One Person Company (OPC) Incorporation
Our top priority is our clients, and we strive to provide high-quality online One Person Company (OPC) registration services that are flexible and adaptable to individual needs. We make the OPC registration process simpler and more efficient for individuals. We are committed to providing excellent service and investing sustained efforts to meet the specific requirements of each client. With our expert OPC registration consultant, you can get your registration completed promptly.
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 their 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 members, providing a framework for the operation of the company. Compliance with these rules is essential to ensure that the OPC functions smoothly and effectively.
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.
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Advantages of One Person Company Registration
Documents Needed For OPC Registration.
- 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 their duties, and their permission must be obtained through Form INC-3, along with their PAN and Aadhar card details.
Our Role In OPC Incorporation.
To sum up, registering a One Person Company online can be confusing and may cause delays in the registration process, which can ultimately affect the owner of the company. To avoid such consequences, it is advisable to seek professional assistance.
Certifications Bay provides exemplary OPC registration consultant services and can help you navigate through the process of registering your One Person Company online. So, if you want to ensure a hassle-free OPC registration online, don’t hesitate to contact us.
Frequently Asked Questions (FAQs)
When the annual turnover of an OPC exceeds Rs 2 crore for three consecutive years or its paid-up capital exceeds Rs 50 lakh, the company must convert to either a private limited or public limited company. Additionally, the conversion must be completed within six months of meeting these requirements.
A natural person who is an Indian resident or an Indian citizen is eligible to act as a member and nominee of 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.
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.