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Minimum 1 Shareholder
Minimum 1 Directors
The directors and shareholders can be same person
Minimum 1 Nominee
Only Indian residents can be Shareholder & Nominee
Minimum 1 Director must be Indian Resident
Minimum Authorised Share Capital to be Rs. 1 Lac
DIN (Director Identification Number) for all Directors
DSC (Digital Signature Certificate) for 1 Promoters & 1 witness
For incorporating your business as a One Person Company, you need to provide proper identity and address proof. The documents are required to be submitted to the Registrar of Companies.
✓ Passport-size photographs
✓Copy of Aadhar Card or Voter ID
✓Copy of PAN Card
✓Copy of Bank Statement (not older than two months)
✓Valid address proof of office which can be the latest electricity or any other utility bill.
✓If it is a rented office, then No Objection Certificate is required from the owner of the property.
Checklist for Registering a One Person Company registration
✓ Limited Liability: It helps in protecting the personal assets of the owners with limited liability protection. So if there are any financial issues with the company, the assets of the director are secured and could not be seized by banks or departments
✓ Credibility: As OPC is a private limited company, it has higher credibility than traditional proprietorship firms. Unlike Sole Proprietorship, the Certificate of Incorporation is issued to One Person Company.
✓ Continuous Existence: Unlike proprietorship, where the firm comes to an end with any mishappening with the proprietor, One Person Company continues to exist as it is passed on to the nominee director.
✓ Separate Legal Entity: An OPC is a private legal entity in its own right and hence the business owners aren’t subject to any personal liability. The company can acquire assets and incur debts in its own name.
✓NRIs can register OPC: As per the amendment in the Union Budget 2021-22, One Person Companies can be incorporated by non-resident Indians. A person who has stayed in India for a minimum period of 120 days immediately preceding the financial year can register an OPC.
The argument in favor of using filler text goes something like this: If you use real content in the design process.