One Person Company (OPC): Process of Registration, Requirements & Advantages

The Companies Act, 2013 totally changed corporate laws in India by presenting a few new ideas that didn’t exist already. On such distinct advantage was the presentation of One Person Company idea. This prompted the acknowledgment of a totally better approach for beginning organizations that agreed adaptability which an organization type of element can offer, while additionally giving the assurance of restricted obligation that sole ownership or associations needed.

In a Private Company, at least 2 Directors and Members are required while in a Public Company, at least 3 Directors and at least 7 members. A single person couldn’t fuse a Company previously. Be that as it may, presently an organization can be framed with only 1 Director and 1 part. It is a type of an organization where the consistence prerequisites are lesser than that of a privately owned business.

Advantage of having One Person Company

• More opportunities, Limited liability
• Minimum compliances
• Easy Funding
• A Separate legal entity
• The Only Owner
• Benefits under Income Tax Law
• Receive interest on late payment

Who should start OPC?

• Numerous individuals who are small dealers and retailers who deal with their business alone will shape OPC. They can take credits against their business and their own liabilities will be protected in case of debt. 
• Numerous experts who work alone like Chartered Accountants, Lawyers, Architects, Engineers, Interior Designers and so on can enroll OPC. 
• Youtubers and Bloggers who work alone can settle on OPC. 
• Single Entrepreneur can begin with OPC and later believer it into Pvt. Ltd. Organization.

One Person Company (OPC): Process of Registration

Step 1: Apply for DSC: Digital Signature Certificate required following document:

PAN Card, Address Proof, Photo Aadhaar Card, Email Id, Phone Number.

Step 2: Apply for DIN: Once process of DSC completed next step is to apply for Director Identification Number of the proposed Director in SPICe Form along with the name and the address proof of the director.

Step 3: Name Approval Application: Next step while establish an OPC is to decide the name of the company. The name of the company must be followed by (XYZ) OPC Private Limited Company.

Step 4: Documents Required: Some documents are required which are:

• The Memorandum of Association (MoA)
• The Articles of the Association (AoA)
• A nominee on behalf of such person
• Affidavit and Consent of the proposed Director

Step 5: Filing Forms with MCA: All the documents will be attached to SPICe Form, SPICe-MOA and SPICe-AOA alongside the DSC of the Director and the professional, and will be uploaded to the MCA site for endorsement.

Step 6: Issue of certificate of Incorporation: On verification, the Registrar of Companies (ROC) will issue a Certificate of Incorporation and we can commence our business.

Basic requirements for OPC Registration in Jaipur

• 1 Shareholder
• 1 Director
• 1 Nominee
• Director and Shareholder is one and the same person
• Minimum Share Capital shall be Rs. 100,000 (INR One Lac)