Register Your OPC (One Person Company) with Speed Filings

Embark on the entrepreneurial journey with the simplicity and flexibility offered by registering a One-Person Company (OPC). This business structure is favored by entrepreneurs seeking limited liability and a distinct legal identity. OPC uniquely allows a single individual to function as a company, combining the advantages of a sole proprietorship with the legal protection of a private limited company.

Speed Filings specializes in streamlining the OPC registration process, ensuring entrepreneurs smoothly navigate legal formalities. Our experienced team guides you from document preparation to filing, providing expert assistance to make informed decisions about your OPC setup.

Contact us now and take the first step toward realizing your entrepreneurial dream!

Introduction to One Person Company (OPC)

Introduced under the Companies Act of 2013, One Person Company (OPC) registration in India enables a single individual to establish a company, enjoying the benefits of both a sole proprietorship and a traditional company structure. This concept, available since the implementation of the Companies Act in 2013, aims to foster entrepreneurship and formalize Micro, Small, and Medium Enterprises (MSMEs).

Eligibility Criteria

Before proceeding with OPC registration, understanding specific eligibility criteria and limitations is crucial:

• Natural Person and Indian Citizen: Only a natural person who is an Indian citizen can establish an OPC. Legal entities like companies or LLPs cannot create an OPC.
• Resident in India: The promoter must be a resident in India, having lived in India for at least 182 days during the previous calendar year.
• Minimum Authorized Capital: OPC must have a minimum authorized capital of Rs 1,00,000, the amount stated in the company’s capital clause during registration.
• Nominee Appointment: The promoter must appoint a nominee during OPC incorporation. The nominee becomes a member in case of the promoter’s death or incapacity.
• Restrictions on Certain Businesses: Businesses involved in financial activities like banking, insurance, or investments cannot be established as OPCs.

Note: An individual can establish only one OPC, and an OPC cannot have a minor as its member.

Advantages of One Person Company (OPC)

• Legal Status: OPC obtains a separate legal entity status, protecting the individual founder from personal liability.
• Easy Fundraising: As a private company, OPCs find it easier to raise funds through venture capitalists, angel investors, and banks compared to proprietorship firms.
• Reduced Compliance: OPCs enjoy exemptions from compliance requirements under the Companies Act, 2013, simplifying administrative obligations.
• Simple Incorporation: OPCs can be established with just one member and one nominee, with the member also serving as the director. No minimum paid-up capital requirement simplifies incorporation.
• Efficient Management: With a single person managing the OPC, decision-making is swift, leading to efficient company management without conflicts or delays.
• Perpetual Succession: OPCs maintain perpetual succession, ensuring company continuity even with only one member.

Disadvantages of OPC

While OPCs offer advantages, there are also limitations:

• Suitable for Small Businesses: Primarily suitable for small-scale businesses as they can only have one member, limiting their ability to raise additional capital.
• Restriction on Business Activities: OPCs are restricted from engaging in certain activities, such as non-banking financial investments and charitable objectives.
• Ownership and Management: Lack of clear distinction between ownership and management, as the sole member can also be the director, potentially leading to ethical concerns or conflicts of interest.

Required Documents

Several essential documents must be prepared and submitted to the Registrar of Companies (ROC) during the OPC registration process:

• Memorandum of Association (MoA)
• Articles of Association (AoA)
• Nominee’s consent, along with their PAN card and Aadhaar card, submitted via Form INC-3.
• Proof of Registered Office
• Declaration in Form INC-9 by the proposed director and their consent in Form DIR-2.
• Declaration by a qualified professional certifying adherence to necessary legal compliances.

Registration of One Person Company (OPC) in India

The registration of an OPC in India is facilitated through the SPICe+ (Simplified Proforma for Incorporating Company Electronically Plus) form, replacing previous application forms for company incorporation. The registration process involves two parts:

• Part A: Secures approval for the desired company name and applies for the Director Identification Number (DIN) or Permanent Account Number (PAN) for the proposed director.
• Part B: Involves furnishing incorporation-related details, including the registered office address, share capital details, director particulars, and shareholder information.

Steps for OPC Registration

• Obtain a Digital Signature Certificate (DSC): Secure a DSC for the intended director for electronically signing documents.
• Obtain Director Identification Number (DIN): Acquire a DIN for the proposed director from the Ministry of Corporate Affairs (MCA).
• Name Reservation: Apply for name reservation through Form SPICe+ (Part A) on the MCA portal, ensuring distinctiveness.
• Prepare MOA and AOA: Draft the Memorandum of Association (MOA) and Articles of Association (AOA) outlining company objectives and rules.
• File the Forms: Submit necessary forms with the MCA for OPC registration, attaching required documents to the SPICe+ form.
• Certificate of Incorporation: Upon ROC approval and compliance verification, the ROC issues a Certificate of Incorporation, signifying successful OPC registration.

Why Speed Filings for OPC Registration?

Speed Filings is the ideal partner for One Person Company (OPC) registration due to:

• Years of expertise in company registration.
• Deep understanding of the regulatory landscape.
• Simplified OPC registration process.
• Expert guidance from name reservation to document submission.
• Commitment to accuracy and compliance.
• Dedicated support team for queries or concerns.

Initiate your entrepreneurial journey with confidence. Contact Speed Filings today to get started!

Post-Incorporation Formalities for OPC

Following successful OPC incorporation, specific compliance formalities must be adhered to, similar to those applicable to private limited companies. Our experts are ready to assist in fulfilling OPC compliance requirements, ensuring your business remains in full legal compliance.