What is One Person Company (OPC) Registration?
The One Person Company (OPC) in recent times was launched as a good refinement over the sole proprietorship. In OPC, a single promoter gains full authority over the company thereby restricting his/her liability towards their contributions to the enterprise. Therefore, the said person will be the sole shareholder and director (however, a director nominee is present, but has zero power until the real director proves incapable of getting into the contract). Also, there can be no opportunity for contributing to employee stock options or equity funding. Additionally, if an OPC has an average hattrick turnover of Rs. 2 crores and over or acquires a paid-up fund of Rs. 50 lakh and over, it has to be converted to a private limited company or public limited company within six months.
Mandatory Documents Necessary for OPC Registration
To be give by One person Company Director
- Scanned transcript of Passport (Foreign Nationals & NRIs) or PAN Card
- Scanned transcript of Passport, Voter’s ID or Driver's License
- Scanned transcript of Current Bank Account Statement/Phone or Mobile Invoice/Electricity or Gas Invoice
- Scanned passport-sized photo
- Specimen autograph or impression (blank document with autograph)
Note:The OPC director as a mandate should self-attest the first three documents. If an NRI or a foreign national, all the document sheets should be notarized without fail (if at present in India or a non-Commonwealth nation) or apostilled (that is, living in a Commonwealth country).