One Person Company (OPC)
A One Person Company (OPC) is a type of private limited company in India that is registered with only one person as the director and shareholder. This type of company provides the benefits of limited liability protection and flexibility of sole proprietorship.
Eligibility
The person must be an Indian citizen and resident of India.
The person must have a minimum of one director and one shareholder.
The person must not be a promoter or member of more than one OPC.
Document Required
PAN card of the director and shareholder
Address proof of the director and shareholder
Consent to act as director from the director
Memorandum of Association (MOA) and Articles of Association (AOA)
A declaration from the director and shareholder stating that the company is an OPC
NOC from the owner of the registered office
Benefits
A single person can start a one person company under the name of OPC Pvt Ltd.
There is no minimum capital requirement to start the company
The company has a separate legal entity and due to that the company can own, rent, buy, deal in the properties in their name.
Due to single person ownership, there is no profit-sharing option
The liability of the shareholders is limited
No need to conduct general meetings including the annual general meeting because there is only one shareholder in the company
Challenges for Registering for One Person Company
Registering a One Person Company in India involves compliance with specific regulations. Here are ten common challenges faced by individuals during the registration process:
1.Understanding OPC Structure:
Grasping the unique structure of a One Person Company, where a single individual is the sole owner and director.
2.Documentation Complexity:
Preparing the necessary documentation, including the memorandum of association, articles of association, and other legal papers, and ensuring compliance with regulatory requirements.
3.Name Approval Issues:
Selecting a unique and acceptable name for the OPC, complying with naming guidelines, and obtaining approval from the Ministry of Corporate Affairs (MCA).
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FAQ
A One Person Company (OPC) is a type of private limited company in India that is registered with only one person as the director and shareholder. This type of company provides the benefits of limited liability protection and flexibility of sole proprietorship.
To register a One Person Company in India, the following eligibility criteria must be met:
● The person must be an Indian citizen and resident of India.
● The person must have a minimum of one director and one shareholder.
● The person must not be a promoter or member of more than one OPC.
The following documents are required for registering a One Person Company in India:
● PAN card of the director and shareholder
● Address proof of the director and shareholder
● Consent to act as director from the director
● Memorandum of Association (MOA) and Articles of Association (AOA)
● A declaration from the director and shareholder stating that the company is an OPC
● NOC from the owner of the registered office
The process for registering a One Person Company in India includes the following steps:
● Choose a unique name for the company and check its availability
● Obtain Digital Signature Certificate (DSC) and Director Identification Number (DIN)
● Prepare MOA and AOA
● File Incorporation Form with the Registrar of Companies (ROC)
● Obtain the certificate of incorporation
The process of registering a One Person Company in India takes approximately 7-10 working days if all required documents are in order.
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