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Facing challenges in making the desired choice for solopreneurs? Get expert assistance for easy-breezy One Person Company Registration.

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One Person Company Registration- An Overview

Are you a solopreneur who wants to give wings to your entrepreneurial dreams? One person company registration is the best option for you. Enjoy the merits such as ease of incorporation, less compliance needs and sole ownership and control with stress-free OPC registration. One person company registration was introduced under the Companies Act, 2013, which safeguards the interests of solo entrepreneurs in India. The concept also provides legal status to the entities registered as OPCs (One Person Companies) to operate freely in India. Section 2 (62) of the Companies Act, 2013 provides provision for the incorporation of one person company by solo entrepreneurs with just 1 director and 1 member. This structure allows the person to have full control of the company while enjoying the benefits of limited liability. Worried about hurdles in the path of your one person company registration in India? Talk to our business consultants for quick and budget-friendly solutions.

What are the Tax Implications of Operating as an OPC?

The companies registered and operating in India have different tax implications than a proprietorship. Consider the following factors/ tax implications before converting a sole proprietorship into an OPC or new company registration in India:
  • OPCs are taxed as companies under the Income Tax Act, 1961
  • Subject to higher tax liabilities on profits than a proprietorship
  • Attracts dividend distribution tax over the company
  • The income and expense of one person company are accounted for separately
  • OPCs should file their income tax reports yearly
  • Registered OPCs should file GST reports regularly

Benefits of OPC Registration Online

Single entrepreneurs enjoy various benefits of the formation of one person company in the business landscape of India. Have a look over the below-listed benefits of OPC registration online in India:

Simple Incorporation Process
The process to incorporate an OPC is simple and hassle free which just requires one member and one nominee, eligible to become the director. However, the OPC needs Rs. 1 Lakh as the minimum authorised capital, but at the same time, it does not need a minimum paid-up capital.
Access to Easy Fund Raising
OPC, which is a legal and fully functional private company, have full access to raise funds for its operations from alternatives like venture capitals, angel investors, incubators, etc. It is one of the significant benefits of OPC registration.
Fewer Compliances
According to The Companies Act, 2013, OPCs have fewer compliances to meet during their incorporation. They are also exempt from making cash flow statements, getting the books of accounts and annual returns signed by the company secretary.
Easy Management Process
The registered OPC holds the sole authority towards managing the operations and making decisions for the efficient company management without conflicts or delays. Therefore, it is easy to pass the ordinary and special resolutions by simply entering them into the minute book.
Limited Liability
The OPCs which is a separate legal entity which limits the liability of the shareholder up to the value of their shareholdings. Further, single shareholder is not personally liable for any losses that the OPC incurs during the course of its operations.
Exclusive Benefits
An OPC enjoys various other exemptions, privileges and benefits exclusive to it, which the other types of private companies do not enjoy. Thus, solopreneurs prefer one person company registration.

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Eligibility Criteria for One Person Company Registration

The eligibility criteria for one person company registration in India is discussed below:

Checklist for One Person Company Registration
  • At least 1 shareholder and 1 director
  • Mandatory appointment of nominee before incorporation
  • Mandatory obtaining the consent of the nominee (under Form INC 3)
  • Suitable for small-scale business operations
  • Annual turnover limit of not more than Rs. 2 crores
  • Minimum authorized capital of Rs. 1 lakh
  • Restriction on businesses involved in financial activities
  • Legal object of the profitable business activities
  • DSC of the proposed director
  • Unique name of the OPC
Eligibility Checklist for OPC Registration
  • A natural and legal person above 18 years of age
  • Indian citizen/resident of India
  • Non-resident of Indians (NRIs) – eligible after Union Budget 2021-22
  • Any other legal entity or company entitled to establish a new OPC
  • Nominee must be a citizen or resident of India

Documents Required for One Person Company Registration

The following documents must be submitted to the Registrar of Companies (ROC) to ensure seamless One Person company registration:
  • Memorandum of Association (MoA)
  • Articles of Association (AoA)
  • Nominee Appointment
  • Address Proof of Registered Office (Utility bill/ Property deed)
  • No Objection Certificate from the owner of the premises
  • Declaration Form INC-9
  • Consent Form DIR-2
  • Compliance Certificate
  • PAN Card/DIN of Directors
  • Driving License/Aadhar Card of Directors
  • Passport/Govt IDs/Visa Permit of Foreign National
  • Latest Bank Statement of Directors
  • Identity & Address Proof of Shareholders

Step-by-Step Procedure to Register One Person Company

Step 1: Obtaining a Digital Signature Certificate (DSC)
The first step requires the applicants to obtain a Digital Signature Certificate (DSC) for the proposed director. DSC is used to electronically sign all documents related to the incorporation of the OPC.
Step 2: Obtaining Director Identification Number (DIN)
The next step requires the applicants to obtain a Director Identification Number (DIN) for the proposed director of the company. It can be done by filing the SPICe+ form through the Ministry of Corporate Affairs (MCA).
Step 3: Reserving the Name for the OPC
The next step requires the applicants to reserve a name for the OPC via the submission of SPICe+ form directly on the Ministry of Corporate Affairs (MCA) portal. However, one must be careful in choosing a distinct name that does not violate any existing company or trademark.
Step 4: Preparation of MoA and AoA
The next step requires the applicants to draft the Memorandum of Association (MoA- Form INC 33) and Articles of Association (AoA- Form INC 34) outlining the company’s objectives, structure, rules and internal regulations.
Step 5: Submission of Forms
The applicant is required to make submission of duly filled forms on the Ministry of Corporate Affairs (MCA) portal. Further, the applicants are also required to attach all the relevant documents with the SPICe+ form as mandated by the MCA.
Step 6: Certificate of Incorporation
After the approval of the Registrar of Companies (ROC) and verification of the mandated compliances, the ROC issues the Certificate of Incorporation, signifying the completion of the one person company registration process.

Updates Regulating the Formation of One Person Company

Nominee Name in MoA

As per The Companies (Incorporation) Amendment Rules, 2023, introduced by the MCA, the shareholder of the One Person Company (OPC) is now required to mention the nominee’s name in the Memorandum of Association (MoA) of the OPC.

Declaration of Nominee- Form INC 32

Further, the Rules of 2023 ask the applicants for the declaration of the nominee’s name and details directly via Form INC-32 (SPICe+).

Submission of e-Memorandum

The Companies (Registration Offices and Fees) Rules, 2014 allows the applicant submit the e-Memorandum and AoA along with the application form at the office of the Registrar of the companies.

Features of One Person Company Registration

  • Perpetual Succession
    The one person companies registered under the Companies Act, 2013 are businesses with perpetual succession, meaning they can continue even after the death or incapacity of the sole member.
  • Perpetual Succession
    The one person companies registered under the Companies Act, 2013 are businesses with perpetual succession, meaning they can continue even after the death or incapacity of the sole member.

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