logo
. . .

One Person Company

One Person company means company incorporated under the company’s act 2013 having only one person as a member. It is a new form of business which is came into existence through the companies act in the year 2013. It is a form of business having a separa

0

Satisfied Customers

0

Global Business Setups

0

Professionals (CA,CS, Lawyers)

0

Offices

[ Rated 4.9 Stars By 7863+ Customers Globally]
Slider One

Introduction

Recently, the One Person Company (OPC) was introduced as successful refining over the sole proprietorship. In OPC, a single promoter assumes full control over the company while restricting his / her liability towards their contributions to the company. The said person will then be the sole shareholder and director (although a nominee director is present, but has zero control unless the actual director proves incapable of entering into the contract).

Under section 2 (62) of the company act 2013, One Person Company means a company incorporated under the company’s act 2013 having only one person as a member. It is a new form of business which is came into existence through companies act in the year 2013. It is the form of business having separate legal entities form its promoter just like other forms of company.  The main advantage of OPC form of company is that there can be only one member with whom the company can get incorporated while a minimum of two members is required for incorporating and maintaining a private limited company or seven-member are required for incorporating and maintaining a public limited company.

Through this form of a business single person alone can operate a corporate entity with limited liability protection; an OPC does have a few limitations.

Under this form of company, the member needs to compulsory nominate one person as his/her as nominee for incorporating the company and that nominee will give his/her consent under form INC-3 for becoming the nominee of such person.

Why One Person Company

➲ East way to jump into the corporate world

Private Limited Company form of business is an easy and simple way to get into the corporate world and it is an easy way for a good start-up.  As compare to Sole Proprietorship, it is a better option for the start-up as in this form of business liability of the member is limited. It is a good platform for incorporating a company form of business having ownership.

➲ Business credibility

If a business is established as a proprietorship or partnership, it is not registered with the Ministry of Corporate Affairs and cannot be found in the databases of the online company or LLP. Often there is no reliable evidence of the existence of the company, making it difficult to open a bank account, acquire trustworthy clients, or receive credit from vendors.

➲ No Minimum Capital Required

As per the point of view of incorporation, there is no minimum capital required for incorporating a private limited company. As per company law 2013, you can start a private limited company with 0 paid-up capital. Whereas if you want to incorporate a public limited company you need to have 5 Lakh as minimum paid-up capital

➲ Liability is Limited

Limited Liability means the status of being legally responsible for a company's debts only to a limited sum. Like proprietorships and partnerships, the Member's responsibility for the company's debts is limited in a limited liability company. In other words, the responsibility of a company's members is limited only to the sum of the face value of the shares they take over.

One Person Company incorporations process:

➲ Apply for name

The first step in incorporating a company is for reserving the name of the proposed company in part-A of SPICe Plus (SPICe+) form. In this form choose your business activity and file for two proposed names, if CRC will reject the proposed name then file again with two new names within a certain time limit from the date of rejection (15 days).

➲ Apply for DSC

The next step is to apply for DSC (Digital Signature Certificate) which will be used for signing the forms by proposed directors and proposed members respectively. Procure DSC for both proposed directors and member, if both are different.

➲ Fill the SPICe plus Form (SPICe+)

Once, your name gets reserved under it will be valid for 20 days from the date of approval, within 20 days you have to fill-up the form and upload it online.SPICe+ is an advanced form combination of 8 forms in one. Through this proposed company can apply for at once:

  • Name reservation
  • Incorporation
  • Apply for DIN
  • TAN
  • PAN
  • EPFO
  • ESIC
  • GSTIN
  • INC-9

 Next step is to fill the part-B of SPICe + which will contain all the detail related to incorporating company like number total number of directors and members, Authorized share capital, paid-up capital, number of share hold by members, company registered address detail, directors and member detail and will required attachments for proof. Then draft the MOA (memorandum of association)-INC-33 and AOA (Article of Association)- INC-34 of the proposed company, Nominee Form- INC-3 then fill form required for EPFO and ESIC registration with detail, then Fill the AGILE form for procuring GSTIN. After filling all these attach the signature and then upload it on MCA website

Documents required for Incorporating One Person Company is as follow:

  • PAN card
  • Photograph
  • Aadhar card

➲ ID proof of proposed Director and member (anyone):

  • Passport
  • Voter’s ID
  • Driving License

➲ Address proof of proposed member and Nominee (anyone):

  • Telephone bill
  • Mobile Bill
  • Bank statement
  • Electricity bill

➲ Address proof for the principal place of business of the proposed company (anyone)

  • Utility bill like telephone bill, electricity bill, gas bill, water bill
  • Rent agreement with rent slip
  • Proof of ownership

FAQs

Q. What is a person's company?

A. Under section 2 (62) of the company act 2013, One Person Company means a company incorporated under the company’s act 2013 having only one person as a member. It is a new form of business which is came into existence through the company's activities in the year 2013. It is a form of business having a separate legal entities from its promoter just like other forms of company.  The main advantage of the OPC form of company is that there can be only one member with whom the company can get incorporated

 

Q. Pre-requisite for incorporating a private limited company?

A. As per company act 2013 for incorporating a private limited company there is a minimum requirement of:

Minimum number of director-1

Minimum number of shareholder-1

Minimum paid-up capital- 0 (although minimum capital should be there so that bank account can be open)

 

Q. Documents required for incorporating a company?

A. ID proof of proposed Directors and members:

i. PAN card (Mandatory)

ii. Aadhar card (Mandatory)

iii. Photograph of the proposed director (mandatory)

iv. Passport  or Voter’s ID or Driving License

B. Address proof of proposed members and directors (any one of the following):

i. Telephone bill

ii. Mobile Bill

iii. Bank statement

iv. Electricity bill

C. Address proof for the principal place of business of the proposed company (any one of the following)

i. Utility bill like telephone bill, electricity bill, gas bill, water bill

ii. Rent agreement with rent slip

iii. Proof of ownership

 

Q. Government fees for incorporating a company?

A. Government fee varies from state to state as the stamp duty varies from state to state as per state stamp act depending upon the authorized capital of the proposed company.

  • STAGE 1

    CONNECT WITH US

    We are just a call or message away!

    Call or WhatsApp us on +91-99991-39391 for free consultation from our team of experts. You can also email us on [email protected].

  • STAGE 2

    PROCESS AND DOCUMENTATION

    Your consent is essential!

    We share the detailed and reasonable estimated costs, documents and prerequisites for the complete process before starting the process to ensure transparency.

  • STAGE 3

    SHARE YOUR DOCUMENTS

    We ensure timelines are met!

    Our team warrants hassle free documentation. We collect the necessary documents and share the relevant drafts to ensure a timely filing and delivery.

  • STAGE 4

    PROCESSING AND UPDATE

    Precision is our speciality!

    Upon collecting the necessary documents and information, we waste no time in preparation and filing of your application. development on your application is brought to your attention.

  • STAGE 5

    SUCCESSFUL COMPLETION

    We deliver what we commit!

    On successful completion of the case we share all the relevant documents electronically and physically along with an assurance to pay you back if something is wrong.

Request A Callback
Related Services

Expert Legal Advisory Our Customers Love

Bespoke advisory focused on mission critical legal, financial and business aspects.

server room

Trusted By Clients And Industry Experts

At Corpzo, our clients’ success stories speak volumes. Discover how businesses across various industries have leveraged our expertise to achieve their goals. Read firsthand accounts of our commitment to excellence and the impact we've made in supporting their growth and compliance needs.

Empowering You with Expert Insights and Knowledge

At Corpzo, we are dedicated to empowering our clients with valuable knowledge and insights. Our team of experts regularly shares in-depth articles, comprehensive guides, and industry updates on Knowledge Varsity. Whether you're looking for the latest trends in alternative investment funds or need expert advice on navigating the complexities of drug licensing, our resources are designed to keep you informed and ahead of the curve. We believe that informed clients make better decisions, and our goal is to provide you with the expertise you need to succeed.

Explore CorpZo Insights
Let’s chat? - We're online
Corpzo Chat Now Corpzo Chat Image
Book An Appointent

Shabnam

From Mumbai Recently Purchased @Partnership Firm Registration