One Person Company Registration in India For NRIs

In 2013, the Companies Act introduced the provision for a One Person Company (OPC). A one person company is established and managed by a single person, and like any other company, it has all the features of a company, including limited liability, a separate legal entity, and perpetual succession.

However, by 2021, NRIs were not allowed to establish a one person company (OPC) or a sole proprietorship firm. Nevertheless, in 2021, the Company's Second Amendment rules introduced a few changes to simplify the registration process of OPC. One such change is allowing Non-Resident Indians (NRIs) to incorporate a one person company in India. The provision does not stop here; it also enables OPC to change its status to any other type of company (except those that fall under Section 8) at any time.

Savetaxs helps NRIs establish a one-person company (OPC) from registration to compliance. Our experts are available to assist you 24/7, across all time zones. We ensure that all activities are conducted in compliance with the Companies Act, 2013. With thousands of satisfied clients, Savetaxs is the best OPC Registration Agency for NRIs.

Requirements for NRIs to establish an OPC in India

One Director: A one person company, as the name suggests, can only have one person as the owner who can also act as a director.

Indian Resident: The owner of the OPC must be a natural person who is a resident in India. During the last calendar year, they must have resided in India for at least 182 days.

Name Registration: Before registering a one person company (OPC), the owner must choose a unique name for the company. To do so, they can use RUN Reserve Unique Name, a web service provided by the Ministry of Corporate Affairs (MCA). Apart from this, as per the Company Act, the company must have "OPC Private Limited" in its name.

Savetaxs assists you with a unique name registration process, all done in accordance with the regulations of the Company Act.

NRI One Person Company (OPC) Registration Compliance

Now, since NRIs are permitted to establish and operate a one person company (OPC) in India, they need to adhere to a few compliances to run the business smoothly, which include:

DIN

Obtaining a DIN (Director Identification Number) is a mandatory requirement for individuals who wish to register an OPC in India. NRIs can obtain the Director Identification Number (DIN) from the Ministry of Corporate Affairs (MCA).

DSC

NRIs are also mandated to get a Digital Signature Certificate (DSC). Without a digital signature certificate, NRIs cannot fill out the incorporation documents online.

Name Approval

The Registrar of Companies (ROC) will approve only that name that is unique and not similar to any existing company or trademark.

MOA and AOA

Individuals are required to have the Articles of Association (AOA) and Memorandum of Association (MOA) signed and stamped by a notary public.

PAN and TAN

Once the one person company (OPC) is registered, NRIs are required to apply for a PAN and TAN from the income tax department if they do not already have one.

PAN stands for Permanent Account Number, and TAN stands for Tax Deduction and Collection Account Number.

We at Savetaxs also assist with PAN cards for NRIs, as well as TAN cards. With all the services provided under one roof, Savetaxs OPC Services for NRIs come second to none.

Documents NRI needs to register an OPC

NRIs are required to submit the following documents to register an OPC in India:

• Copy of passport
• Passport-size photographs
• Residential address proof overseas
• Valid Visa
• Copy of utility bills, which must not be older than two months
• Ownership agreement or rental agreement of the registered office address
• Bank statements
• Driving License
• Copy of Aadhar and PAN card
• Electricity bill

Ensure that you get all these documents self-attested. Additionally, the documents have to be either notarised or apostilled. We at Savetaxs provide all the key One-Person Company Registration assistance you need to get your documents apostilled or notarised by the designated authority in your country of residence.

Process to Register an OPC as an NRI in India

To register a one person company as an NRI in India includes the following steps:

1: Get a DSC and DIN

As an NRI, you are required to obtain a Class 2 or higher Digital Signature Certificate. This signature certificate will be used to sign all the documents during the OPC registration process.

Then, you need to apply for a Director Identification Number (DIN). You can get a DIN through the Ministry of Corporate Affairs Portal by filing a Form DIR-3.

2: Indian Mobile number and Email ID

Get an active mobile number and a valid email address, which you can use to receive the verification OTPs during the registration process.

3: Choose a Name

Please choose a unique name for your one person company, ensuring it complies with the naming guidelines set by the Ministry of Corporate Affairs.

4: Gather all the documents, including the MOA and AOA

You are now required to gather all the aforementioned documents, and as an NRI, you also need to draft a Memorandum of Association (MOA) and Articles of Association (AOA). It is advisable to seek professional assistance while drafting the MOA and AOA.

Along with all the documents, there is one integral thing that shouldn't be missed. Therefore, the director of an OPC is obliged to appoint a nominee on their behalf, as the nominee will perform their duties if the owner becomes incapacitated, is unable to perform their duties, or dies. The nominee's content is provided in Form INC-3, along with his Aadhaar and PAN card.

5: Form SPICe+ Application

You are entitled to visit the Ministry of Corporate Affairs (MCA) portal, log in with your credentials, and fill in all the required details as asked in the SPICe+ form application. Upload all necessary documents, including the AOA and MOA.

Then, you need to select the services you want to apply for, such as TAN, APN, GST registration, and more. Make the amendment and review the filled form. Once the form is reviewed, digitally sign it using your DSC and submit it.

Once you submit the form, you will receive an acknowledgement number and application reference number.

6: COL, PAN, and TAN

Once you have submitted the form, the Ministry of Corporate Affairs will review it, and if everything is correct, they will issue the Certificate of Incorporation (CoI) via email. Now, this certificate will act as proof that your company is now registered.

You will also be simultaneously allocated the PAN and TAN if you have applied for them.

Lastly, as a post-incorporation step, you can also open a bank account using your certificate of incorporation and other relevant documents. Additionally, if your OPC is liable for GST, ensure it is GST registered.

Now, the whole process seems overwhelming; well, it is. Due to the numerous regulations that NRIs must comply with, even a minor error can result in the rejection of the entire application. In such cases, an expert consultation is advisable. Hence, we want our client to get the best of all, Savetaxs.

We have been helping NRIs with One Person Company Registration Services since the law was passed. Our CAs, CSs, and legal team of experts bring a combined experience of more than 30 years. Trust us, your case is in the hands of the best OPC Registration Agency for NRIs.

Advantages of a One Person Company (OPC)

Entrepreneurs are drawn to OPC for the numerous advantages it offers. A few advantages of OPC are listed below:

Limited Liability: Among the key advantages of OPC, one of the most significant is that the owners' liability is limited to the amount of their share capital. Therefore, if the business is undergoing a loss-making phase, the owner's assets are protected.

Separate Legal Entity: A one person company is a separate legal entity, meaning it can own property and assets independently of its owner. Now, according to the legal status, if a one person company is involved, the owner is shielded from liability. If the company incurs any losses or debts, the owners are not personally liable for those matters.

Easy Management: Since only one person is in charge of the entire company, conflicts of thought are minimised, and the decision-making process becomes straightforward. Internal conflicts, which are the main reason for the company's delayed operations, are rare, making it easier to run and manage.

Easy Funding: One-person companies are often viewed as private companies, which clears their path to raising funds. Angel investors, venture capitalists, and incubators are keen to invest in an OPC, and getting financial support for an OPC feels like a cakewalk.

Savetaxs helps NRIs get their OPC Register in India.

One person company facilitates a conducive business environment because of the advantages it has, from financial incentives to regulatory provisions, which attract foreign entrepreneurs to invest in India, facilitating FDI.

We at Savetaxs help NRIs start their own one person company in India. Our OPC service for NRIs encompasses all steps, from the application process to document verification and beyond. Our experts help you in every aspect of it.

We work 24/7 across all time zones so that you can reach out to us at any point in time and from any country for One Person Company Registration Services. NRI One Person Company (OPC) registration process at Savetaxs is 100% online, meaning you do not need to visit anywhere. We will assist you in registering all types of companies, including one-person companies, private companies, and public companies, from the comfort of your own home.

Additionally, you can explore our other services, including Fund Repatriation Services, Income Tax Return for NRI services, and more.