The OPC (One Person Company) is the latest form of business type which as its name suggests, allows a single person to operate a corporate setup with limited liability protection also. It is very easy to register for an OPC (One Person Company) with AapkaTax which offers OPC registration from Rs.10899/- onwards.
The very concept of One Person Company in India was announced in the Companies Act, 2013 to support entrepreneurs to start a venture on their very own by providing them the freedom to create an economic entity with a single person. The very biggest advantage of an OPC is that it comprises of a single member only whereas for maintaining a Private Limited Company or a Limited Liability Partnership (LLP), a minimum of two members are needed compulsorily. A One Person Company is different from its promoter. It offers limited liability protection to its single shareholder, while also having continuation in business and being quite simple to incorporate which is very similar to a company.
Despite it providing ownership to a single individual, an OPC also has a few limitations. Such as, every One Person Company (OPC) has to elect a nominee Director in the MOA and AOA of the company, who can become the owner of the OPC in case the one-person Director is disabled somehow. Also, the One Person Company has to be changed into a Private Limited Company if it goes over an annual turnover of Rs.2 crores and the owner should also file audited financial statements with the Ministry of Corporate Affairs at the end of each Financial Year as is with all types of Companies. Hence, it becomes paramount for the Entrepreneur to carefully think about all the features of a One Person Company preceding its incorporation.
If you are certain about your company registration then AapkaTax is here to help you with it. It offers a large variety of company registrations like private limited company registration, one person company registration, Nidhi Company Registration, Section 8 Company Registration, Producer Company Registration and Indian Subsidiary registration. Also, on an average, the time taken to complete a one person company registration is normally about 10 - 15 working days, based on government processing time and client document submission. By scheduling an appointment with an AapkaTax Advisor, you can also get a free consultation for an OPC registration and business setups in India.
Identity and Address Proof
Identity and address proof are required for the main Director and nominee director of the one person company to be incorporated. PAN is a mandatory identity proof. All documents submitted must be valid. Residence proof documents like bank statements or electricity bills should be less than 2 months old.
Registered Office Proof
The companies must necessarily have a registered office in India of which they need to provide a recent copy of the electricity bill or property tax receipt or water bill. Also, along with the utility bills, a copy of the rental agreement or sale deed and a letter from the landlord with his/her consent to use the office as a registered office of a company needs to be submitted.
Hence, these are the documents required for One Person Company:
1. Identity Proof of Director & Nominee Director
2. Address Proof of Director & Nominee Director
3. Proof of Registered office in India
4. Signed incorporation documents