One Person
Company Registration
An OPC is the newest form of business in India introduced for the first time by the Companies Act, 2013. Only one person is needed to start a company. However, a nominee needs to be nominated. To start an OPC you should check below sections describing eligibility requirements and detailed step wise procedure.
The OPC is suitable for small businesses where the turnover is not likely to cross Rs. 2 Crores and the maximum amount of capital to be invested is limited to Rs. 50 Lac. An OPC can have more than one director. However one of them must be an Indian Resident. The main limitation of OPC form of company is that only an Indian Citizen can open an OPC Company and FDI is not allowed in one person company.
One Person Company
Registration Process
Step 1:
Digital Signature of Director
As the application for Company Incorporation is filed online, the process starts with the issuance of Digital Signatures of class two.
Step 2:
Company Name Approval
The Company name must be unique and should not be the same or similar to an existing company, LLP or a trademark.
Step 3:
Company Incorporation
One single application (spice 32) is filed for incorporation of the company. with the approval of this, the Certificate is Issued.
Step 4:
PAN, TAN & Bank A/c
The IT Department allots PAN & TAN, which is mentioned on the certificate of incorporation. Next is Bank A/c opening.
Eligibility
Minimum Requirement
Only One Person Required
An OPC can be registered in India, by only one person, who shall act as the directors/shareholders of the company. The maximum number of directors of an OPC is 15 and the number of shareholder cannot go beyond one.
Resident Director
One director of the company must be resident in India. A person is said to be resident if he or she stays in India for at least 182 days during the preceding financial year irrespective of their citizenship. The days of stay can be in phases.
Capital Requirement
Invest as per requirement of your business, and there is no minimum capital requirement as such to be maintained in the company. However, the government fee on company registration is calculated on the capital
Unique Name of Company
The proposed name of the company should not resemble any existing company or LLP. Further you must check the trademark registry to ensure that the name does not match with any registered or applied trademark in India.
Documents Required for Company Registration
- Two Colour Photographs of Promoters
- PAN Card of Each Promoter
- Identity Proof (Voter ID / Driving License/ Passport)
- Address Proof (Bank Statement / Electricity, Mobile, Telephone Bill)
- Proof of Registered Office
- Utility Bill as proof must be Latest
- NOC from the owner of the premises