1. The shareholder must be individual and Indian resident
2. At least one director is appointed, who shall be an Indian resident
3. A nominee who is above the age of 18 years and Indian resident must be appointed as Nominee on registration
4. A place of business must be provided as the registered office address of OPC.
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Overview
What is One Person Company?
To understand one person company definition, we first need to get into the identity it creates. A registration provides corporate status and many benefits to the members and directors. In the case of a Private company, at least two members are required which is not the same in the case of OPC. To eliminate this drawback and allow a single person to reap the advantages of One Person Company, this sort of a company structure is introduced through the Companies Act, 2013. One Person Company registration is simplified with online filing and process.
One Person Company feature is such that it has only one shareholder who owns 100% stake of the company. To maintain the character of perpetuity, the appointment of the nominee is compulsory, who will take place of the owner in case of death or his inability. One person company is a type of Private Limited Company.
Benefits
Advantages of an One Person Company Registration
Separate Legal Existence
A One Person Company would obtain the status of a separate legal entity. Such OPC registration ensures that the entity is separate from the owner, unlike a proprietorship firm. OPC can own the assets in its own name and enter into a contract with the parties. The actions of the company are independent of the owner. This is the main benefit of OPC registration.
Lower Compliance Requirements
A Single Person Company is benefited with an exemption to many compliances unlike a private company. Compliances like holding General and Board Meeting, etc. are not applicable to OPC. However, Board Meeting must be held if more than one director is on Board.
Limited Liability of Owners
One of the benefits of registering OPC lies in the separate legal entity of the company where the liability and obligations are not charged over the personal assets of the sole member. The liability of a member is limited to the unpaid amount of the capital subscribed by the member. Even in the case of liquidation, the personal assets of the member are protected, except in certain specified cases.
Separation of Management and Ownership
Even if the OPC is owned by sole personnel, the owner may appoint a director owing up to the responsibility to operate and run a company. The operational duties are assigned to the director(s) whereas the member would be able to fetch profits channeling efforts towards other businesses. However, in One Person Company, the shareholder holds complete control over being a stakeholder.
Online Registration
Documents Required for Online OPC Registration
PAN Card
PAN Card of shareholder, nominee, and Directors.
Identity Proof
Director’s Address Proof
Latest Telephone Bill /Electricity Bill/ Bank Account Statement of Shareholder, Nominee, and Directors.
Photograph
Latest Passport size photograph of Shareholder, Nominee and Directors
Business Address Proof
Latest Electricity Bill/ Telephone Bill of the registered office address
NOC from owner
No Objection Certificate to be obtained from the owner(s) of registered office
Rent Agreement
Rent Agreement of the registered office should be provided, if any
One Person Company Registration
ONLINE REGISTRATION
1. Answer Quick Questions
2. Experts are Here to Help
3. Your OPC is Registered
Process to register OPC online
THE PROCESS
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| Private Limited Company | One Person Company | Limited Liability Partnership | Partnership Firm | Proprietorship Firm | |
|---|---|---|---|---|---|
| Act | Companies Act, 2013 | Companies Act, 2013 | Limited Liability Partnership Act, 2008 | Indian Partnership Act, 1932 | No specified Act |
| Registration Requirement | Mandatory | Mandatory | Mandatory | Optional | No |
| Registration under the Act is mandatory to set up business as a Private Limited Company | Registration under the Act is mandatory to set up business as One Person Company | Registration under the Act is mandatory to set up business as a Limited Liability Partnership | Both registered and unregistered partnerships are legal, but registered entity is preferred | There is no registration criteria prescribed. But, registration to establish a legal identity is recommended | |
| Number of members | 2 – 200 | Only 1 | 2 – Unlimited | 2 – 50 | Only 1 |
| Requires minimum 2 and not more than 200 shareholders | Only an individual,and an Indian resident can be the shareholder | No bar on maximum number of partners, but minimum 2 Designated Partners are required | It is formed with minimum 2 partners, but not exceeding 50 | The proprietor is the only owner of the firm | |
| Separate Legal Entity | Yes | Yes | Yes | No | No |
| Private Company is separate entity and can own assets in its name | OPC is separate entity and can own assets in its name | LLP is separate entity from partners and can own assets in its name | Partnership firm does not have any separate identity from its partners | Proprietor and business are the same and not different | |
| Liability Protection | Limited | Limited | Limited | Unlimited | Unlimited |
| Liability of members is limited to the extent of unpaid value of shares subscribed | Liability of member is limited to the extent of unpaid value of shares subscribed | Liability of partners is limited to the capital amount agreed to introduce | Partners are jointly and severally liable to pay the debts of the Partnership Firm | Proprietor’s liability is to pay-off all the debts and obligation of a firm | |
| Statutory Audit | Mandatory | Mandatory | Dependent | Not mandatory | Not mandatory |
| Auditor must be appointed within the 30 days of incorporation | Auditor must be appointed within the 30 days of incorporation | Applicable when turnover exceeds INR 40 Lakh or contribution exceeds INR 25 Lakh | Statutory audit not applicable. Tax audit may be applicable based on turnover | Statutory audit not applicable. Tax audit may be applicable based on turnover | |
| Ownership Transferability | Restricted | No | Yes | No | No |
| Shares can be transferred with the consent of other Shareholders | Shares are not transferable easily | Ownership can be changed with consent of other partners | Ownership is not transferable easily, clause of partnership deed should be referred | Firm is no different from proprietor and so ownership is not transferable | |
| Uninterrupted Existence | Yes | Yes | Yes | No | No |
| Change in members or director does not affect the existence of Private Company | Change in members or director does not affect the existence of OPC. The nominee will take place of member |
Change in Partners or Designated Partners does not affect the existence of LLP | Change in partner leads to dissolution or formation of another partnership firm | Death or insolvency of proprietor directly affects the firm | |
| Foreign Participation | Allowed | Not Allowed | Allowed | Not Allowed | Not Allowed |
| Foreign national are allowed to invest under the Automatic Route | Member, nominee and director must be an Indian resident | Foreign nationals are allowed, subject to FDI Guidelines | Foreign nationals are not allowed to be a partner | Foreign Nationals cannot commence proprietorship business | |
| Tax Rates | Moderate | Moderate | High | High | Low |
| Tax rate applicable for small companies is reduced to 22% | Tax rate applicable for small companies is reduced to 22% | With tax rate of 30% on business profit, tax benefits to partners is high | With tax rate of 30% on business profit, tax benefits to partners is high | Tax rates of individual applied to Proprietorship Firm | |
| Statutory Compliances | High | Moderate | Moderate | Less | Less |
| Apart from Annual filings, it has to comply with various provision laid down, but less compared to public company | Apart from Annual filing, compliances are less compared to Private Company | Annual filing and few event based filings are necessary | Separate ITR of partnership is filed, else there is no filing requirement | No compliances and no requirement to file a separate ITR | |
| Know More | Get Started | Know More | Know More | Know More |
Frequently Asked Questions
Explore One Person Company Registration
What are the pre-requisites for One Person Company Registration?
Below mentioned are the pre-requisites to register an OPC in India:
Is there any minimum capital requirement to register OPC?
No. The requirement to provide minimum paid-up capital for OPC registration is now removed. The amount required for starting a business must be subscribed while registering OPC. Further, the subscriber must hold at least one share for registration. It is important to note that the minimum amount of INR 1 Lakh must be kept as Authorized Capital.
Who can become the member of One Person Company?
Only an individual can become a member of OPC. One needs to be an Indian resident above the age of 18 years to be eligible to form One Person Company. To refer one as an Indian resident, he/she must have spent at least 182 days in India in the immediate previous calendar. An additional condition is that a person can become member of only 1 OPC at any time during or after registration.
Who can become Nominee in a One Person Company?
A person who is a minimum of 18 years i.e.; major, and is an Indian resident. Additionally, the nominee must provide his consent to the company for his/ her appointment.
What is the role of Accountants and Auditors in One Person Company?
Daily transactions of the business are recorded in the Books of Accounts of the Company by the Accountant/s. The Accounts hence recorded are verified by an Independent Auditor to make sure that no statutory compliance are missed and provide an Audit Report for the same.
(Note: compliancemsme.com shall only take the accountability of the Accounting Service provided by them but however shall help in appointment of Independent Auditor for your business.)
Who can become director in One Person Company?
Any natural person above the age of 18 years can become a director in the company after procuring Director Identification Number (DIN). As there are no criteria provided in terms of citizenship or residency, a foreign national can also become a director. The application of DIN Allotment is now merged with the application for the formation of a company, subject to a limit of maximum 3 DIN.
What is Director Identification Number (DIN)?
Director Identification Number is a unique number assigned by the Ministry of Corporate Affairs to Individuals on application made. This allows any individual to be a Director in any Company or Designated Partner in LLP.
What is a Digital Signature Certificate and who shall procure it?
Digital Signature Certificate is provided in the form of a token issued by Certified Authorities. Any form that is filed for an online OPC registration in India shall be submitted after affixing the DSC of an Applicant. Also, the directors will require a DSC for DIN application and the nominee and shareholder shall possess DSC for submitting e-forms for incorporation.
Can a One Person Company be registered for multiple businesses?
Yes, an OPC can carry multiple businesses if it is mentioned in the MoA of the company and approved by the registrar. The company can mention more than one business which is related and from the same field. Activities which are unrelated such as fashion designing and event management or construction cannot be registered under the same company.
Is it possible to obtain One Person Company registration at a residential place?
Yes, a company can be registered at a commercial or a residential place by furnishing necessary proof. A registered office is a place where communication, if any, from MCA and other concerned authorities, will be received. The address will also be displayed at the portal of Ministry.
Whether a body corporate can become member or nominee to register OPC?
No, only an individual can obtain membership or become the nominee in OPC. If a body corporate wants a 100% stake of any company, it can register a wholly owned subsidiary.
Can NRIs / Foreigners register OPC in India?
No, the shareholder must be an Indian resident for OPC company registration.
Does anyone have to be physically present while online registration process?
No, none of the member or director is required to be present as the whole process of OPC registration is online. All the forms are filed on the web portal and are digitally signed. Also, the required documents can be sent through an e-mail or uploaded on our portal for filing.
When is it required to convert OPC into Private Company?
It is required to convert an OPC into a Private or Public Company when the paid-up capital of the OPC exceeds 50 lakh Rupees, or the Average Annual Turnover during the relevant period exceeds 2 Crore Rupees. The mandatory conversion will take effect irrespective of the period of existence of OPC.
What are the Annual Compliance requirements to be fulfilled by a One Person Company?
During every financial year, the company must hold board meetings in case of more than 1 director. Furthermore, the accounts and financial statements must be audited by an independent auditor. Subsequently, it shall file form AOC – 4 and MGT – 7A as a part of Annual Compliance within the given time.