Meaning of One Person Company [ OPC ]:
One Person Company means private limited company with only one member. No person can incorporate more than one OPC. One person company is incorporated for small businesses. No person can be member or nominee of more than one OPC. OPC can't be incorporated if its having charitable objects
Share Capital & Registered Office :
The company’s paid up capital must be less than 50 lakhs and turnover must be less than 2 crores for incorporating OPC. Company must have registered office in India.
Director(s) & Nominee :
Minimum Number of directors in OPC is one and maximum number is 20. Memorandum shall provide the details of Nominee who shall become the member of OPC in case of death or incapacity of sole member. Member of company can change the name of nominee at anytime by giving notice.
Member of company shall also be named as first director of the company till no director is appointed by the member
Meetings & Returns :
Best thing in One Person Company is that there is no need to hold AGM and maintaining cash flow statements. Board Meeting of Company shall be held once in minimum 6 months and there is not more than 90 days gap between two meetings. Annual return can be signed by CS or Director if there is no CS.
STEPS TO REGISTER AN OPC :
a. Obtain Digital Signatures for the Proposed Director as well as Sole Member. If Member and Director are same person, then only 1 DSC required
b. Obtain DIN
To obtain Director Identification Number, Self attested PAN Card, Self attested Address Proof and passport size recent photograph is required.
DIN is valid for lifetime. No need to apply for renewal. But it is to be kept in mind that the applicant cannot have more than 1 DIN issued to him which is offensive.
c. Filing for Name application
Once we are over with DIN & DSC, it is important to select the business name and file the name with the Registrar for approval. To know how to decide the name and whether it is compatible with the name guidelines
Name of OPC would be like this;
“ABC Creations Private Limited (OPC)”
d. Consent from Nominee
It is important to take consent from Nominee in prescribed form along with the Self attested copy of PAN card and Self attested copy of Address Proof
e. Filing of Incorporation form with the Registrar
After taking consent from Nominee, it is required to file incorporation documents with the Registrar. Incorporation documents include Memorandum of Association, Articles of Association, Affidavit and Declarations as may be required.
f. Obtaining Certificate of Registration
g. Applying for PAN for OPC
h. Filing of Registered Office Proof if not filed at the time of Incorporation
After enactment of Companies Act, 2013, user has the option to file Registered Office Proof within 30 days of Registration.
i. Opening of Bank Account
j. Filing for Commencement of Business.
k. Applying for TAN
After the above mentioned steps, your OPC is now fully ready for operation.
One Person Company means private limited company with only one member. No person can incorporate more than one OPC. One person company is incorporated for small businesses. No person can be member or nominee of more than one OPC. OPC can't be incorporated if its having charitable objects
Share Capital & Registered Office :
The company’s paid up capital must be less than 50 lakhs and turnover must be less than 2 crores for incorporating OPC. Company must have registered office in India.
Director(s) & Nominee :
Minimum Number of directors in OPC is one and maximum number is 20. Memorandum shall provide the details of Nominee who shall become the member of OPC in case of death or incapacity of sole member. Member of company can change the name of nominee at anytime by giving notice.
Member of company shall also be named as first director of the company till no director is appointed by the member
Meetings & Returns :
Best thing in One Person Company is that there is no need to hold AGM and maintaining cash flow statements. Board Meeting of Company shall be held once in minimum 6 months and there is not more than 90 days gap between two meetings. Annual return can be signed by CS or Director if there is no CS.
STEPS TO REGISTER AN OPC :
a. Obtain Digital Signatures for the Proposed Director as well as Sole Member. If Member and Director are same person, then only 1 DSC required
b. Obtain DIN
To obtain Director Identification Number, Self attested PAN Card, Self attested Address Proof and passport size recent photograph is required.
DIN is valid for lifetime. No need to apply for renewal. But it is to be kept in mind that the applicant cannot have more than 1 DIN issued to him which is offensive.
c. Filing for Name application
Once we are over with DIN & DSC, it is important to select the business name and file the name with the Registrar for approval. To know how to decide the name and whether it is compatible with the name guidelines
Name of OPC would be like this;
“ABC Creations Private Limited (OPC)”
d. Consent from Nominee
It is important to take consent from Nominee in prescribed form along with the Self attested copy of PAN card and Self attested copy of Address Proof
e. Filing of Incorporation form with the Registrar
After taking consent from Nominee, it is required to file incorporation documents with the Registrar. Incorporation documents include Memorandum of Association, Articles of Association, Affidavit and Declarations as may be required.
f. Obtaining Certificate of Registration
g. Applying for PAN for OPC
h. Filing of Registered Office Proof if not filed at the time of Incorporation
After enactment of Companies Act, 2013, user has the option to file Registered Office Proof within 30 days of Registration.
i. Opening of Bank Account
j. Filing for Commencement of Business.
k. Applying for TAN
After the above mentioned steps, your OPC is now fully ready for operation.
What is Opening of Bank Account? And how can i create this one and where?
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