One person Company

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    Packages

    BASIC

    DSC of 1 Director

    DIN of 1 Director

    AOA & MOA of Company

    Incorporation Certificate

    Company PAN

    Company TAN

    ESIC

    PF

    PT (Maharashtra & Karnataka)

    Bank Account

    GST Registration

    MSME Registration

    3 Month GST Returns

    Dedicated Account Manager

    Commencement of Business Certificate (INC 20A)

    Share Certificate

    Startup India Registration

    First Auditor Appointment Assistance

    Govt. Fees- Extra

    ₹2999

    Buy Now
    Advance

    DSC of 1 Director

    DIN of 1 Director

    AOA & MOA of Company

    Incorporation Certificate

    Company PAN

    Company TAN

    ESIC

    PF

    PT (Maharashtra & Karnataka)

    Bank Account

    GST Registration

    MSME Registration

    3 Month GST Returns

    Dedicated Account Manager

    Commencement of Business Certificate (INC 20A)

    Share Certificate

    Startup India Registration

    First Auditor Appointment Assistance

    Govt. Fees- Extra

    ₹6999

    Buy Now
    Premium

    DSC of 1 Director

    DIN of 1 Director

    AOA & MOA of Company

    Incorporation Certificate

    Company PAN

    Company TAN

    ESIC

    PF

    PT (Maharashtra & Karnataka)

    Bank Account

    GST Registration

    MSME Registration

    3 Month GST Returns

    Dedicated Account Manager

    Commencement of Business Certificate (INC 20A)

    Share Certificate

    Startup India Registration

    First Auditor Appointment Assistance

    Govt. Fees- Extra

    ₹14999

    Buy Now

    Overview

    Company Registration in India

    In India, company registration can be completed online through AccuFiling. An OPC has features of a Company and the benefits of the sole proprietorship. A One Person Company can be registered online in less than 10 days at a very affordable price of just Rs. 2999.
     

    What is OPC registration?

    One Person Company in India is a new concept that has been introduced with the Company’s Act 2013. One Person Company in India is incorporated by a single person. Before the enforcement of the Companies Act 2013 a single person was not able to establish a company. An OPC has features of a Company and the benefits of the sole proprietorship. Earlier if a person had to establish a business then he or she should only opt for a sole proprietorship.

    According to Section 2 (62) of the Company’s Act 2013, a company can be formed with just 1 director and 1 member. One Person Company registration in India is a type of entity where there are lesser compliances requirements than that of a Private Limited Company.

    A One Person Company Registration in India can be obtained under the Companies Act 2013 with just one single member and one Director. The Director and member can also be the same person. Here an individual who may be a resident or Non-resident Indian can register an OPC in India.

     

    Documents Required for Company Registration

    The proposed directors of a One Person Company must present the following documents as proof of identification in order to register a company:
     
    Indian Nationals: PAN card mandatory
     
    Foreign Nationals: Passport is mandatory
     
    In addition to the above document, the Director must submit one of the following documents that contain the address of the Director.
     
    Indian Nationals: Passport / Driver’s License / Election ID / Ration Card / Aadhar ID
     
    Foreign Nationals: Drivers License / Bank Statement / Residence Card
     
    Finally, as proof of residency, the prospective Director must produce one of the following documents. This document must have been generated within the last two months:
     
    Indian Nationals: Bank Statement / Electricity Bill / Phone Bill
     
    Foreign Nationals: Bank Statement / Electricity Bill / Phone Bill

    Capital Required to Start a Company

    A company can be started in India with a very minimum amount of capital. There is no fixed amount and the shareholder of the company being incorporated can determine the capital they wish to contribute. While setting up the capital structure of the company, the following are some of the concepts to be kept in mind:
     
    Face Value of Share: The face value of a share is the price per share with which the company is incorporated. Normally, the face value of share is Rs. 1 or Rs. 10 or Rs. 100 or Rs. 1000 or Rs. 10,000.
     
    Authorized Capital: Authorized capital is the total value of shares a company can issue to shareholders. Normally, all companies are incorporated with an authorized capital of Rs. 1 lakh or Rs. 10 lakhs. If a higher authorized capital is required, the company would be required to pay additional fees to the Ministry of Corporate Affairs. The authorized capital of a company can be increased at any time after incorporation.
     
    Paid-up Capital: Paid-up capital of a company is the number of shares issued to shareholders for which they have paid or deposited money to the company. Paid-up capital of a company cannot be more than the authorized share capital of the company.
     

    Company Registration Process

    The following are the steps involved in registering a company in India:
     
    Step 1: RUN Name Approval
    An application for company name approval is first submitted to the Ministry of Corporate Affairs to reserve the company name. In the name approval application, 1 or 2 names with business objectives can be submitted. If a name approval is rejected, 1 or 2 more names can be resubmitted. Normally, the MCA approves all name approval applications in less than 5 working days.
     
    Step 2: Digital Signature for Directors
    In India, the Ministry of Corporate Affairs does not allow wet signatures. All signatures for filings with the MCA must be completed with a digital signature that is issued by a Certification Authority in India. Hence, digital signatures are mandatorily required for the Directors before incorporation.
     
    Digital signature for the Directors will be obtained through an Authorized Certifying Authority by AccuFiling. To obtain Digital Signature, the Directors will have to submit a copy of their identity proof and complete a video KYC process. If the Director is a foreign national, the passport and other documents submitted must be apostilled by a local embassy.
     
    Step 3: Incorporation Application Submission
    Once the digital signatures are obtained, the incorporation application can be filed in SPICe Form to the MCA with all relevant attachments. Along with the incorporation application, the Memorandum of Association (MOA) and Articles of Association (AOA) of the company are filed. If the MCA finds the incorporation application to be complete and acceptable, the Incorporation Certificate is granted along with PAN of the company. The MCA normally accepts all incorporation applications in less than 5 working days.
     

    One Person Company Compliances

    Once a company is registered in India, various compliances must be maintained from time to time to avoid penalties and prosecution. The following are some of the compliances a company would be required to complete after company registration:
     
    Auditor Appointment: All companies registered in India must appoint a practicing and licensed Chartered Accountant registered with the ICAI within 30 days of incorporation.
     
    Director DIN KYC: Person who hold a Director Identification Number (DIN) – which is allocated during the incorporation process must complete DIN KYC each year to validate the phone and email address on record with the Ministry of Corporate Affairs.
     
    Commencement of Business: Within 180 days of incorporation, the company must open a Bank Current Account and the shareholders must deposit the subscription amount mentioned in the MOA of the company. Hence, if the company was to be incorporated with a paid-up capital of Rs. 1 lakh, then the shareholders must deposit Rs. 1 lakh in the Company’s bank account and file the bank statement with the MCA to obtain a commencement of business certificate.
     
    MCA Annual Filings: All companies registered in India must file a copy of the financial statements with the Ministry of Corporate Affairs each financial year. If a company is incorporated between January – March, the company can choose to file the first MCA annual return as a part of the next financial year’s annual filing. MCA annual return consists of Form MGT-7 and Form AOC-4. Both these forms must be digitally signed by the Directors and a practising professional.
     
    Income Tax Filing: All companies must file an income tax return using Form ITR-6 each financial year. Income tax filing must be done for each financial year before the due date – irrespective of the incorporation date. The income tax return of a company must be digitally signed using one of the Director’s digital signature.
     

    Registered Office of Company

    All companies registered in India are required to maintain a registered office in India. The registered office must have a board with the name of the company and should be a place where notice or communication if any can be served. Hence, the registered office of a company cannot be vacant land or under construction premises.
     
    After incorporation, the registered office of a company can be changed if required. In case the registered office is changed within the same city or same Registrar of Company, the process can be completed easily. In case the registered office of a company is changed from one state to another, the process would be longer and more cumbersome.
     

    GST Registration after Company Registration

    During the company registration process, the Directors can opt to obtain GST registration along with the incorporation. However, it is not mandatory for a company to be registered under the GST unless certain turnover limits are crossed. You can know more about the turnover limit and process for obtaining GST registration in our detailed guide on GST registration in India.

    Bank Account for One Person Company

    After company registration, a bank current account must be opened in the name of the company within 180 days and the subscription amount must be deposited. If the above steps are not completed, the commencement of business certificate would not be issued and a penalty would be applicable.

    The following are documents required to open bank account for a One Person company:

    • Incorporation Certificate of Company
    • Director KYC Document
    • Board Resolution Authorizing the Director to open Bank Account
    • Address Proof of the Company


    At AccuFiling, we work with various banks to help our clients open a current accounts for their companies in a seamless fashion.

    Advantages of One Person Company

    The following are the major advantages of incorporating a One Person Company in India versus other entity types.

    Separate Legal Entity

    A company is both a legal entity and a juristic person. Therefore, a company has broad legal rights to like acquiring property, incurring debts, hiring people, etc. As a company is a separate legal entity, the company’s members (shareholders or directors) are not personally liable for the company’s liability.

    Limited Liability

    A One Person Company is a separate legal entity with limited liability provisions. Therefore, the shareholders are not liable for the losses of the company – for an amount more than what was invested by them into the company as share capital.

    Uninterrupted Existence

    A company has ‘perpetual succession,’ which means it will continue to exist until it is legally dissolved. Because a company is a separate legal entity, it is unaffected by the death or other departure of any of its members, and it continues to exist regardless of membership changes.

    Fund Raising

    A One Person Company has multiple options for fundraising. A company can raise funds from shareholders, investors, angels, venture capital funds, private equity funds, foreign funds, NBFCs, banks and other financial institutions. Only a company can raise debt and equity funds from investors.

    Disadvantages of One Person Company

    While a company has various advantages, registering a company may not be ideal for all entrepreneurs due to the following reasons:

    Compliances

    A company has to mandatorily maintain various compliances irrespective of business turnover or activity. Hence, operating a company involves a minimum recurring cost each year.

    Documents Required

    • Aadhaar Card
    • PAN Card
    • Bank Account
    • Registered Office Proof

    Process We Follow

    ONE PERSON COMPANY REGISTRATION

    AccuFiling can incorporate a One Person Company in 6 to 8 days, subject to ROC processing time.

    OBTAINING DSC

    Digital Signature Certificate(DSC) is required for the proposed Directors of the One Person Company, which can be obtained within 1 day

    DOCUMENTS PREPARATION

    A Minimum of one and a maximum of 2 working days are required to prepare all the filing documents

    COMPANY REGISTRATION

    Registration documents can be submitted to the MCA along with an application for registration. MCA will usually approve the application for incorporation in 1 to 2 days, subject to their processing time.

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    AccuFiling is a Business Services Platform, established with the motto of delivering a spectrum of services to start-ups & existing businesses. We well understand the hardships of run-around for documentation, establishment blues, lack of information & guidance towards your goals. Our team helps you to identify your short & long term goals and assists you with our varied services of documentation, registrations, legal matters, funding & related significant consulting arenas.
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