If you want to form a company with 100 percent ownership, you may do it by registering an One Person Company for only 4,499.(govt. fees extra)
A One Person Business (OPC) is a private limited company with a single member. It is possible to register with a single director. For proprietors, one person company registration in India is a viable option.
The Ministry of Corporate Affairs governs One Person Company registration. A single person acquires complete ownership of the company. Nomination is necessary against that single owner's stake in the OPC.
If an OPC's paid-up share capital exceeds fifty lakh rupees or its average annual turnover over the preceding three fiscal years exceeds two crore rupees, it must change to a private or public company.
Finance Minister Nirmala Sitharaman revealed the modifications to one-person enterprises during her budget statement on Monday, February 1st, 2021. The change now allows NRIs to establish one-person enterprises in India. This change takes effect on April 1, 2021. Previously, only Indian residents could form one-person firms in India.
When launching a business in India, entrepreneurs are recommended to register as a one-person corporation. OPCs are treated as separate legal entities under the Companies Act of 2013. Entrepreneurs should choose a one-person company in India for greater business growth.
The Ministry of Corporate Affairs governs the online company registration process by enforcing specific legal norms and regulations. You only need to provide necessary documents/details for company registration. Our skilled team will handle the entire company registration process.
According to the Companies Act of 2013, several rules and conditions must be completed in order to register a business in India.
Your company's name should be unique. The name must not be similar to the name of any existing company or registered trademark.
One Person Company can be registered with as few as one director and as many as fifteen. NRIs can now register for OPC in India.
You can form a One Person Firm with as little as Rs. 1, although it is advised that you have enough share capital to get the company started..
The registered place of the company can be either commercial or residential. Property can be owned or rented. If the property is rented, a NOC is necessary.
Identity and address proofs of potential Directors are needed documents for registering a corporation in India. The list of documents acceptable by MCA for online company formation in India is shown below.
Foreign nationals must have a translated and notarized copy of their passport. Residence documentation, such as utility bills and bank statements, should not be more than two months old. All of the documents listed above must be self-attested.
To be eligible for Online One Person Company Registration in India, the company must have registered offices in India, which can be both home and commercial. You must provide the following documents: -
The documents requirements for OPC registration in India for a nominee is
A one-person company is one that is formed by one person, who may be a resident or an NRI, and has the characteristics of a company as well as the benefits of a sole proprietorship.
Advantages of OPC registration-
● Individual Ownership
For OPC registration, only one shareholder/member is required. He obtains gets ownership of the corporation.
● Less compliance
In comparison to a private limited company, a one-person company requires far less compliance.
● Limited liability
A single shareholder's liability is restricted to the amount of paid-up share capital, and they are not liable for the company's unforeseeable losses.
● Separate legal entity
A one-person company is a legal entity distinct from its shareholder or director. It helps the smooth operation of the business.
● Perpetual existence
It has perpetual existence. It is not going to be affected by the insolvency or death of its member/director.
● Organized Sector of Proprietorship
OPC will convert the unorganized proprietorship sector into an organized private limited business.
One-person company- 1 director required,
● A private limited company- 2 directors required,
● A public limited company- 3 directors required and
● A producer company – 5 directors. required
Mandatory documents which are required to register a company in India are identity proofs and address proofs. These documents are-
● Pan card
● Passport/driving license/voter id
● Rent agreement/lease deed with receipts
● Utility bills
● NOC from owner, if rented property
You can start a One Person Company with minimum capital of Rs. 1 but it is recommended to have share capital sufficient enough to fuel the company for its initial stage.
A nominee is a person appointed by a company member to operate the OPC after his death or absence. However, the nominee cannot be a minor.
To update or delete the nominee, the member must notify the registrar. He should also notify the company of the change. He has 15 days to appoint a fresh nominee
No, FDI is not permitted in a One Person Company. If OPCs seek FDI, they will lose their one-person company status.
Yes, Finance Minister Nirmala Sitharaman announced amendments to the rules governing one-person enterprises during her budget statement on Monday, February 1, 2021. The change now allows NRIs to establish One Person Company (OPC) in India. This change takes effect on April 1, 2021.
No, you cannot be a member or nominee in more than one OPC.
Yes, you can convert your One Person Company to another type of company by meeting certain requirements, such as
• waiting two years from the date of registration of the OPC,
• having a paid-up capital of more than Rs.50,00,000, or
• having an annual turnover of more than Rs.2 crores.
According to the Companies Act of 2013, a One Person Company must have at least one and no more than fifteen directors.
No, all processes are online, you have to share your Identity proof and address proof.
There are three factors considered while applying for a company name—
● Name should not be matched with the existing one.
● Name should not be registered as a trademark.
● It should not be prohibited under Emblems and Names act.
KNAP Advisory helps you to register a One Person Company within 5 days.
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