What is One Person Company (OPC) Registration? Know OPC Benefits.

The thought of One Person Company in India it introduced over the Act, 2013 of companies to help organisers who on their own are capable of beginning a venture by permitting them to create a single person economic existence. One of the biggest benefits of a One Person Company (OPC) is that there can be solely one member in an OPC, while at least of two members is required for organising and maintaining a Limited Liability Partnership (LLP) or a Private Limited Company. Related to a Company, a One Person Company is a separate legal reality from its promoter, offering limited liability protection to its sole shareholder, while possessing continuity of business and happening easily to incorporate.

By the One Person Company provides a lone Businessperson to operate a corporate entity including (LLP) limited liability protection, an OPC does have a few conditions. For example, each (OPC) One Person Company must specify a nominee Director in the AOA and MOA of the company - who will become the owner of the OPC in case the sole Director is disabled. Also, a One Person Company must be changed within a Private Limited Company if it crosses the yearly turnover of Rs.2 crores and must file examined financial statements with the Ministry of Corporate Affairs at the end of every Financial Year like all kind of Companies. Therefore, it is important for the Entrepreneur to carefully recognise the features of a One Person Company prior to incorporation.

Finacbooks is the Leader of the market in company registration services across the India, giving a variety of company registration like one person company registration, private limited company registration, Producer Company Registration, Section 8 Company Registration and Indian Subsidiary registration. The ordinary time taken to complete a one person company registration is regarding 10 - 15 working days, subject to government processing time and document submission of client. Get a free consultation for (OPC) one person company registration and setup of the business in India by listing an appointment by Advisor of a Finacbooks team.

What is a One Person Business Called?

A sole proprietorship, otherwise called the sole trader, singular business or proprietorship is a kind of big business that is claimed and run by one individual and in which there is no legitimate qualification between the proprietor and the business element.

The Incorporating Process of OPC is as Follows:

• Paid up capital shall be Minimum Rs. 1, 00,000. It will have only OPC as member.
• Memorandum of Association of such an organization will imperatively appoint the name of the person, who in the event of death or disability of the subscriber shall assume his position.
• The member of the (OPC) one person company will have the right to change the nominee at any time with due intimation to the Registrar.
• (OPC) one Person Company can be formed as company limited by share capital or limited by unlimited company or guarantee.
• The words ‘One Person Company’ will be mentioned in brackets under the name of such company, wherever its name is printed.
• Company - One person can form only up to one (1) OPC.
• A One Person Company can be formed only by an Indian Resident and citizen.
• DIN (Director Identification Number) for all the Directors are required.
• DSC (Digital Signature Certificate) for all over the Directors is required.

What Are the Benefits of One Person Company?

1. Existence of Independent Person
2. Limited Liability
3. Separate Property
4. Shares Transferability:
5. Savings and Tax Flexibility:
6. Complete Control of the Company with the Single Owner:
7. Legal Status and Social Recognition for Your Business:

Who Can Be Nominee in OPC?

Nominee one is an individual selected by the individual from the one person company (OPC) who will, in case of supporter's demise or his in ability to contract becomes part/investor of the OPC. To get selected, the person must be Indian resident and occupant in India however ought not to be a minor.