One person company is a new concept introduced by Companies Act 2013. One person company is a sort of private limited company which can be incorporated by one person alone. However another person is required as nominee.
As the one person company concept is for small businesses. The status as a One person company can be availed only when paid-up share capital up to INR 50 Lacs and a turnover uptoINR 2 crore in a year. However the moment turnover increases beyond INR 2 crores or the capital crosses INR 50 lacs, the one person company will be required to be converted as a private limited company.
A one person company has some advantages under Companies Act 2013 in terms of non- applicability of few provisions. Those are as listed in below.
Nowadays, This form of business also getting popular in India. A person can start their business in form of One Person Company then with the growth or by application of Law,oneself moves to Private Limited Company.
A self define process of registration of One Person Company, documents required, and pricing etc for registration of One Person Company are given in tabs as above.
We follow and maintain transparent and vital system in our office. Whichremain same for all the customers.
STEP -1 :In One Person Company, We require documents for two persons. One is Director and Shareholder and another for Nominee of One Person Company. The person who would become Directors / Member and Nominee of the One Person Company, require to provide and sign.the requisite documents to start Incorporation process of a One Person Company.
STEP -2 : Obtain Digital Signature certificate (DSC) and Director Identification Number (DIN) for proposed Director and Shareholder for Registration of One Person Company.
STEP -3 : Filing name approval form with Registrar of Companies (ROC) along with main object of One Person Company. which require minimum one name and maximum six name in the order of preference. Name of a One Person Company must reflect its activity or main business Object in its name.
STEP -4 : Drafting of Memorandum of Association (MOA) and Article of Association (AOA). It is an important Document for Registration of One Person Company. It Contain all the object and rules and regulation for day to day operation of Company.
STEP -5: Filing of e-form along with legal attachments,legal forms and MOA & AOAto be submitted electronically with Registrar of Companies (ROC) for Incorporation of One Person Company. Our highly experience team is expert in preparing and filing of E-forms with ROC.
STEP -6 : After approval of all the e-forms, One would get Certificate of Incorporation (COI) forOne Person Company. COI can be issued only when ROC is satisfied with respect to all the documents submitted.
STEP -7 :Now it is essential to obtain Business Commencement Certificate from Registrar of Companies (ROC) to complete the process of registration of one person companyincorporated under Companies Act 2013.
This commencement of business certificate can be issued after submission proof of payment of INR 1 lac to company to the ROC. After that a One Person Company can exercise borrowing power or CommenceBusiness. (Earlier under Companies Act 1956 this certificate for Commencement of Business is required only for Public Limited Companies).
Q1.What is One Person Company?
Q2. What is minimum number of person required ?
Q3. Who can be become Director and Shareholder of OPC?
Q4.Whether nominee can be changed?
Q5.Whether one person can form more than one OPC?
Q6.Is there any condition which required to be fulfill to run as OPC during it's life time?
Q7.Is this OPC can be converted into Private or Public Company?
Q8.Whether private company can be converted into OPC?
Q9.Whether OPC is also require to fulfill all compliance as required by other company?