A company that has only one person as its member is a One Person Company. Therefore, an OPC has only one shareholder and is created when there is only one founder or promoter.
A One Person Company enables entrepreneurs to carry out a business that follows a sole proprietorship form with a corporate framework.
Who is a nominee?
Nominee of the Shareholder – The Shareholder shall nominate another person who shall become the member and shall be entitled to all the shares along with the liabilities to bear of the company in case of death/incapacity of the original shareholder.
The nominee for the sole member of a One Person Company has to be an Indian citizen and a resident of India.
Basic requirements for One Person Company Registration
- Only one person as a member / Shareholder.
- One nominee for the Shareholder.
- DSC (Digital Signature Certificate)
The OPC Registration process according to MCA
One person company registration process is as follows
- Apply for Digital Signature Certificate
DSC is used to a mathematical process that is used to verify the authenticity of the certificate, documents and other digital messages. It is a USB drive that has the encrypted signature of a person
- Apply for Director Identification Number
DIN is a unique number that is given to a director of a company. It is mandatory for all directors to apply for DIN.
- Name Application Process
Choosing an acceptable name is mandatory according to the Companies Act, 2013. Name reservations are filed in the existing e form SPICe+ along with related linked forms as applicable. Resubmission of the name will be required if the name has been marked under resubmission.
- Drafting of MOA (Memorandum of Association)
The scope of operations of the company by providing the main objects and activities of the company is described in an MOA.
- Drafting of AOA (Articles of Association)
It provides the manner the operations shall be carried on. The rules & regulations along with the duties and the rights of the company have been outlined in an AOA.
SPICe+ would be an integrated Web form offering multiple services viz. name reservation, incorporation, DIN allotment, mandatory issue of PAN, TAN, EPFO, ESIC, Profession Tax (Maharashtra) and Opening of Bank Account. It will also facilitate the allotment of GSTIN wherever so applied for by the Stakeholders.
OPC, as the name denotes, is a company that is run by a single person. This type of business structure is suitable for entrepreneurs who fail to find a second member or shareholder. The last name of the company ends with the word (OPC) Private Limited.
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