One-Person Company Registration
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One-Person Company Registration
One Person Company (OPC) doesn’t need a group of people to be incorporated rather it is a business structure that allows a single person to operate the business with limited liability. An OPC is owned and managed by one person. As per the Companies Act, 2013, the concept of One Person Company was introduced on 29th August 2013. Before the Companies Act 2013, concept of One Person Company did not exist in Indian Company Law.
The aim to introduce this concept is to encourage and support small businesses within the legal framework. For a single entrepreneur, this makes it easy to start a business without additional shareholders and directors. It provides the benefit of limited liability and simplifying compliance requirements in comparison to other business structures.
Eligibility Criteria to Register One Person Company
– The person should be an Indian resident and natural person (not any legal entity or a company).
– Age of the person should be of at least 18 years. Minors are not eligible to become members or nominees.
– A single person can be the shareholder and director of the company.
– One person can incorporate only one OPC at one time.
– No minimum capital requirement to register the OPC.
– The person must not be disqualified under the Companies Act 2013.
– OPC must not be engaged in Non-Profit Activities, Financial Activities, or Investment in Securities and it cannot carry out any illegal activities.
Conversion to a Private Limited Company
The One Person Company can go for voluntary conversion into any other kind of company only after expiring 2 years from the date of its incorporation.
However, there is the mandatory conversion of One Person Company into a Private Limited Company or Public Company after crossing the limits given below:
– Paid-up Capital Limit: – If the paid-up share capital exceeds INR 50 lakhs or such a higher amount as may be prescribed, OPC must be converted into a Private Limited Company.
– Annual Turnover Limit: – If the annual turnover exceeds INR 2 crores or such a higher amount as may be prescribed, OPC must be converted into a Private Limited Company.
The registration process of One Person Company
– Choose a unique name.
– Obtain Director Identification Number (DIN).
– Obtain Digital Signature Certificate.
– Prepare and file relevant forms with the Registrar of Companies.
– Prepare MOA, AOA, and other necessary documents.
– PAN Registration.
– TAN Registration.
– GST registration.
– Bank Account.
Documents Required for One-Person Company Registration
– Director’s and Nominee’s documents such as Address Proof, Identity Proof, and Passport size photo.
– Registered Office address proof like any utility bill or rental agreement along with NOC from the property owner.
– Memorandum of Association.
– Articles of Association.
– Declaration and Consent from the member and nominee.
– Affidavit and NOC from director and nominee declaring their eligibility and consent.
– Bank Account Proof (Cancelled Cheque or a copy of bank statement).
Komplytek provides the following Services:
Regulatory Services
• Business Name Registration.
• Certificate of Incorporation.
• Digital Signature Certificate.
• Director Identification Number.
• Shops and Establishment Registration.
• Filing of Spice Forms.
• Memorandum of Association (MOA)
• Articles of Association (AOA).
• Drafting of Documents and Agreements.
• GST Registration.
• TAN Registration.
• PAN Registration.
• Registration with regulatory authorities.
• Patents, Trademark Registration.
Finance and Operations
• Accounting and Book Keeping.
• Accounts Payable and Receivables.
• Accounts Reconciliation.
• Finalization of Accounts.
• Internal Audit.
• Statutory Audit.
• Tax Audit.
• Tax Planning and Compliance.
• Transfer Pricing.
• Due Diligence.
Payroll and HR
• Payroll Management.
• Salary Payouts.
• Payroll tax compliance.
• Social Security compliance.
• Employee Self-Service Portal.
• HR Policy and Advisory & Implementation.
• Employee Personnel files and data management.
• Employees’ Tax Returns.
• Onboarding and Exits Management.
• Employee time & Expense Management.
While focusing on the core activity, many entrepreneurs overlook the regulatory and financial operations that may affect your business’s viability and attractiveness to a potential investor. Our team of professionals and legal experts will help you to provide a custom-made solution according to the nature, size, structure, and business.
