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Incorporate One person company (OPC)

The concept of One Person Company [OPC] is a new vehicle/form of business, introduced by The Companies Act, 2013 [No.18 of 2013], thereby enabling Entrepreneur(s) carrying on the business in the Sole-Proprietor form of business to enter into a Corporate Framework.
One Person Company is a hybrid of Sole-Proprietor and Company form of business, and has been provided with concessional/relaxed requirements under the Act.

Start your OPC with MyeCA

Start your OPC with MyeCA

The concept opens up spectacular possibilities for sole proprietors and entrepreneur who can take the the advantages of Limited liability and corporatization but were held back in doing so because of the requirements of finding a second director or second shareholder.

A small note on what is meant by limited liability

The biggest difference between a sole proprietor and a One Person Company would be that in case of a One Person Company, your liability in case the business fails, is limited to only the business assets. In case of a proprietorship, the liability is unlimited and the creditors of your business can even take hold of your home and personal assets like your house, personal bank accounts, jewellery etc which can be used to settle the business liabilities.

 

Also read-  Incorporate Company in India

 

 

FAQ’ on OPC

How many people are required to incorporate a One Person Company?
 
To incorporate a One Person Company, a Director and a nominee is required. A nominee member is one, who shall, in the event of promoter member’s death or incapacitation become a member of the Company.
 
What are the requirements to be a Director or Nominee in a OPC?
 
Only a natural person who is an Indian citizen and a resident in India is eligible to incorporate a One Person Company or be a nominee member.The Director or Nominee must also be over 18 years of age.A person can incorporate upto five One Person Companies.
 
What is authorized capital fee?
 
Authorized capital of a Company is the amount of shares a company can issue to it shareholders. Companies have to pay the Government an authorized capital fee to issue shares in a Company. Companies have to pay authorized capital fee for a minimum of Rs.1 lakh.
 
What is the capital required to start a One Person Company?
 
One Person Company can be started with any amount of capital. However, fee must be paid to the Government for issuing a minimum of shares worth Rs.1 lakh [Authorized Capital Fee] during the incorporation of the OPC. There is no requirement to show proof of capital invested during the incorporation process.
 
Is there any Registered office required for starting a One Person Company?
 
An address in India where the registered office of the One Person Company will be situated is required. The premises can be a commercial / industrial / residential where communication from the MCA will be received.
 
Do I have to be present in person to incorporate a One Person Company?
 
No, you will not have to be present at our office or appear at any office for the incorporation of a One Person Company. All the documents can be scanned and sent through email to our office. Some documents will also have to be couriered to our office.
 
What are the documents required for incorporation?
 
Identity proof and address proof is mandatory for all the proposed Director and Nominee of the One Person Company. PAN Card is mandatory. In addition, the landlord of the registered office premises must provide a No Objection Certificate for having the registered office in his/her premises and must submit his/her identity proof and address proof.
 
How much time it will take to incorporate a One Person Company?
 
It takes somewhere around 10 to 15 days. The time taken for incorporation will depend on submission of relevant documents by the client and speed of Government Approvals. To ensure speedy incorporation, please choose a unique name for your Company and ensure you have all the required documents prior to starting the incorporation process.

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