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One Person Company
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ONE PERSON COMPANY
(OPC)
One Person Company (OPC) is a Private
Limited Company having only one person as to its
member and one or more than one person as to its Directors.
The concept of One Person Company was incorporated under The Companies Act, 2013.
Earlier
under Companies Act 1956 there was no such concept. This concept was introduced to
encourage corporatization in India. It gives corporate entity to small businesses and
also
encourages the MSME sector to opt for a corporate form of business.
Characteristics
- Nominee
- Name
- Member
- Director(s)
- Two OPCs
- Minor
- Section 8 Company
- NBFI
- Restriction
- Conversion
As per Companies Act, 2013, One Person Company means a company which has only one person as a member. It is a private limited company with the additional benefit of reducing its minimum required membership to 1. It means it enjoys all the benefits of a regular private limited company as well as subject to restrictions applicable to such companies.
Nominee
The concept of the nominee has been introduced for the effective working of One Person Company. As per Companies Act 2013, the memorandum of association of the company shall contain the name of the person who shall become responsible for the business of the company after the death of a member of the company.
Director(s)
Although the name suggests “One Person Company” that does not mean that an OPC cannot have more than one director. The term “One Person Company” means One Member Company. Hence an OPC can have more one Director subject to maximum 15.
Conversion
No OPC can convert voluntarily into any kind of company unless 2 years have expired from the date of its incorporation except the threshold limit of Rs. 50 Lakhs and Rs. 2 Crores for Paid-Up Share Capital and Turn over respectively has been exceeded.
Name
Name of the One Person Company shall contain “(OPC) Private Limited” or “(OPC) Pvt. Ltd.” as a suffix.
Minor
A minor person cannot become a member of OPC and he/she cannot become a nominee in any OPC.
Member
The minimum and the maximum number of member(s) / shareholder(s) is only ONE.
Two OPCs
The same person can neither become member nor nominee in 2 (two) OPCs.
Section 8 Company
A One Person Company cannot be incorporated or converted into Company with Charitable Object i.e. Section 8 Company.
NBFI
A One Person Company cannot carry out Non-Banking Financial Investment activities including investment in securities of any Body corporate.
Restriction
A One Person Company has to be converted into regular Private Limited Company if it crosses the threshold limited which is as below:- Paid Up Capital:- Rs. 50 Lacs, OR Turnover:- Rs. 2.00 Crores
Steps to Incorporation of OPC
Name Availability
Check whether proposed name(s) do(es) not match with existing names of the companies.
01
DSC
For incorporation of Company and its further compliances Class 2 DSC is necessary.
02
RUN
File web based Form RUN for the purpose of reservation of name for the company
03
SPICe+
File web based forms Form SPICe+, Forms SPICe+ MOA, Forms SPICe+ AOA, Form AGILE Pro, and Form INC-9 for completion of incorporation process.
04
Advantages of One Person Company
Board Meetings
A One Person Company needs to hold only 2 board meetings in a year with a minimum gap of 90 days between two meetings.
Annual Return
An Annual Return of the OPC can be signed by only one Director. If the company has a Company Secretary then the signature of that Company Secretary alone is sufficient.
Financial Statement
In the case of OPC, the signature of only one Director on the Financial Statement is adequate.
Cash Flow Statement
An OPC need not include Cash Flow Statement in its Financial Statement.
Annual General Meeting
A One Person Company needs not to hold the Annual General Meeting. This privilege is available only to this type of company.
Rotation of Auditor
Provisions under Companies Act 2013 regarding the rotation of auditors does not apply to One Person Company.
Documents Required For OPC Registration
Director’s Address Proof
PAN Card of shareholders and Directors. Foreign nationals must provide a valid passport.
Business Address Proof
PAN Card of shareholders and Directors. Foreign nationals must provide a valid passport.
PAN Card
PAN Card of shareholders and Directors. Foreign nationals must provide a valid passport.
Photograph
PAN Card of shareholders and Directors. Foreign nationals must provide a valid passport.
Note
PAN Card of shareholders and Directors. Foreign nationals must provide a valid passport.
Identity Proof
PAN Card of shareholders and Directors. Foreign nationals must provide a valid passport.
Frequently asked
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Are your services available to individuals and businesses of all sizes?Yes, we cater to both individuals and businesses, regardless of size. Our services are designed to meet the needs of startups, small and medium-sized enterprises (SMEs), and large corporations.
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Can Regitimate handle my tax filings?Yes, we offer tax filing services to individuals and businesses. Our tax experts will ensure accurate and timely filing to help you minimize your tax liability while remaining compliant with tax laws.
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How does Regitimate assist with Intellectual Property (IP) services?Our IP services include trademark registration, patent filing, copyright protection, and IP strategy development. We help safeguard your intellectual property assets and provide legal guidance in case of infringement issues.
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