One Person Companies enjoys the following benefits:
One Person Company
According to Section 2(62) of the Companies Act, a one person company is a company that has only one person as its member. The concept of OPC was introduced to support entrepreneurs who are capable of starting a venture on their own, by allowing them to create a single individual economic entity. To incorporate a one person company a minimum of two persons over the age of 18 years (1 Director and 1 Nominee) are required. Both have to be Indian citizens and residents. Every One Person Company (OPC) needs to have a nominee Director in the MOA and AOA of the company. This nominee will become the owner of the OPC in case the sole Director is disabled. An OPC must be converted into a PLC once the annual turnover crosses Rs. 2 crores and needs to file audited financial statements with the Ministry of Corporate Affairs at the end of each Financial Year. It is very important for the Entrepreneur to carefully consider the features of a One Person Company prior to incorporation.
Bizpole is the market leader in company incorporation services in India, offering comprehensive and cost effective OPC incorporation services to its clients for many years.
Benefits of OPC Registration
- Only One person is required for OPC registration.
- Limited Liability
- Lesser paperwork & compliances when compared to a private limited company.
- Presence of nominee director ensures Continuous Existence
- OPC can own Property on company Name.
Application for DSC (Digital Signature) of Director.
The OPC director has to apply for the Digital Signature Certificate (DSC), which is mandatory to file for the company registration records. A few scanned documents needs to be submitted for obtaining DSC.
Application for Name approval.
Once you have applied for DSC, you need to choose a name for your business. To reserve your companies name, SPICe form INC-32 needs to be filled and applied to the Ministry of Corporate Affairs along with relevant documents.
Preparation of Incorporation documents.
All necessary documents and files needs to be collected and verified before filing applications for OPC incorporation. Bizpole experts will assist and guide you at every step.
Drafting of MOA and AOA.
MoA otherwise known as the Memorandum of Association and the AoA also known as the Articles of Association is your company's constitution. This needs to be drafted carefully and should contain the name of the nominee in it.
Filling of incorporation.
The Certificate of Incorporation will be processed and approved at the end of all the other processes.
Scanned copies of the following documents needs to be submitted with the application for OPC registration.
- Pan card of Directors (Mandatory)
- Nominee Address and ID Proofs
- Photo of Directors.
- Address Proof of directors.
- Bank statement of Directors.
- Utility bill for Registered Office address.
- Rent agreement in b/w Proposed company and owner.
- Owner NOC