One Person Company (OPC) Registration in Faridabad, India

Single person company registration is a unique structure is designed for single business entrepreneurs who want to access the benefits of a formal company structure but keep things simple. Let us understand OPC company registration in India.
Single person company registration, a groundbreaking concept in company registration was introduced by The Companies Act, 2013 to cater to the needs of single person entrepreneurs in India. This opc registration in India allows solo business owners to run a company and manage it on their own. While sole proprietorship was earlier an option, it came with its own challenges. One person company registration offers a formal structure to the company along with legal benefits making it both a practical and beneficial choice.

What is a one-person company?

In simple terms, a one-person company or OPC is a type of business entity where a single person wears the hat of both member as well as director. Single person company registration was designed to allow solo business owners to enjoy the benefits of managing a company while also retaining full control over their business operations. An OPC company registration in India allows the bus9ness owners all the benefits of running a private limited company while also giving simplicity of sole proprietorship.
As per The Companies Act, 2013, OPC can be registered with one person only who serves as the director and the member. This flexibility makes OPCs an ideal choice of entrepreneurs who choose to conduct business independently.

Benefits of one person company registration

1. Simple setup: Getting a one-person company registration in Delhi NCR Is quite straightforward and hassle free. The only thing you need is a member, which is you and a nominee. The nominee is the one who will step up and manage business operations in case of your absence. This is to ensure continuity of the business. While an OPC registration in India requires a minimum authorized capital of INR 1lakh, there is no specific requirement for paid up capital. This flexibility makes the initial set up simple and convenient.
2. Separate legal entity: A one-person company has the right to operate as a sperate legal entity. It is recognized as an independent legal unit that can conduct business, own assets, and enter contracts. The personal assets of the owner remain separate from tat of the company, ensuring peace of mind and added safety net to your person property.
3. Limited liability: One of the biggest advantages of one person company registration in India is the limited liability it offers. Since an OPC enjoys the status of being a separate legal entity, you can be sure of having your personal assets safe. In case the OPC faces financial loses or any legal issues, you own home, car and assets are not jeopardised.
4. It is easier to raise funds: A single person company registration makes is easier to raise funds as compared to a sole proprietorship. It can attract angel investors, venture capitals and many other investments easily. In fact, banks and lending institutions also prefer to lend to single person companies instead of partnership firms.
5. Less compliance hassles: A one-person company has the benefit of relaxed regulatory compliances as compared to other company structures. For instance, an OPC is exempt from preparing cash flow statements and getting audits from a company secretary. All these responsibilities can be handled by the director which simplifies the compliance process and reducing additional burden.
6. Effortless management: Managing an OPC is easy and hassle free as you are the sole decision maker. There is no need for length board meetings or disagreements between stakeholders. Complete control over the company operations makes room for quick and efficient decision making.
7. Perpetual succession: One of the best features of single person company registration is perpetual succession. Even though it is owned by a single person, the company continues to exist even after the owner’s death and incapacitation. The appointed nominee can take up the role of managing the company if required.

Features of one person company registration in India

1. Status of a private company: A one-person company registration in India is classified as private company as per The Companies Act, 2013. This gives the company with benefits and recognition of a private company even if it is managed by a single person.
2. Single shareholder: Unlike other different types of private company which need multiple shareholders, a one person company registration in Delhi -NCR can be started with a single shareholder. This allows you to retain full control of the company’s decision-making.
3. Nominee requirements: An OPC has to appoint a nominee who can take control of the company operations in case the primary owner is unable to continue. He/she ensures that the company remains compliant and operational.
4. One director: A single person company registration in India requires at least one director. However, the company is allowed to add up to 15 directors if the wish to. This flexibility allows one to expand the company structure as the business grows.
5. No requirement for paid up capital: A one person company is not bound to bring a paid up capital at the time of incorporation. This is helpful in reducing the financial burden in the initial weeks as you can allocate the resources to other business aspects.
6. High salary for directors: As an OPC, you are allowed to pay higher renumeration to the director of your companies as compared to other types of company registrations. This helps in compensating the key management personnel as they deserve and attract better talent for your business growth.
7. Option to convert: If your one-person company has a capital exceeding INR 50 LAKHs or an annual turnover of > 2lakhs, you can choose to convert it inti a private limited firm. This helps in scaling up the business and benefit from additional opportunities offered by a private limited company structure.

Eligibility criteria for One person company registration in Delhi-NCR

Before you begin planning for your dream business, let us understand what all eligibility criteria you need to full for single person company registration.

1. Indian citizenship: To set up a one-person company, you need to be a citizen and resident of India. However, NRIs can also apply for an OPC company registration in India.
2. Solo entrepreneurship: A one-person company is valid for only an individual wiling to conduct business alone. No other legal entities or partnership firms can register as an OPC.
3. Age criteria: For an OPC registration, an individual must be at least 18 years of age. However, there is no upper age limit for opc registration in India.
4. It is a one man show: As mentioned before, an OPC registration require only one shareholder who also operates as a director. While you remain the star of the show and ready to wear many hats, it is important to appoint a nominee who can step in in your absence.
5. Nominee requirements: The chosen nominee must be a citizen of India and a resident of India.
6. A clean slate: The person applying for OPC registration in India must be qualified to register under The Companies Act, 2013.
7. Scope of business: Some businesses are not qualified to register as an OPC such as financial institutions, banking institutions, non-profit organizations and companies dealing in securities.
8. Number of companies: An individual is allowed to register only one OPC at a time. For those who already have an OPC under their name need to ensure it is no longer active.
9. Legal activities only: An OPC in India cannot engage in any activity which is deemed illegal in the eyes of law. Ensure you keep things legal to have your company up and running!
10. Turnover limit: An OPC is best suited for small scale business. The annual turnover of the same must not exceed INR 2 crore. For startups and small businesses, an OPC is a great idea.

Documents required for OPC registration in India

Here is a quick rundown of all the documents required for OPC registration:

1. Memorandum of Association: MoA is a document that details out the objectives and goals of the proposed single person company registration. This is the mission statement of business.
2. Article of Association: The AoA is another important document that lays down the rules, regulations and other internal by-laws of your company. This works as the primary rulebook of your company.
3. Details of the nominee: For the opc registration in India you need to submit the details of the nominee include name, written and signed consent, Aadhar card and PAN card using the Form INC 3.
4. Proof of registered office: You need to have a legal registered office address for your business operations. Make sure you have the office address, proof of ownership or rental agreement and an NOC from the owner in case of rented property. You can also use your residential address for single person company registration.
5. Declaration and consent: The Form INC 9 and DIR 2 are required which are declaration and consent from the proposed director.
6. Compliance certification: Compliance certificate is a document duly signed by a Company Secretart which confirms that all legal requirements are fulfilled.
7. Proof of director: The proposed director must submit a copy of their:
- - Aadhaar Card
- - Driving License
- - PAN Card/DIN (Director Identification Number)
- - Email address and mobile number
- - Utility bills (electricity or broadband)
- - Latest bank statement (not older than 2 months)

Step by step process of OPC registration

1. Get your digital signature certificate: The first and foremost step to get your company registered is to get the Digital Signature Certificate or the DSC. This document is used to e-sign all the documents for the OPC registration.
2. Obtain the Director Identification Number: Next, you need to get the Director Identification Number or DIN for the director, that is you. This can be done through the MCA portal – Form SPICe.
3. Reserve the name of your OPC: This is the most interesting step where you give your OPC its legal name. ensure that the chosen name is unique and does not clash with any other existing businesses or trademarks. The name is to be reserved through the SPICe form on MCA portal.
4. Draft the MOA and AOA : Now you need to draft the Memorandum of Association and Article of Association. These documents outline your company’s objectives and internal rules, so take your time to get them right.
5. Form submission: Now you need to submit the SPICe+ form on the portal along with all documents including the MOA and AoA.
6. Certificate of Incorporation: Once your documents and application have been approved and verified by the ROC, you receive the Certificate of Incorporation. This is your ticket to start the business. Your PAN and TAN are automatically generated, saving you from additional hassles and paperwork.
With your Certificate of Incorporation in hand, you are now officially ready to launch your dream company. Whether you are planning to launch a new business or ready to legalize an existing one, a single person company registration allows you to run your business in solo ownership!

One person company registration in Delhi-NCR cost

Wondering how much money you require for an OPC registration? We have got you covered. We offer comprehensive OPC registration packages that do not burn a hole in your pocket and yet offer seamless process. With our OPC registration experts, you’ll have all the support you need to get your OPC up and running.

Time take for OPC registration in India

Patience is the key when it comes to company registration processes. A single person company registration takes typically 7-10 working days. The time frame, however, may vary depending on the document verification by the Ministry of Corporate Affairs and approval process.

Why choose EliteLedgers for OPC registration in India?

At EliteLedgers, we are dedicated professionals who cater to OPC registration requirements and make it as smooth and hassle free as possible. Here is why you should consider partnering with EliteLedgers:

1. Team of professionals: Our team of dedicated single person company registration experts is well versed with the nuances of OPC registration and make it hassle free and convenient.
2. Industry knowledge :We bring a wealth of knowledge and experience on the table that helps us understand your requirements and how it fits with the regulatory landscape.
3. Expertise:Our team of consultants help you with simple and actionable advise that is suitable to your requirements.
4. Customer centric approach:We believe in putting our customers first. We cater to our customers with tailor made solutions that fit their individual needs.
5. Best prices: We also offer complete comprehensive single person company registration packages at competitive rates without compromising on the quality of our services.

Ready to take the lead and get your single person company registration started? Get in touch with us and let’s get rolling!