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A One Person Company (OPC) is a hybrid structure, wherein it combines most of the benefits of a sole proprietorship and a company form of business. It has only one person as a member who will act in the capacity of a director as well as a shareholder. Section 2(62) defines One Person Company as a company which has only one person as a member. For more details on One Person Company, please click FAQs on One Person Company.
One Person Company will be formed as a “Private Limited Company”. It can be formed as company limited by share capital or limited by guarantee or unlimited company. The words “One Person Company” will have to be mentioned in brackets below the name of such company, wherever its name is printed, engraved or affixed.
The process of starting an One Person Company is the same as that of a general private limited company. Hence, the minimum authorized capital of the One Person Company would be Rs. 1, 00,000. However, there is no minimum paid up capital requirement.
An One Person Company can be started with one director and shareholder only.
A nominee is a person who in the event of death or disability of the subscriber of the One Person Company shall assume his position. Memorandum of Association of an One Person Company will mandatorily prescribe the name of the person.
Yes. Anyone can be appointed as a nominee, provided he or she holds a correct PAN in his or her name.
One individual can form only one One Person Company.
No. Only an Indian citizen and resident can form an One Person Company.
For the purposes of this rule, the term “resident in India” means a person who has stayed in India for a period of not less than one hundred and eighty two days during the immediately preceding one calendar year.
A person can become a nominee in not more than 1 One Person Company.
The choice of the entity depends on the circumstances of the case.
The authorized capital of a company is the maximum amount of share capital that the company is authorized by its constitutional documents to issue to shareholders. It can be altered from time to time. Click to read more on -Procedure of Increase in Authorized Capital.
There is NO requirement of a minimum paid-up capital! You can start with any amount as you are comfortable with.
An OPC is taxed at the corporate tax rate of 30%.
Paid-Up Capital is the amount that has been received by shareholders who have completely paid for their purchased shares. This would not include any shares that have been bid on, but not yet purchased.
It will depend upon the nature of business you intend to pursue. However, after registering over hundreds of companies, it is our practical advice to keep note of few of many factors before registering your company in any city:
Yes, an Indian company can be incorporated with one or more foreign nationals as Directors. However, in private company wherein there are 2 directors and both of them are foreign nationals, one of them has to be a resident in India for a period of at least 182 days in the calendar year(as per Companies Act 2013). Also, wherein both the directors are foreign nationals, then disclosure has to be made whether 100 % FDI is allowed in the desired sector or not. However, foreign nationals cannot form an OPC in India. Click to read more on foreign nationals incorporating company in India – Complete guide on starting a company in India by Foreign Nationals
As per Companies Act, 2013, you can. The new Act provides for the concept of One Person Company, wherein an individual can start a company on individual basis. Click more to read on one person company -One Person Company concept in India comes to Reality
Before fixing on any name, one should always avail the public search of existing company/LLP name along with trademark search. More unique the name more is the chances of their quick reservation.
DIN Number is a unique identification number allotted to the directors by the Government. For obtaining a DIN number, application is made to the Government in Form DIR-3 with requisite documents. The prescribed Government fees for obtaining one DIN are Rs.500. Click more to read on DIN -FAQs on Director’s Identification Number – DIN
No, DIN is a one-time formality.
The name, address, e-mail ID, phone number, residential status, all can be updated by making an application in Form DIR-6, along with requisite documents and declaration. There are no prescribed Government fees for the purpose.
Yes, the basic personal details, namely the name of the applicant, father’s name of the applicant and his/her Date of Birth are verified by the DIN authorities from the PAN database.
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