One Person company Registration

One Person Company registration in Jharkhand-OPC registration in Jharkhand

One Person Company, which is a new concept in India, already sees a big boom. A huge impact on the economy and development of nation is expected. It gives opportunities to many and will therefore bring creative and young minds in front of everyone. The concept of One Person Company [OPC] is a new vehicle/form of business, introduced by The Companies Act, 2013 [No.18 of 2013], thereby enabling Entrepreneur(s) carrying on the business in the Sole-Proprietor form of business to enter into a Corporate Framework.

The One Person Company(OPC) was recently introduced as an improvement to the sole proprietorship structure. With OPC, one organizer is given complete control over the organization, limiting their liability for their contribution to the organization. Therefore, the person named will be the shareholder and sole director (although there is a director who is appointed but does not have power until the actual director is unable to continue). Additionally, there may not be an opportunity to contribute employee stock options or equity financing. If the OPC has an average turnover of 2 crore three times in a row or more, or obtains a payout fund of 50 lakhs and more, it must be converted into a limited liability company or joint stock company within six months.
OPC registration opens up new business opportunities for traders and sole entrepreneurs who also wish to take advantage of limited liability companies and independent legal entities. OPC eliminates the problem of finding the right partner as a registered person to start a business. It only requires one person to serve as member, shareholder and director.
One person company in India is a new concept introduced by Company Act 2013. One person company in India is founded by one person. Before the Companies Act 2013 came into effect, no one could enter a company. OPC has the characteristics of a company and a sole trader advantage. Previously, when one needed to start a business, one only had to choose a sole proprietor.

Under Section 2(62) Companies Act 2013, a company can be established with only 1 director and 1 member. Sole proprietorship registration in India is a type of legal entity that has lower compliance requirements than limited liability companies.

One person company registration in India can be done under the Companies Act 2013 with only one member and one director. Managers and members can also be the same person. Here a person who may be resident or non resident of India can register OPC in India.

One Person Company (OPC): Process of Registration

Step 1: Apply for DSC *

Step 2: Apply for DIN **

Step 3: Name Approval Application

Step 4: Documents Required

Step 5: Filing Forms with MCA

Step 6: Issue of certificate of Incorporation

* For Name availability under RUN Web service, there is no prior requirement to obtain DSC and DIN . It can be done with account login on MCA portal.

Documents Required for OPC Registration

TO BE SUBMITTED BY DIRECTOR

∙ Scanned copy of PAN Card or Passport (Foreign Nationals & NRIs)
∙ Scanned copy of Voter’s ID/Passport/Driver’s License
∙ Scanned copy of Latest Bank Statement/Telephone or Mobile Bill/Electricity or Gas Bill
∙ Scanned passport-sized photograph Specimen signature (blank document with signature)

Note: The director must self-attest the first three documents. In case of foreign nationals and NRIs, all the documents must be notarised (if currently in India or a non-Commonwealth country) or apostilled (if in a Commonwealth country).

FOR THE REGISTERED OFFICE

∙ Scanned copy of Latest Bank Statement/Telephone or Mobile Bill/Electricity or Gas Bill
∙ Scanned copy of Notarised Rental Agreement in English Scanned copy of No-objection Certificate from property owner
∙ Scanned copy of Sale Deed/Property Deed in English (in case of owned property)

Note: Your registered office need not be a commercial space; it can be your residence, too.

FAQs

Q. Can there be one person company?

It is a perfect substitute for Sole Proprietorship or it may be called as registered proprietorship, as it contains a benefit in the form of Limited Liability. However, OPC may have two or more directors but have only one shareholder at a time. To register a One Person Company (OPC), only one person is needed.

Q. Can OPC be converted into LLP?

Yes, A OPC can be converted into LLP. Yes it can be converted into LLP. But you need one more person because llp require minimum 2 person. Conversion is simply even you can enjoy tax advantages in the LLP.

Q. Is FDI allowed for OPC in India?

No, FDI into a one person company in India is restricted.

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