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ONE PERSON COMPANY REGISTRATION
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ONE PERSON COMPANY REGISTRATION
n 2013, the Government of India introduced a revolutionary concept called One Person Company, recognizing the significant contribution of solo entrepreneurs to the economy.
Under Section 2(62) of the Companies Act 2013, a One Person Company is defined as a company with a single individual as its member. This business structure provides various advantages to individual entrepreneurs, including access to credit, bank loans, and the market. Furthermore, the annual compliance requirements for One Person Companies are comparatively simpler than those for other company structures, such as Private Limited Company Registration online or Public Limited Company Registration online.
Previously, sole proprietorship was the only viable option for a single person to establish a business. However, sole proprietorship firm registration has its own drawbacks, particularly in terms of compliance requirements. Therefore, for individuals seeking a single-person business setup, One Person Company registration or OPC company registration online is the ideal choice.
For example, a company’s name can be incorporated as ABC (OPC) Private Limited.
Take advantage of the convenient option offered by VakilTrust for Online One Person Company Registration in India, available at an affordable price of just ₹ 6490/- .
BENEFITS OF ONE PERSON COMPANY REGISTRATION
ADVANTAGES OF OPC COMPANY REGISTRATION
LEGAL STATUS
OPC has a sort of business structure which allows it to enjoy corporate status One Person Company Registration is served as a separate legal entity from the Directors and Shareholders. Hence, it continues to exist even after the changes in the management structure.
LIMITED LIABILITY
Limited Liability means the directors or shareholders are not personally liable for the losses incurred in the company. The concept of OPC in India indicates that the liability of member will be upto extent of his shares invested.
LESS ANNUAL COMPLIANCE
One person company is free from certain compliances that are mandatory for other Companies. In OPC, Cash Flow Statement is not essential and in place of Company Secretary, the director can sign the books of accounts and annual returns.
ABSOLUTE CONTROL OVER BUSINESS
As OPC is absolutely control & managed by the single owner, it leads to fast decision making, controlling & administration of business. The decision making process is fast, and the ordinary & special resolutions can be passed by his/her without taking consent from others.
EASY FUNDS AVAILABILITY
An OPC Company registration structure is indistinguishable to a Private Limited Company. Raising funds are accessible via Venture Capitals, Angel Investors, Incubators, etc. The Loans provided by the banks or any such financial institutions is hand-picked for a Company as compared to a sole proprietorship firm.
SMOOTH MANAGEMENT
Since there is an involvement of single decision taking authority in an OPC Company registration, the decision making process is quick, and the ordinary & special resolutions can be passed by his/her without taking consent from others. Hence, it is easier to run and manage an OPC company as only single person is involved thus eliminating any conflict and delay within the company.
PERPETUAL SUCCESSION
PERPETUAL SUCCESSION For One Person Company Registration online in India, a nominee is needed apart from the Director/member. In case of any misfortune happens with the Director/member, provision was incorporated, the company can continue to run giving authority to the nominee. This ensures the perpetual or continual existence of an One Person Company.
DISADVANTAGES OF ONE PERSON COMPANY REGISTRATION
DISADVANTAGES OF OPC COMPANY REGISTRATION
FOR SMALL BUSINESS
OPC business structure is best suited for small businesses. The expansion and growth of business depends on the number of effective members and the increase in capital. Since, the maximum number of members in an OPC Company is one, it is not possible to add shareholders and to raise the capital of the company.
RESTRICTIONS
A One Person Company registration is not eligible to carry out Non-Banking Financial Investment activities. An OPC company cannot be converted into Section 8 NGOs (having charitable objective) incorporated under Section 8 of Companies Act, 2013.
OWNERSHIP & MANAGEMENT
As per the act, the member and director can be same for a one person company registration online, which makes difference between ownership & management non-quantifiable. That single person incharge is responsible for the whole and sole decision for the company.
Documents required for Micro Registration
- Identity Proof
- PAN / Passport / Driving License / Voter ID Card
- Address Proof
- Aadhar Card / Bank Statement / Electricity Bill / Telephone Bill
- Consent of nominee in INC 3
- MOA & AOA
- Affidavit from subscriber and first director in form INC 9
- Proof of registered office address
- Consent from director
CHECKLIST FOR OPC REGISTRATION PROCESS ONLINE
CRUCIAL FOR YOUR OPC COMPANY REGISTRATION
1) A minimum & maximum of 1 person.
2) 1 Nominee must be appointed before completing the one person company registration process.
3) Form INC-3 stating the consent of the nominee must be filed.
4) The name of the proposed OPC must be selected according to the provisions of the Companies Incorporation Rules, 2014. The format is XYZ (OPC) Private Limited.
5) Authorized Capital of Rs. 1 lakh (minimum).
6) Complete List of documents required for OPC Company Registration online (as mentioned above).
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FREQUENTLY ASKED QUESTIONS
One person company can be formed in 3 ways:
- Limited by shares
- Limited by guarantee
- Unlimited company
In continuation of one company, owner can not start any other company. If he does than he has to withdraw his membership from any one company.
No, only Indian citizen or Resident in India can start One Person Company.
Minimum 1 and maximum 15 directors are allowed in One Person Company.
No, it is not mandatory for One Person Company.
Yes, you can convert it if you want and there are some cases where compulsory conversion is also required like changing in rules or exceeding of maximum authorized capital.
In Sole Proprietorship, Liability of sole proprietor is unlimited but in One Person Company, liability of owner can be limited up to his investment.
No, member and director can be a same person or different persons.
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