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One Person Company

The concept of One Person Company in India was introduced through the Companies Act, 2013 to support entrepreneurs who on their own can start 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, while a minimum of two members is required for incorporating and maintaining a Private Limited Company or a Limited Liability Partnership (LLP). Concepts Behind One Person Company

a. Only one Shareholder

Only a natural person, who is an Indian citizen and resident in India shall be eligible to incorporate a One Person Company.

b. Nominee for the Shareholder

The Shareholder shall nominate another person who shall become the shareholders in case of death/incapacity of the original shareholder. Such nominee shall give his/her consent and such consent for being appointed as the Nominee for the sole Shareholder. Only a natural person, who is an Indian citizen and resident in India shall be a nominee for the sole member of a One Person Company.

c. Director

Must have a minimum of One director, the sole Shareholder can himself be the Sole director. The Company may have a maximum number of 15 directors.

Registration Procedure (OPC)

Obtain Digital Signature Certificate [DSC] for the proposed Director(s).
Obtain Director Identification Number [DIN] for the proposed director(s).
Select suitable Company name and make an application to the Ministry of Corporate Office for availability of name.
Draft Memorandum of Association and Articles of Association [MOA & AOA]. Sign and file various documents including MOA & AOA with the Registrar of Companies electronically.
Payment of Requisite fee to Ministry of Corporate Affairs and amp Duty.
Scrutiny of documents at Registrar of Companies [ROC].

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