ONE PERSON COMPANY (OPC)
One Person Company or OPC means a company which has only one person as a member.
An OPC is classified as a private company under Companies Act. OPC has all benefits of a private limited company such as protecting personal assets from business liability, separate legal entity and perpetual succession. One Person Company (OPC) is a Company registered with ONLY ONE PERSON as its shareholder.
A One Person Company can have owned by Only a natural person who is Resident in India and Citizen of India. No corporate entity can be as shareholder (owner) of a One Person Company.
There is no minimum or maximum paid-up capital restriction for One Person Company. It can be converted into private limited or public limited at any time.
One Person Company is not allowed to take any partner (Shareholder). But, OPC can convert into private limited or public limited and add partners(shareholders).
The name of a OPC shall end with the words ‘(OPC) Private Limited’. Proposed Company Name shall comply with the Company Name Availability Guidelines under Companies Act 2013
There are TWO ways for reserving a name for a New One Person Company.
a. RUN (Reserve Unique Name) is an easy and web-based application for reservation of a Company Name. The name approved under RUN Process is valid for a period of 20 days from the date of approval. In one application, Two names can be submitted for approval under RUN process. If the application is rejected, the another Two more names can be submitted again. If that also rejeccted by ROC offce, a fresh application to be fiiled with fresh filing fee.
b. SPICe (Simplified Proforma for Incorporating Company Electronically) Incorporation Filing process is an integrated single point application for Reservation of Company Name, Allotment of DIN for Directors and Incorporation of a New Company along with allotment of Permanent Account Number (PAN) and Tax Collection and Deduction Number (TAN) to the New Company. Under SPICe application, only ONE name can be submitted for approval.
There is no minimum capital (Authorised or Paid-up Capital) requirement for registering an OPC.
The registration fee payable to the Registrar of companies depends on the different slabs of Authorised capital of the company.
The First Shareholder must bring the subscribed capital to the Company with in 60 days of Company Incorporation and the Company must issue share certificates to the subscribers.
REGISTERED OFFICE ADDRESS
Registered Office refers to the official correspondence address of a company or its principal place of business. The address of the Registered Office will be used for all official communications of the company.
WHO CAN REGISTER OPC?
Only a natural person who is an Indian citizen who is resident in India or otherwise not less than 120 days during the last days during the immediately preceding financial year.
HOW MANY OPC ONE PER CAN CREATE?
As per the rules, one person can create only ONE OPC and can be nominee in another OPC.