A new concept has been introduced in the Companies Act 2013 regarding One Person Company (OPC). As per Section 2 (62) of the Companies Act 2013, a company can be formed with only 1 director and 1 member. In a private company, a minimum of 2 directors and 2 members are required, whereas in a public company, there is a minimum of 3 directors and a minimum of 7 members. Not a single person could previously include a company.
Minimum requirements for OPC Registration
- 1 Shareholder
- 1 Director
- 1 Nominee
Director and Shareholder is one and the same person
Benefits to incorporate OPC
- OPC has a minimum requirement of One director only which can be extend up to maximum of 15 directors.
- The annual general meeting is not mandatory in OPC.
- The privilege to incorporate OPC is that the owner has a limited liability, unlike in a sole Proprietorship where the owner has unlimited liability.
- The OPC is required to conduct minimum two board meetings in a calendar year, and one meeting in each half of a calendar year.
Documents Required for OPC Formation
Mandatory Documents of Director/Shareholder and Nominee :
- Passport Size Photograph,
- PAN Card
- Aadhar Card
- Voter Identity card / Passport / Driving Licence
- Copy of Electricity Bill / Bank Statement / Mobile Bill (Not older than 1 month)
- Electricity / Telephone / Gas Bill (Business Place) (Not older than 1 month)
- NOC From the Owner of The Property
Steps involved in OPC (One Parson Company) Incorporation
- Step-1: Documentation
- Step-2: Selection of Name for OPC Registration
- Step-3: Apply for DSC
- Step-4: Name Approval for OPC Registration
- Step-5: Spice Form Filing to ROC for OPC Incorporation
- Step-6: Registration of The OPC Company with ROC
- Step-7: Issue of the Certificate of Incorporation
- Step-7: PAN & TAN Number for the OPC
Timeline for OPC Registration
It takes 5 to 7 working days (approx.) to complete OPC Registration procedure. Timeline may vary depending on replies from ROC department.
What you get by OPC Registration through BestTaxInfo
- DSC (Digital Signature) of Director
- DIN (Directors Identification Number) of Director
- Drafting of AOA (Articles of Association) & MOA (Memorandum of Association)
- Reply to queries raised by ROC department
- Government Fees
- Payment of Stamp Duty and Registration Fees
- Our Professional Fees
- Certificate of Incorporation
- PAN & TAN of OPC
- Support to Open a Bank Account
- Tax Consultation for Free