22 Jan 2022

One Person Company Registration

One Person Company is the right business structure that helps in running a business individually. OPC is best for the entrepreneur who wants to form a company with limited liability. Are you planning to run an OPC business? Contact Taxlegit and get your OPC registration by availing of our exclusive offer!.

Overview

A one-person company is a great choice for you if you are not sure of the financial future of your startup. If you are looking to make a profit, get funding or simply gain more experience in the start-up world, one person company can be the right option for you. One Person Companies are benefiting largely in developing the overall economy of India. More and more Entrepreneurs are coming up and commencing their business. By incorporation of OPC, the company can enjoy the benefits in banking point and are eligible for Banking loans, credits. So, if you want to start up your own business, you don’t have to worry about all the network and slow processes. You can easily register One Person Company under the outlines of the companies Act 2013. One Person Company is a type of Private Limited Company.

Benefit Of Small Scale Industries

Some of the benefits to small scale industries are:

  • Independence – It allows the industry to grow according to its vision without being dependent on other people.
  • Flexibility – It enables them to decide their working hours, has more control over money, and allows changes in the workforce according to their needs.
  • Quality – They can set up quality standards which can be followed by all their employees.

What are the Restrictions on One-Person Company?

  • You can have only one person as the owner of a company
  • You can have only one class of shares in your company
  • You cannot own more than 49% of the voting shares in your company.
  • You can’t be a partner in another business
  • You can’t own more than one property
  • You can’t have more than one bank account
  • You must be an Indian citizen or a permanent resident of India.
  • You can’t have a partnership with someone else to form a company

Eligibility Criteria for Registering a One Person Company

  • You must be an Indian citizen
  • You must have a valid address in India.
  • You must have a valid PAN card
  • The minimum age for registering a company is 18 years.
  • You must have a minimum of one employee working for you.
  • You must have a minimum of Rs.10, 000/- in your bank account for the first year of operation.

Get Register your One Person Company with Taxlegit

Taxlegit is one of the platforms which coordinate to fulfill all your legal and financial requirements and connect you to expert professionals. Yes, our clients are happy with our legal service! We provide our best packages to clients in that we include

  • DIN for 1 Director
  • MOA + AOA
  • Customized Incorporation Master File
  • Bank Account Opening Document Support
  • Digital Signature Token for 2 Promoters and 1 witnesses
  • Incorporation Certificate
  • Company PAN Card
  • Domain Name + Web Hosting
  • Company Name Approval
  • Company Name Approval

Frequently Asked Questions

To form an OPC they required only 1 person to form a company
The following conditions are required for OPC; Citizen should be individual and an Indian citizen Director should be above the age of 18 years and the director should be an Indian citizen Business Proof is required
The amount required to form a One Person Company i.e., Rs 1 Lakh.
DIN stands for Director Identification Number.It is a unique identification number that is assigned by the MCA to individuals on the application.It allows an individual to be a Director in a company
No, the shareholder cannot be NRI or Foreigners
All the processes will be online so you don’t have to be physically present during this process.
DSC refers to Digital Signature Certificate.It is provided in the form of a token that is issued by certified authorities. If the form is filled for any kind of registration in India it should be submitted after affixing the DSC of an applicant. The directors will also require DSC for DIN application.
The validity of OPC registration in India is a lifetime
All such businesses must maintain books of accounts comply with statutory audit requirements and submit income tax returns and annual filings with the ROC.
No, only an individual can form only one OPC at a time. This rule is applicable to the nominee too.

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