What is a one person company?
One Person Company is a category of company where the shareholder is a single person. These companies are created when the founder or owner is a single individual. The owner is not liable to the losses incurred by the company.
How long will it take to incorporate a One Person Company?
Online Legal India can incorporate a One Person Company in 7-15 days. The time taken for incorporation will depend on submission of relevant documents by the client and speed of Government Approvals. To ensure speedy incorporation, please choose a unique name for your Company and ensure you have all the required documents prior to starting the incorporation process.
What is the minimum number of a director to form OPC?
As the name suggests, a One Person Company can be started with one director.
Who is a nominee in a One Person Company?
A nominee is a person who in the event of death or disability of the subscriber of the One Person Company shall assume his position. Memorandum of Association of a One Person Company will mandatorily prescribe the name of the person.
Can OPC become a member of another private Limited company?
Yes, the Act has not made any restriction for a One Person Company to become a member of another Private Limited Company.
How long is the incorporation of the Company valid for?
Once a Company is incorporated, it will be active and in-existence as long as the annual compliances are met with regularly. In case, annual compliances are not complied with, the Company will become a Dormant Company and maybe struck off from the register after a period of time. A struck-off Company can be revived for a period of upto 20 years.
What is authorized capital fee?
Authorized capital of a Company is the amount of shares a company can issue to it shareholders. Companies have to pay the Government an authorized capital fee to issue shares in a Company. Companies have to pay authorized capital fee for a minimum of Rs.1 lakh.
Can a nominee of a One Person Company be changed after incorporating the company?
A nominee can be changed at any time with due intimation to the Registrar.
What is the Director Identification Number (DIN)?
Director Identification Number is a unique identification number assigned to all existing and proposed Directors of a Company. It is mandatory for all present or proposed Directors to have a Director Identification Number. Director Identification Number never expires and a person can have only one Director Identification Number.
Is Foreign Direct Investment allowed for One Person Company?
No, FDI is not allowed for One Person Company. You may consider incorporating a Private Limited Company if you desire to bring FDI.
Whether an OPC can be converted to a Public Limited Company and vice versa?
A One person company can easily be converted to a Public or Private Limited Company.
What are the requirements to be a Director or Nominee in a OPC?
Only a natural person who is an Indian citizen and a resident in India is eligible to incorporate a One Person Company or be a nominee member. The Director or Nominee must also be over 18 years of age. A person can incorporate upto five One Person Companies.
Is an office required for starting a One Person Company?
An address in India where the registered office of the One Person Company will be situated is required. The premises can be a commercial / industrial / residential where communication from the MCA will be received.
Do I have to be present in person to incorporate a One Person Company?
No, you will not have to be present at our office or appear at any office for the incorporation of a One Person Company. All the documents can be scanned and sent through email to our office. Some documents will also have to be couriered to our office.
What do I need to quickly incorporate my One Person Company?
To incorporate a One Person Company quickly, make sure the proposed name of the Company is very unique. Names that are similar to an existing company / limited liability partnership / trademark can be rejected and additional time will be required for resubmission of names.