The One Person Company (OPC) was recently enacted as a strong improvement over the sole proprietorship. According to Section 2(62) of the Companies Act, 2013 OPC means Company which Has only One Person as a member. It gives a single promoter full control over the company while limiting his/her liability up to contributions to the business.
One of the biggest advantages of a One Person Company (OPC) is that there can be only one member in a OPC, while a minimum of two members are required for incorporating and maintaining a Private Limited Company or a Limited Liability Partnership (OPC).
Every One Person Company (OPC) must nominate a nominee Director in the MOA and AOA of the company - who will become the owner of the OPC in case the sole Director is disabled.
1. The person who is already member of nominee of one OPC cannot incorporate
more than one OPC or become nominee in more than one such Company.
2. No minor can become member or nominee of OPC.
3. OPC cannot get converted into Section 8 Company.
4. OPC cannot carry out NBFC activities.
"If you are not satisfied for any reason, we will refund your money minus the Government fees. No questions asked"
It usually takes 10-15 days to register an OPC through INC 29 (A single application for Reservation of Name, Incorporation of Company and Allotment of DIN), subject to ROC processing time.
OBTAINING DSC & DIN
Get Digital Signature Certificate (DSC) and Director Identification number (DIN) of all Designated Partner within 5 to 7 days.
Suggest at least Six OPC name. We will do search for name availability. Apply to ROC for name approval with adding word OPC.
CERTIFICATE OF INCORPORATION
Once name is approved by ROC File Incorporation document with ROC like MOA, AOA Consent, Affidavit declaration of director, Consent of Nominee Director.
Once Incorporation form is approved by ROC, ROC shall issue Certificate of Incorporation.
"Scanned Copy of the Following Documents has to be Provided by the Promoters of the Company"
Requirement to Apply for DSC
Requirement to Apply for Name Availability
Requirement to Apply for DSC
Requirement to Apply for Incorporation of OPC
The company shall file form INC-4 in case of cessation of member of OPC on account of death, incapacity to contract or change in ownership. In the same form, user needs to provide details of the new member of the OPC.
In case the paid up share capital of an OPC exceeds fifty lakh rupees or its average annual turnover of immediately preceding three consecutive financial years exceeds two crore rupees, then the OPC has to mandatorily convert itself into private or public company.
The OPC shall inform RoC in form INC-5, if the threshold limits is exceeded and is required to be converted into private or public company.
Form INC-5 shall be filed within sixty days of exceeding threshold limits.
Form INC-6 shall be filed by an OPC for conversion of an OPC into private or public company. Yes, the private company will also file form INC-6 for converting itself into an OPC. The paid up share capital of private company should not be exceeding fifty lakh rupees and should not have average annual turnover more than two crore rupees at the time of such conversion into OPC. The company shall be having one member and shall appoint one nominee to act as member in case of death or incapacity of the member at the time of conversion into OPC.
Form INC-6 shall be filed within 30 days in case of voluntary conversion and within six months of mandatory conversion.
Only a natural person who is an Indian citizen and resident in India shall be eligible to act as a member and nominee of an OPC. For the above purpose, the term "resident in India" means a person who has stayed in India for a period of not less than one hundred and eighty two days during the immediately preceding one financial year.
A person can be member in only one OPC.
Where a natural person, being member in One Person Company becomes a member in another OPC by virtue of his being a nominee in that OPC, then such person shall meet the eligibility criteria of being a member in only one OPC within a period of one hundred and eighty days, i.e., he/she shall withdraw his membership from either of the OPCs within one hundred and eighty days.
Form INC-4 shall be filed in case of withdrawal of consent by the nominee or in case of intimation of change in nominee by the member.