What is One Person Company?
One Person Company or OPC concept was introduced under The Companies Act, 2013, which allows the business owners to run their company solely. The Act says that a person can register a company governed by himself with no other partner or employees. Therefore, OPC is a combination of Sole-Proprietor and Company.
Basics of OPC Registration Services
In order to register for an OPC, a person must meet several terms and conditions described under Companies Act. These terms and conditions are as follows:- A person can register only one OPC under his name and must not be an owner or nominee in other such company.
- The person applying for such company must be above 18. A minor cannot be the owner/share holder/nominee in any OPC.
- The Act does not allow an OPC to get involved in Non-Banking Financial Activities like investment in shares or securities or other companies.
- An OPC cannot be converted into a company before two years of its registration, unless the company meets the threshold limit of capital which is INR 50 Lakh or has its annual turnover equal to 2 crores. Once meeting these limits or completing two years as an OPC, the company can be converted into a Private Limited Company or LLP.
One Person Company Name Registration in India
There are eight basic steps involved for one person company name registration in india, as described below:- The Proposed Director submits his/her Digital Signature Certificate (DSC)
- Then he/she has to obtain the Director Identification Number (DIN)
- Select the name for the company and make sure the name is available by checking at Ministry of Corporate Office
- Prepare Memorandum of Association (MOA) and Article of Association (AOA)
- Submit the signed copies of all documents to the Registrar of Companies
- Pay the requisite fee and stamp duty to Ministry of Corporate Affairs
- The Registrar of Companies examines and verifies the documents
- The Proposed Director receives the registration certificate
In order to make the process easier and quicker, it is always requested to get the registration done by a reputed company registration service provider. Company-registration.in at contact@company-registration.in , +91-8800-100-284 is one such firm which helps you throughout the process and take care of every step to make sure you get it completed without any hassle and in minimum time and cost possible.
Posted by Anita Aswal - 5th May 15