The concept of One Person Company [OPC] was newly introduced under The Companies Act, 2013, thereby enabling Entrepreneur(s) carrying on the business in the Sole-Proprietor form of business to enter into a Corporate Framework. Though it is one form of the Company, however it carries certain features of a proprietorship concern and has to abide by far less formalities, in comparison to Private or Public Limited Companies.
Checking the name availability of the Company and applying to ROC for obtaining the approval of the name.
Applying for the DIN and digital signatures of the Director/ Directors of the Company.
Drafting of the Memorandum and the Articles of association of the Company
Filing of the all the relevant documents with the ROC and obtaining the Certificate of Incorporation of Company
Opening the bank account and applying for PAN/ TAN/ other registrations
The minimum capital requirement is Rs 1,00,000, required at the time of incorporation of the Company.
A minimum of one is required while starting a One Person Company, but you can have up to 15 Directors for your OPC.
No, you are not allowed to form more than one OPC. Also nominee in your company cannot be appointed as nominee in any other One Person Company.
No. A Foreign national cannot open an OPC as per the FDI norms issued in this regard.
In case the paid up share capital of an OPC exceeds fifty lakh rupees or its average annual turnover of immediately preceding three consecutive financial years exceeds two crore rupees, then the OPC has to mandatorily convert itself into private or public company.
Before April 1, 2017:
All companies: 30% as increased by surcharge and education cess
After April 1, 2017:
Companies having turnover < Rs. 50 crores: 25% as increased by surcharge and education cess.
Companies having turnover > Rs. 50 crores: 30% as increased by surcharge and education cess.
The date of issuance of Certificate of Incorporation of the Company shall be the date of incorporation of the Company.