues, give our clients the right advice without distorting the truth, and deliver the certificate and license within a reasonable time. Connect with CertificationsBay today to avail our quality services.

FAQs on One Person Company Registration in India:

What is an One Person Company?

One Person Company is a company with just one member. According to Section 3 of the Companies Act 2013, OPCs are also private limited companies; hence they must adhere to all the requirements of a private limited company.

What are the eligibility criteria for acting as a member of a One Person Company?

A person who is an Indian resident or an Indian citizen is eligible to act as a member and nominee of an One Person Company.

Does an OPC have perpetual succession?

In essence, an OPC is a private limited company with a sole shareholder. Given that it is a private limited company, perpetual succession is possible. The sole member is needed to designate a candidate who will assume control in the event of his demise or incapacity.

Which individuals or entities are ineligible for forming a One-Person Company?

The following individuals are ineligible to form an OPC:Minors (individuals who are legally considered children and have not yet reached adulthood) Foreign citizens (non-Indian residents) Individuals who have been declared unfit by contract. Further, an entity cannot form an OPC.

Is it mandatory for a member of an OPC to appoint a nominee?

Yes, The appointment of a nominee by a member of an OPC is mandatory.

What makes OPC a suitable form of business?

OPC is a suitable form of business for individuals who desire complete control over their business while also enjoying limited liability protection, ensuring that their personal assets are not at risk.

What are the advantages of registering as a One Person Company (OPC)?

Some advantages of OPC registration include limited liability protection for the owner, separate legal identity for the business, ease of formation, fewer compliance requirements compared to other company types, and the ability to access funding and contracts in the name of the company.

Is there a minimum capital requirement for One Person Company (OPC) registration?

Previously, there was a minimum capital requirement of Rs 1 lakh for OPC registration. However, as per recent amendments, there is no such requirement.

Can a One Person Company (OPC) be converted into another type of company?

Yes, a One Person Company can be converted into a private limited company or a public limited company subject to compliance with the necessary legal procedures and regulations.

What are the compliance requirements for a One Person Company (OPC) after registration?

Some common compliance requirements for OPCs include annual filing of financial statements and annual returns with the ROC, maintaining statutory registers and records, conducting board meetings, and complying with tax regulations.

Can a minor become a member or nominee of an OPC?

A minor is not permitted to join an OPC, serve as its nominee, or possess shares of an OPC with a beneficial interest.

What are the restrictions of an OPC?

OPC cannot engage in non-banking financial operations, such as investing in the securities of anybody corporate, and OPC cannot be converted into a Section 8 company.

What is the INC-4 Form?

When the nominee of an OPC replaces the sole member of an OPC in the case of his demise or inability to enter into a contract, Form INC-4 is filed with the Registrar. With the prior written approval of the individual thus nominated in Form INC-3, such a form must be filed within 30 days of the change in membership.

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