One person Company means, a company which has only one person as a member. The intent behind having this new initiative is the fact that in India there are lots of people who work as Individual workers through proprietorship concern; through this new concept these people will have the same rights, the same credit facilities, and the same recognition as companies without having the multiplicity of Compliance.
Minimum requirements that OPC should have under the Companies Act, 2013:
- The company should have at least one subscriber.
- There should be minimum one Director and he should be resident in India i.e he/she should be in India for a minimum of 182 days in a calendar year.
- There should be a nominee.
Procedure for Incorporation of OPC
- Following are the pre-requisite requirements before proceeding to incorporate:
Digital Signature Certificate (DSC) for all the proposed Directors;
- Directors’ Identification Number (DIN) for all the proposed directors
- Name approval
- File Charter documents with the Registrar of Companies
- File e-form with the Registrar of Companies along with following documents:
- Memorandum of Association;
- Articles of Association;
- Proof of Identity of member and nominee i.e passport, aadhaar, voter ID or Driving license;
- Residential proof of member and nominee i.e telephone bill, mobile bill, electricity bill or Bank statement;
- Copy of PAN of member and nominee;
- Consent of nominee in Form INC-3;
- Form INC-9;
- Consent of Director in Form DIR-2;
- Proof of registered office along with rent agreement/ NoC; and
- Copy of utility Bill of Registered office i.e telephone bill, mobile bill, electricity bill or Gas Bill (the document should contain complete address);
- Follow-up with the Registrar of Companies for obtaining Certificate of Incorporation.
- File application for obtaining Tax registrations (i.e., Permanent Account Number and Tax Deduction Account Number).
- Company to open the Bank account in India.
- The member to remit capital.
- Appoint statutory auditor within 30 days of incorporation.