WHAT ARE THE QUALIFICATION REQUIRED TO REGISTER/OPEN OPC?

Introduction

WHAT ARE THE QUALIFICATION REQUIRED TO REGISTER/OPEN OPC

QUALIFICATION

Indian citizen: The promoter of an OPC must be an Indian citizen.
Resident in India: The promoter must be a resident in India, which means they should have resided in India for a minimum of 182 days during the previous calendar year.
Natural person: Only a natural person can form an OPC, not any legal entity or company.
At least 18 years old: The promoter must be at least 18 years old.
Minimum authorized capital: The OPC must have a minimum authorized capital of Rs 1, 00,000.

Nominee: The promoter must appoint a nominee who will take over the management of the OPC in the event of their death or incapacity

REGISTRATION

Apply for a Digital Signature Certificate (DSC). A DSC is a secure electronic signature that is used to sign digital documents. You can apply for a DSC from a licensed Certifying Authority (CA).
Apply for a Director Identification Number (DIN). A DIN is a unique identification number that is issued to directors of companies. You can apply for a DIN from the Ministry of Corporate Affairs (MCA).
Get name approval for your OPC. The name of your OPC must be unique and approved by the MCA. You can apply for name approval through the MCA‘s online portal.
Prepare the Memorandum of Association (MOA) and Articles of Association (AOA). The MOA and AOA are the governing documents of your OPC. They set out the rules and regulations that will govern the OPC’s operations. You can get help from a company formation agent to prepare the MOA and AOA.
File the SPICe form with the MCA. The SPICe form is the application form for registering an OPC. You can file the SPICe form online through the MCA’s online portal.
Pay the registration fees. The registration fees for an OPC are Rs 10,000. You can pay the registration fees through the MCA’s online portal.
Get the Certificate of Incorporation. Once the MCA approves your application, you will be issued a Certificate of Incorporation. The Certificate of Incorporation is the legal document that proves that your OPC has been registered.

OPC

An One Person Company (OPC) is a type of company that can be formed by a single person in India. It is a separate legal entity with limited liability, which means that the liability of the owner is limited to the amount of their investment in the company.

OPCs were introduced in India by the Companies Act, 2013. They offer a number of advantages over other forms of business ownership, such as sole proprietorship and partnership, including:

Limited liability
Separate legal entity
Ease of formation and registration
Lower compliance requirements

The minimum authorized capital for an OPC is Rs. 1,00,000. The promoter of an OPC must be an Indian citizen who is resident in India. They must also be at least 18 years old.

The promoter of an OPC must appoint a nominee who will take over the management of the company in the event of their death or incapacity. The nominee must also be an Indian citizen who is resident in India.

OPCs are subject to the same laws and regulations as other companies in India. However, they have some additional compliance requirements, such as the need to appoint a nominee and file annual returns with the Ministry of Corporate Affairs (MCA).

Overall, OPCs offer a number of advantages over other forms of business ownership in India. They are a good option for entrepreneurs who want the benefits of limited liability and a separate legal entity, but who do not want to deal with the complexity of a larger company.