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One Person Company Registration
Overview
One Person Company is the third most popular (after Private Limited and LLP) and preferred form of entity, highly recommended for Sole Proprietor, New Businesses, Startups, People who want to have 100% control of the shares. Other than that, setting up a One Person Company is very pocket friendly for budding entrepreneurs and single business owners. Most sole proprietors prefer this mode of entity.
A One Person Company can be formed as soon as within 2 working days with lesser number of forms to fill up, paper-less signing and single window clearance for all basis registrations required for the company viz; Certificate of Incorporation, GST Registration, PAN & TAN allotment, Opening of Bank Account, ESIC Registration, EPFO Registration, Professional Tax Registration, DIN Allotment, Shop & Establishment Registration.
As per the Section 262 of Companies Act of 2013 and official registration of a one-person company in India is legal. Registering a One-person company in India requires a single director and a single member representing the whole company. This entity type has very few compliance requirements in comparison with a private limited company.
Documents required for one-person company registration
Scanned Copy of:- PAN & Aadhaar of Subscriber/Director and of the Nominee.
- Passport size photograph of Subscriber and its Nominee.
- Specimen Signature of Authorised Signatory
- Utility Bill of Registered office address (Not older than 2 months) (Electricity bill preferred)
- No objection certificate from legal owner of Registered office address (Format to be provided by STARTUP SAMPARK)
- Driver’s License or Passport or Voter’s ID (Any one of it) of the subscriber and its nominee.
- Latest Bank Statement (without password protection) or Electricity Bill or Mobile Bill or Telephone Bill of the subscriber and its nominee. (Any one of it) (Not older than 2 months)
- Email Id & Phone No. of Subscriber and its nominee.
- Highest Qualification of Subscriber.
- Place of Birth of the Subscriber.
- Number of Months/Years of stay at current address
- Main Business Objects of Proposed One Person Company
- Capital Contribution
Difference between One Person Company, Private Limited Company & Limited Liability Partnership Firm
| Particulars | One Person Company | Private Limited Company | Limited Liability Partnership (LLP) |
|---|---|---|---|
| Governing body | One Person Company is governed under the Companies Act, 2013. | Private Limited Company is governed under the Companies Act, 2013. | Limited Liability Partnership (LLP) is governed under the Limited Liability Partnership Act, 2008. |
| Audit of accounts | Auditing of the financial statements of a One Person Company is mandatory. | Auditing of the financial statements of a Private Limited Company is mandatory. | Auditing is necessary only if the annual turnover exceeds Rs. 40 lakhs, or contribution exceeds Rs. 25 lakhs in a financial year. |
| Maximum members | Maximum number of members in a OPC can be 1. | Maximum number of members in a Private Limited Company is 200 | Maximum number of members in an LLP is unlimited. |
| Minimum capital | There is no minimum capital required for the formation of OPC | There is no minimum capital required for the formation of Pvt Ltd | There is no minimum capital required for the formation of an LLP |
| Name format | The name of a OPC should end with the words OPC Pvt Ltd or OPC Private Limited | The name of a Private Limited Company should end with the words Pvt Ltd or Private Limited | The name of an LLP should end with the words LLP |
| Flexibility | A One Person Company is more flexible as compared | A Private Limited Company is a little flexible as compared. | An LLP is less flexible as compared to Private Limited Company |
| Compliance | The compliance requirement in a OPC is lesser as compared to Pvt Ltd. | The compliance requirement in a Private Limited Company is high. | The compliance requirement in case of LLP is moderate. |
Startup sampark procedure for One-Person Company Registration
One Person Company Registration is very detailed procedure, which requires keen knowledge, procedure and team of professionals. Each Company incorporation has its tailored requirements. We at STARTUP SAMPARK have a full-fledged, dedicated team of professionals. You are required to fill the form and then our experts will reach out to you, to know the exact requirement and gather further information. Then our experts at STARTUP SAMPARK will be at your disposal for assisting you with guidance concerning Company Registration and its compliances. Our professionals will assist you in planning seamlessly at the least cost, confirming the successful conclusion of the process. We shall guide you with Do’s and Don’t’s as well. We will begin working on your request once all the information is provided, and the payment is received.Why STARTUP SAMPARK?
STARTUP SAMPARK is one of the platforms which coordinates to fulfil all your Secretarial, Legal, Licensing and Taxation requirements and connect you to consistent professionals. Our team consist of Chartered Accountants, Company Secretaries, Cost Accountants, Advocates, Patent and Designs Agents, Trademarks & Copyright Attorneys, Paralegals and other legal professionals.We are a management consultancy and technology platform to simplify legal and business related matters. We are committed to help start-ups, small business owners and non-compliant businesses in solving their legal, secretarial and taxation compliance related to setting up and running the business smoothly and compliantly.Our clients can also track the assignment progress at all times through a dedicated portal provided to you along with User Id and Password. You can comment and find the resolution and ask questions on the dedicated portal provided to you. If you have any questions about the company incorporation and registration process, our experienced representatives are just a call away.- Step 1: Fill the query form.
- Step 2: Our Expert will connect with you
- Step 3: Make payment through hassle free payment portal
- Step 4: Get confirmation on mail and receive User Login and password
- Step 5: Submission of documents with us on our client portal
- Step 6: Executive will process your application
- Step 7: Track progress of your order all the time on our client portal
- Step 8: Greetings, Order completed
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FAQs
A One Person Company also called as OPC in short, is a company which is privately held by a single for its business.
OPC means an incorporated entity with only one member in it. It is the most preferred form of entity by people who are running their business single handily, but want to give it a legal recognition in the form of a Company.
The government costs (i.e Stamp duty and other charges) for One Person company registration are very nominal. Government fee varies state wise and capital contribution wise. Please use our calculator to calculate combined government and professional fee. You can choose from our customized packages for registration of your OPC, as per your requirement.
A nominee is a person who joins the business in the event that the promoter passes away or is rendered incapable.
You need to first apply for name approval. Name approval is completely optional. We recommend this only in the case where the name availability is complicated, so to secure the name timely and to avoid the hassle of form rejection and delay in incorporation process. Once name is approved, you can start with OPC registration with us. STARTUP SAMPARK helps you from name approval to incorporation process and guidance with setting up a Corporate Bank Account for your newly incorporated OPC and further compliances.
Please refer our above section for documents required.
Step 1: Choose a unique name and apply for name approval in Part A (optional).
Step 2: Application for Digital Signature Certificate (DSC).
Step 3: Filing of Company incorporation in Spice+ Part B.
Step 4: Generation of Incorporation Certificate along with PAN and TAN of the Company.
Step 5: Guidance with opening of Company’s current account.
Step 6: Filing of Form INC-20A for commencement of business.
Yes, One Person Company is different from Private Limited company in respect to the members in the firm, transfer of shared, compliance procedures, legal status etc.
The minimum number of members required for the formation of a One Person Company is 1 (one).
Apart from Director’s who already have a valid DIN, maximum 3 DINs can be allotted in one single incorporation form. For issuance of furthermore DINs, separate form DIR-3 has to be filed, after company incorporation.
Only Single member is required to start an OPC who can act as a shareholder as well as a director. Apart from that, a person appointed as a nominee is required.
In an OPC, a director is the person who manages and carries on the business, and acts on behalf of the business based on the duties assigned under the directorship appointment letter and as per the Companies Act.
No, in a public company, there can be unlimited members, however the maximum number of members in an OPC can only be 1 (one).
DSC is a short form for Digital Signature Certificate, is a legally recognized method of signing the documents electronically, & DIN is a short form for Directors Identification Number, is an identification number, issued by the Ministry of Corporate Affairs, to the directors of company, or the designated partners of the LLP firm.
There is at least 1 director required to form and continue a private limited company.
There is no concept of minimum capital requirement in case of incorporation of a One Person Company.