One person company is a Private Limited Company but with 1 shareholder.
It is a more legalized and credible structure of a proprietorship. It has all the features of Private limited company but requires only 1 shareholder. More details of one person company can be found here.
What are the minimum requirement for OPC registration?
- Only 1 shareholder
2) Minimum 1 Director
- A Nominee whose age is more than 18 years and is not a director in any other OPC.
The advantages of registering a OPC are:
- Limited Liability
- Only 1 shareholder and director needed
- Completely online
he documents required from the director and nominee are:
- Pan Card
- Aadhar card/Passport/ License
- Bank Statement/ Mobile Bill / Utility Bill having address
Documents required of the proposed registered address are as follows
- Electricity bill/Other Utility Bill of the proposed registered address
- NOC or rent agreement from the owner of the premises
Even if the director is owner of the property NOC is needed from him
The steps/procedure to register a One Person Company are
Step 1: Applying for DSC
This is required to sign and submit the form online. It is also used to sign and upload the income tax returns and annual returns of the One Person Company. The digital signature is in a pen drive and can be obtained from vendors like E-Mudhra or Sify.
Step 2: Submission of SPICE, SPICE 33 and SPICE 34
Preparation of MOA and AOA are the most important part in this step. This is a final application form and government has merged Name Approval, DIN Application, PAN and TAN application in this one simple form. We also submit the MOA and AOA of the One Person Company. Once this form is approved the government issues the Certificate of incorporation and MCA receipts which then can be used for opening a bank account.
One Person Company registration can be completed in 10 working days and is a completely online process