One Person Company
Register One person company (OPC) online at Rs.6499 with Tax Rupees the best online OPC registration services in India.
Basic Plan
- Company Registration
- Share Certificates
- Current Account Opening
- GST Registration
- 1 Digital Signature
Standard Plan
- Company Registration
- Share Certificates
- Current Account Opening
- GST Registration
- 1 Digital Signature
- 1 Year GST Return Filing
Premium Plan
- Company Registration
- Share Certificates
- Current Account Opening
- GST Registration
- 1 Digital Signature
- 1 Year GST Return Filing
- 1 Year MCA Filing
- 1 Year Income Tax Filing
- 1 Year DIN KYC for Directors
Documents Required For One Person Company
One Person Company Registration
A one person company is a type of business entity that is registered with the Registrar of Companies. It is a separate legal entity from its owner and has limited liability. The owner of a one person company is known as the shareholder.
The benefits of incorporating a one person company include limited liability, easy formation, and compliance with corporate laws. One person companies are also known as sole proprietorships.
Who can incorporate a one person company?
» Any individual who is a resident of India and aged 18 years or above can incorporate a one person company.
Some of the key features of a one person company are:
- It must have only one director and shareholder
- The director must be a resident of India
- The shareholder must hold at least 51% of the shares in the company
- It must have a paid up share capital of Rs 1 lakh or more
- It must have a minimum annual turnover of Rs 20 lakhs
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What are the benefits of incorporating a One Person Company
A One Person Company is a company with only one shareholder. It is a separate legal entity from its shareholders, meaning it can enter into contracts, own property, and incur debts and liabilities in its own name. The liability of the shareholder is limited to their investment in the company.One Person Companies are relatively easy and inexpensive to set up and maintain when compared to other types of business entities. They also offer some flexibility in terms of compliance with government regulations. For example, One Person Companies are not required to hold annual general meetings or prepare audited financial statements.
Who can incorporate a One Person Company
Any individual who is a resident of India and aged 18 years or older can incorporate a One Person Company. The individual must also have a valid PAN (Permanent Account Number) issued by the Income Tax Department.What are the features of a One Person Company
Some of the key features of a One Person Company are as follows:- It must have only one shareholder
- It must have only one director
- The minimum paid-up capital requirement is INR 1 lakh
- It must have a DIN (Director Identification Number)
- It must obtain approval from RBI (Reserve Bank of India) for foreign investment
- It must have a registered office in India
How to incorporate a One Person Company in India
The steps involved in incorporating a One Person CompanyIncorporating a One Person Company in India requires the following steps:
- Obtain a Director Identification Number (DIN) from the Ministry of Corporate Affairs (MCA).
- Apply for a name registration with the MCA.
- Draft the Memorandum and Articles of Association of the company.
- File the incorporation documents with the MCA along with the prescribed fees.
- Obtain the Certificate of Incorporation from the MCA.
The documents required for incorporation
The following documents are required for incorporating a One Person Company in India:- Duly filled and signed Form INC-7 along with the application for DIN;
- Memorandum of Association;
- Article of Association;
- Affidavit and Declaration as per Annexure I to Regulation 7 of The Companies (Incorporation) Regulations, 2014 ;
- PAN Card / Passport / Voter's ID card / Driving License issued in India as proof of identity of the subscriber to MOA and AOA;
- Address Proof - any one out of passport/bank account statement/telephone or mobile bill/electricity or gas bill not older than two months old, duly attested by a Gazetted Officer or Notary Public, containing self-attested photograph and residential address;
- Photographs - three recent passport size photographs of each director duly self-attested;
- Details of other directorships held by him, if any - annexed with Form DIR-3 KYC
- No Objection Certificate(NOC), if he is already holding any other directorship in any other company(ies)
- "Specimen signature" in black ink on white paper duly self-attested by him
- "Proofof residence" as mentioned at Sl no.(f);
- "Proofof appointment" as director such as Board Resolution or Letter of Appointment executed on non-judicial stamp paper or electronically signed document, wherever allowed u/s 4A(1)(b);
- "Any other information", which may be prescribed by rules from time to time."
The registered office of a One Person Company
A One Person Company must have a registered office within fifteen days from the date on which it is incorporated under section 12(6).The regulations and compliances for a One Person Company
The financial statements of a One Person Company must give a true and fair view of the state of affairs of the company as at the end of the financial year and of the profit or loss for that year.They must comply with the accounting standards prescribed under section 133 of the Companies Act, 2013 read with rule 7 of the Companies (Accounts) Rules, 2014.
The Balance Sheet, Statement of Profit and Loss, and Statement of Cash Flows shall be in Form AOC-1 annexed to these rules.
The Notes to Accounts shall be presented in Form AOC-2 annexed to these rules.
In case where any item is required by Accounting Standards but is not specifically dealt with in Form AOC-1 or 2, such item shall be disclosed separately under appropriate headings in Form AOC-1 or 2.
The annual return of a One Person Company
Every One Person Company shall file with the Registrar in Form MGT - 7 within sixty days from the closure of its financial year, an annual return containing particulars as prescribed in sub - section (3) read with section 92 which shall be verified by a company secretary or where there is no company secretary, by any director of the company.]]The annual return shall contain the following particulars:
(i) the registered office of the company;
(ii) the principal business activities of the company indicating the codes as prescribed under the Companies (Indian Accounting Standards) Rules, 2015;
(iii) the names, addresses, and occupations of the directors of the company;
(iv) the share capital of the company;
(v) details of contracts or arrangements entered into by the company with any director or body corporate in which a director is interested; and
(vi) such other particulars as may be prescribed.
A One Person Company is a great way to start a business in India. The benefits of incorporating a One Person Company are numerous, and it is relatively easy to do so. There are some important regulations and compliances that need to be followed, but overall, a One Person Company is a great option for starting a business in India.
FAQ
If you don't see an answer to your question, you can send us an email from our contact form.
A candidate is a person who turns into an individual from the organization if there should be an occurrence of the advertiser's demise or weakening.
Approved Capital of a Company is the quantity of offers an organization can issue to the investors. A Company is expected to pay the Government an approved capital expense to give shares.
Guarantee that the name you pick is special and you have every one of the expected records before the course of joining for expedient consolidation.
In the event that the yearly compliances are not met with the turns into a Dormant Company and can be struck off after some time. A Struck organization can be restored for a time of as long as 20 years.
The DSC lays out the personality of the source or the endorser electronically while recording the archive on the web. The MCA commands that the Directors sign a portion of the application records using their Digital Signature.
It is the Unique Identification Number that is appointed to all current and proposed Directors of a Company. All proposed Directors should have Director Identification Number. The DIN never terminates and an individual can have just a single DIN.
OPC is a Company that has a different presence and is possessed by one single part. One individual is a combination of ownership and friends types of business.
GST registration for a Person Company is fundamental on the off chance that the stockpile of labor and products is in another state regardless of yearly turnover.
An OPC can raise assets through funding, monetary organizations. An OPC can likewise raise assets by changing over into a Private Limited Company.
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Features and Advantages of Various Business Entities
| Features | Proprietorship | Partnership | LLP | Company |
|---|---|---|---|---|
| Definition | Unregistered type of business entity managed by one single person | A formal agreement between two or more parties to manage and operate a business | A Limited Liability Partnership is a hybrid combination having features similar to a partnership firm and liabilities similar to a company. | Registered type of entity with limited liability to the owners and shareholders |
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| Registration Time | 7-9 working days | |||
| Promoter Liability | Unlimited Liability | Limited Liability | ||
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| Governance | - | Under Partnership Act | LLP Act, 2008 | Under Companies Act,2013 |
| Transferability | Non Transferable | Transferable if registered under ROF | Transferable | |
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