Documents Required for OPC ( ONE PERSON COMPANY )Registration
For Single Director & Nominee
- Copy of PAN Card
- Aadhar Card
- Address Proof (Bank Statement, Mobile bill, Telephone bill)
- Passport Size Photo
For Registered Office
- Ownership Proof (Electricity Bill etc)
- Utility Bill (Gas Bill, Electricity Bill)
- NOC (Download format)
Mandatory Requirements for OPC Company Registration
One person Company (OPC) is a perfect substitute for sole proprietorship business introduced in the year of 2013. OPC allows single person to form a company and start the business in India. However, under OPC, one cannot raise funding nor can issue ESOPs to hire top talents. Further, maximum turnover under this company cannot exceed Rs.2 Cr upon which the OPC is mandatory converted into Private Limited Company. The mandatory requirements are:
- One person and one nominee is required. Nominee is the person who takes control on death of sole founder.
- Whatever is the capital amount of your company, you should invest the same within 2 months of incorporation.
- Any person can form only one OPC as per Companies Act, further only individual can form a OPC.
Advantages & Disadvantages of OPC Company Registration
Advantages of OPC Co. Registration
No minimum capital
Secure personal assets
Best way to start for single founders
Easy conversion into Private Company
Disadvantages of OPC Co. Registration
Cannot accept deposits
Max turnover limit is Rs.2 crore
Yearly compliance cost
Cannot raise funding, not for startups