One Person Company is a new concept that fits well to contemporary needs. It stimulates an individual’s entrepreneurial dream without the need for more partners to execute the plan. OPC also gives the boost to the incorporation of micro-businesses. If you also want to establish One Person Company, then this document can help to resolve all the queries related to OPC Registration in India.

An overview of One Person Company

An OPC or One Person Company is a combination of Sole Proprietorship and Private Limited Company that leverage the benefits of both single ownership and limited liability. A person can register One Person Company under the provisions of Companies Act 2013. OPC Business Modal encourage emerging entrepreneurs to channelize their business prospects.

Here are the fundamental features of an OPC:

• Single member- An evident aspect of an OPC is that it has only one member. Any person applying for OPC Registration in India must provide a nominee’s name in its MOA who will continue to operate the business in case of death or insolvency of the existing member.
• Minimum one Director- One Person Company must have at least one person as its Director while the number of Directors can extend up to 15.
• No requirement for minimum capital- There is no minimum Paid-Up capital required to incorporate One Person Company.
• Nominee- A characteristic which distinguishes an OPC from other companies is that the applicant or sole member of OPC needs to mention a nominee during the registration process.

Documents required for OPC Registration

It is essential to submit the following documents with the OPC Registration Aapplication:

• A passport of size photo the applicant;
• Copy of Aadhaar card and PAN card;
• Address Proof such as Electricity Bill, Telephone Bill or Bank Statement;
• Copy of Rental Agreement( If the registered office is on rent);
• MOA and AOA;
• Detailed information of the applicant like name, Email ID,

Eligibility criteria for OPC Registration in India

As per the provisions of Companies Act, 2013, an applicant of OPC Registration must fulfil the conditions given below:

• The applicant should be an Indian resident;
• The sole member of the One Person Company must appoint a nominee;
• A foreigner or NRI cannot be the nominee in OPC;
• An OPC Paid-Up capital must not be more than INR 50 lakhs and the turnover should not exceed INR 2 c

Step by step procedure for One Person Company Registration

Simple procedure for OPC Registration in India that involves the steps given below:

• Acquire Digital Signature Certificate- The foremost step for OPC Registration is to obtain DSC. The Digital Signature Certificate can be used later on for the purposes like filing Annual Returns, ROC with compliances etc.
• Apply for Director Identification Number- Now the applicant has to apply for DIN for the proposed Director in SPICe Form.
• Filing Application for name approval- The applicant of OPC Registration must provide at least two names in RUN Form or SPICe Form 32 on the MCA p Also, he/she must ensure that the proposed name is unique and precisely defines the business.
• Draft MOA and AOA- It is indispensable to prepare the Memorandum of Association and Articles of Association for the One Person Company Registration. MOA depicts the objective, whereas AOA demonstrates the rules, regulations, rights and duties of a member in the C
• Issuance of CIN (Certificate of Incorporation)- Registrar of Company will then verify the Application and the Once satisfied, he will issue Certificate of Incorporation to the applicant.

If you want to streamline the simple procedure for OPC Registration in India, then take the guidance of the best Legal firm Swarit Advisors.