The concept of One Person Company in India was introduced through the Companies Act, 2013 to support entrepreneurs who on their own are capable of starting a venture by allowing them to create a single person economic entity. One of the biggest advantages of a One Person Company (OPC) is that there can be only one member in an OPC. One Person Company allows a lone Entrepreneur to operate a corporate entity with limited liability protection, an OPC does have a few limitations. For instance, every One Person Company (OPC) must nominate a nominee Director in the MOA and AOA of the Company – who will become the owner of the OPC in case the sole Director is disabled. Also, a One Person Company must be converted into a Private Limited Company if it crosses an annual turnover of Rs.2 crores and must file audited financial statements with the Ministry of Corporate Affairs at the end of each Financial Year like all types of Companies.
Minimum 1 Lakh Authorized Capital
Just 1 Director Required
Director should be Indian
A Unique Business name
Mandatory Nominee Appointment
Conversion to Pvt Ltd if share capital exceeds 50 Lakhs or turnover exceeds 2 crores.
Documents Required
- Identity Proof and Address Proof
a. Passport/ Aadhar card/ Voter ID/ Driver’s License of Directors /Shareholders,
b. PAN card, and
c. Utility bills or Bank Statements as address proof. - Proof of Registered Office
a. If you own the Property, you need any utility bill like an electricity bill or corporation tax receipt not later than 30 days.
b. If you use someone else’s Property, you need a Rental Agreement or No Objection Certificate (NOC). - Memorandum of Association (MOA) and Articles of Association (AOA)
a. MOA outlines the objectives and scope of activities.
b. AOA defines the internal regulations and governance structures. - Declaration and Consent of the proposed Director
a. Form DIR-2 is the official consent to assume the Director role within the prospective company.
b. Form INC- 9 serves as the official declaration - Declaration and Consent of the Nominee
Form INC- 3, along with the PAN card and Aadhar Card, serves as the official consent of the Nominee.
What You will get
- Company PAN & TAN
- Company Name Approval
- MOA & AOA
- Incorporation Certificate
- DSC
- DIN