Overview of OPC Registration in India
One Person Company (OPC) is a type of business entity in which a single individual can incorporate a company with limited liability, separate legal identity, and perpetual succession. The concept of OPC was introduced in the Companies Act, 2013 in India to encourage entrepreneurship and simplify the process of starting and managing a business. The shareholder of an OPC has limited liability, and the OPC is treated as a separate legal entity distinct from its founder. However, an OPC cannot have more than one shareholder, and its annual turnover and paid-up capital are limited.
Features of One Person Company
Single Owner: OPC is a type of business entity in which only one person can be the shareholder and director of the company.
Limited Liability: The liability of the shareholder is limited to the extent of the unpaid amount of shares held by him/her in the company.
Separate Legal Entity: OPC is a separate legal entity distinct from its owner, which means that it can own assets, enter into contracts, sue or be sued in its own name.
Perpetual Succession: OPC has perpetual succession, which means that the company continues to exist even in the event of the death or incapacitation of its owner.
Minimal Compliance: OPCs have a lesser compliance burden as compared to other types of companies.
Easy to Incorporate: OPCs are easier to incorporate as compared to other types of companies.
Minimum Capital Requirement: The minimum authorized and paid-up capital required for OPCs is lower as compared to other types of companies.
Documents Needed for OPC Company Registration
PAN Card: The applicant’s PAN card is required for identity verification.
Identity Proof: Any one of the following can be submitted as identity proof – Aadhaar Card, Voter ID Card, Driving License or Passport.
Address Proof: Any one of the following can be submitted as address proof – Aadhaar Card, Voter ID Card, Driving License, Passport or recent bank statement or utility bill.
Passport-sized photograph of the applicant.
No-objection Certificate (NOC): If the proposed registered office is not owned by the applicant, then a NOC from the owner of the property is required.
Memorandum of Association (MOA): It contains the company’s name, objects, and authorized capital.
Articles of Association (AOA): It contains the rules and regulations for the internal management of the company.
Proof of Registered Office: A recent utility bill (not older than two months) and a copy of the rental agreement or sale deed of the registered office.