The concept of One Person Company, OPC registration is a new vehicle/form of business, which was introduced by The Companies Act, 2013 [No.18 of 2013], thereby enabling the Entrepreneur(s) to carry on the business in the Sole-Proprietor to form of business to enter into a Corporate Framework. It allows one person to run the whole business and its shares.
One Person Company is thus a hybrid of a Sole-Proprietor and a Company form of business, and it has been provided with the concessional/relaxed requirements under the Act.
Only a natural person, who is an Indian citizen and a resident in India shall thus be eligible for one person company registration.
Nominee for the shareholder :
The Shareholder shall thus nominate another person who would become the shareholders in case of death/incapacity of the original shareholder. Such nominee shall thus give his/her consent and such consent for being appointed as the Nominee for the sole Shareholder. Only a natural person, who is an Indian citizen and a resident in India shall thus be considered to be a nominee for the sole member of a One Person Company.
The company requires to have a minimum of One Director, the Sole Shareholder can thus himself be the Sole Director. The Company may, however, have a maximum number of 15 directors.
Thus as per the Companies Rules, 2014, the following person can thus be eligible for OPC registration in India.
Thus only a natural person who is an Indian citizen and also resident in India.
Shall thus be eligible for one person company registration
Shall also be a nominee for the sole member a One Person Company
Thus some of the minimum requirements for one person company registration:
Minimum 1 Director
A Minimum of 1 member
Minimum share capital shall be Rs.100,000 (INR One Lac )
Application of allotment Director Identification Number ( DIN )
A Digital Signature Certificate ( DSC)
Also, some of the documents for One Person Company are :
Reservation of an application of name in INC-1
Identity proof, address proof, and a PAN card copy of nominee and member
A written Consent of Nominee in form INC-3
A Memorandum and Affidavit of the sharer for form INC-9
An Application for the Company Registration
A registrar Office Address in Form INC-22
A registered office’s address proof