One Person Company (Opc) Incorporation
Posted: Jun 21, 2017
One person company is a new form of business introduced by the companies Act, 2013. It gives a single promoter full control over the company while limiting his liability to contribution to the business. This person will be the only director and shareholder (100% Shareholder).
OPC INCORPORATION ELIGIBILITY
- A person who is Indian citizen and resident in India can incorporate OPC (resided in India not lesser than 182 days)
- Other legal entities cannot incorporate an OPC.
- A nominee should be appointed by the promoter during incorporation
- Business involved in financial activities cannot be incorporated as OPC.
- It must be converted if the paid up share capital is in excess of 5 Lacs and turnover is in excess of 2 Crores.
HOW TO INCORPORATE OPC?
Documents Required for Incorporating OPC
- Passport size photos of the applicant
- PAN Card of the applicant and nominee
- Identity proof of Applicant (Voter ID/ Passport/ Driving License/ Adhaar)
- Adhaar Card Copy of the Nominee.
- Address proof of the Applicant & Nominee (Bank Statement/ Mobile Bill)
- ONE PERSON COMPANY (OPC) INCORPORATION
Obtaining Digital signature (DSC)
It is obtained for the sole promoter for processing the incorporation.
DSC for Nominee need not be obtained.
Obtaining Director Identification Number (DIN)
Once Digital signature is obtained, DIN must be obtained for the promoter/Applicant.
- After DIN is obtained, the name approval should be submitted to the MCA.
- The name should be unique and description should be related to the business.
- The State in which Registered Office is situated should be mentioned carefully. Once the Approval is obtained you cannot change.
- There are six name options to submit and the name will be approved within one or two days.
DPIN - Obtaining Designated Partner identification Number for the proposed Partners.
Obtaining Name approval from MCA
Filing for incorporation
Both are registered with the Ministry of Corporate Affairs and are issued a certificate of incorporation. The processing time taking for incorporation average about 20 days. A private limited company costs at least Rs. 15,000 to start. But once this is done, you need to shell out at least Rs.15000 a year to comply with the MCA's rules and regulations. An LLP is much cheaper. It costs just around Rs.11,000 to register and around Rs.4000 to comply with MCA regulations. Also the number of documents that have to be printed on Non Judicial Stamp Paper and Notarized is less for LLP than private limited company registration. In LLP if the annual turn over is less than 40 lakhs and the capital contribution is less than 25 lakhs then no need to be audited.
- After obtaining name approval, other documents like affidavits and declaration of the sole promoter must be submitted.
- Form INC3 must be attached for the nominee.
- Approval is granted by the Registrar of companies within 2 to 3 days. If there is any issue the incorporation application can be asked for resubmission.
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