OPC

Minimum Requirements for OPC Registration

The minimum requirements that are needed to comply for the registration of a one person company are as follows:

• For Incorporating a One Person Company, only a single individual who is both a citizen and resident of India is required. Further, the term Resident of India means that the said person must have lived in India for a time period, not less than 182 days in the previous financial year.
• Business Models such as a Company or an LLP cannot join a One Person Company.
• The promoter should select a nominee at the time of incorporation.
• The minimum authorized capital must be at least Rs 1 Lakh.
• An OPC is restricted from functioning a minor as its member.
• One thing which is noteworthy to note is that if an OPC surpasses an annual turnover of Rs 2 crore or has the paid-up share capital more than Rs. 50 lakhs, then, in that case, it must be converted into a private limited or a public limited within six months.
• There must be at least one nominee and one director.

Forms Required for OPC Registration

The following listed forms must be filed to complete the process of One Person Company Registration:

• Application for the Company Registration
• Digital Signature Form
• Declaration of Promoter in the form INC-9
• Declaration of the Promoter-Non-Deposit under the FEMA (Foreign Exchange Management Act) and SEBI (Securities Exchange Board of India)
• Consent of Director in the form DIR-2
• MOA (Memorandum of Association) and AOA (Article of Association) Subscriber Sheet
• No-Objection from the actual owner

Documents Required for OPC Registration

The documents required for the registration of a One Person Company in India are as follows:

• Copy of the owner’s PAN (Permanent Account Number) Card
• Passport-sized photograph of the concerned owner
• Copy of the Aadhaar Card or Voter identity card or Driving License of the concerned owner
• Copy of the Rent agreement (If in case a rented property)
• Electricity Bill or Water Tax Receipt of the Registered Office
• Copy of the Property papers or the ownership proof (In the case of an owned property)
• No-Objection Certificate from the actual owner

Procedure for OPC Registration

Step 1: Apply for DSC and DIN This is the first step of OPC Registration, to get DSC or Digital Signature Certificate of the Director, which requires the following documents:

• Aadhaar Card of the proposed director;
• Address proof of the proposed director;
• Latest Photo of the director;
• Email ID and Phone Number of the proposed number;
• PAN Card of the director.

Once the DSC is made, the next step is to get the DIN or Director Identification Number of the proposed director in SPICe Form along with the identity & address proof of the company’s director. Form DIR-3 is the option only available for present companies. The candidate need not file the Form DIR-3 separately. Now the Director Identification Number can be applied within the SPICe Form for up to 3 directors. Step 2: Application for Name Approval After obtaining DSC and DIN, the next step is to decide the company’s name. The company’s name will be in the form of XYX (OPC) Private Limited. The name can be approved in the SPICe+ 32 Form. Only one preferred name and the importance of keeping that name can be given in the SPICe+ 24 Application Form. In case the name of the company is not accepted or get rejected, another name can be submitted by applying another SPICe+32 Form. Once the suggested name is approved by the Ministry of Corporate Affairs (MCA), you can move to the next step. Step 3: Essential Documents After the name approval, you have to arrange all the documents which are required to be submitted to the Registrar of Companies mentioned below:

• Submit MOA or Memorandum of Association which are the objects to be followed by the proposed business or company.
• Submit AOA or Articles of Association lays down the by-laws on which the company will operate.
• Since there is only one member or one director, a nominee on behalf of such an individual has to be assigned because in case he or she becomes injured or dies and cannot perform their duties, the nominee will perform all of his or her duties on behalf of the director and take his or her place. Their approval in Form INC-3 will be taken along with their PAN card & Aadhar Card.
• Approval & declaration of the proposed Director of Form DIR-2 and INC -9, respectively.
• Submit proof of the registered premise or office of the proposed company along with the ownership proof and a No Objection Certificate from the owner.
• Submit a declaration by the expert certifying that all compliances have been made.

Step 4: Forms Filing with MCA All such documents will be attached to the SPICe+ Form, SPICe-AOA, and SPICe-MOA with the Digital Signature Certificate of an expert and the director and will upload the same on the official website of MCA for approval. There is no need to file separate applications for getting TAN and PAN numbers. Step 5: Issuance of the Registration Certificate After verification of all the forms and documents, the ROC (Registrar of Companies) will issue a Registration Certificate, and you can start a business.