OPC or One Person Company is recently introduced in the year 2013. As the name suggests it is for those who want to start a company as a single owner or promoter. It enables the promoter to carry out the business activities within the corporate framework, unlike sole-proprietor.
One Person Company (OPC) Registration Process
Step 1: Apply for DSC
Step 2: Apply for DIN
Step 3: Application for Name Approval
Step 4: All other Required Documents
Step 5: Filing Forms with Ministry of Corporate Affairs (MCA)
Step 6: Issue of Incorporation Certificate
Note: For Name approval application the applicant is not required to obtain DSC and DIN. The applicant can do this by logging into the MCA Portal.
List of Documents Required
- Objective Of the Company.
- Basic Detail of the Applicant such as Educational Qualification, Address Proof, Contact Number, Birth Place, and e-mail ID.
- Bank Statement or Utility bill of the Proposed director (Not older than 2 months).
- Self Attested copy of ID Proof (Passport/AADHAAR/Voter ID).
- Address proof of registered office:
- Own office – Copy of electricity bill/landline bill/ water bill/ municipal khata copy/ property tax receipt
- Rented office – Rent agreement with an electricity bill of owner and No objection certificate (NOC) from the owner
- DSC of the proposed Director
Advantages of One Person Company (OPC)
- Limited Liability Protection to the promoter or director
- Easy sanction of loan from bank
- Complete control of the company with the single owner
- Less burden of obligation when compared to Private and Public company as the following things are not required:
- Conducting Annual General Meeting (AGM) or Extra-Ordinary General Meeting
- Quorum of board meeting
- Perpetual Succession (OPC is an artificial entity distinct from its owner)
Why choose Masters India Services?
1. We have active client support that assists you through the OPC Incorporation
2. We provide regular updates about the OPC Incorporation
3. No physical visit to the office completely online OPC Incorporation
4. Dedicated expert to process your end to end OPC Incorporation Process
5. Obtain OPC Incorporation certificate within 15-20 business days
Q1. Who can be a director of OPC?
Ans. A natural person who is an Indian citizen and resident is eligible to become a director of OPC.
Here the term “Indian Resident” implies to that person who has stayed not less than 182 days during the immediate preceding one financial year.
Q2. A person can be a director of how many One Person Company (OPCs)?
Ans. An individual/person can be a director of only 1 OPC
Q3. When an OPC has to mandatorily get converted into either a private or public company?
Ans. An OPC needs to convert into Private Ltd or Public Ltd in case when the paid-up share capital exceeds 50 Lakhs INR or its average annual turnover exceeds 2 Crore INR in the preceding three financial years.