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One Person Company to be Incorporated under Companies Act, 2013
One Person Company means a company that has only one person as a member. The main reason for the OPC is to promote and support the developing entrepreneurs. OPC is considered as a private company.
Incorporation gives you a professional status and also Registering the Trademark of your company will help you to safeguard your identity and restrict others from using it.
Advantages on Incorporation of One Person Company
Limited Liability
The liability of the company is limited.The personal assets of the members will not be used even for unpaid debts. If the company is facing financial crisis, only the profit earned, shareholding, and assets of the company will be used to pay back their loans.
No Minimum Capital
No provisions regarding the minimum capital for registering a one person company but when it exceeds 50 lakhs in the course of buisness or if directors are interested they can convert into Private Limited Company.
Separate Legal Entity
OPC will be considered as a separate legal entity where the assets & liabilities of the business and directors are not same. Company will be considered to be a legal person and also holds the Right to Sue a third party incase of any dispute or default arises.
Less Compliance Burden
In OPC, the burden of compliance is less. OPC will comply with provisions of Private Limited but comparatively it has many exemptions and privileges in it.
Documents required for Incorporation of One Person Company
The following documents and requirements to register your One Person Company,
Aadhar / Voter ID / Driving licence / Passport of Directors and Shareholders
The Address proof of the Directors, shareholders along with the Proof of the registered place of business (Ownership documents/ rent or lease agreement) or any bill in relation to electricity /landlord bill / bank statement.
The photos of the respective Directors , shareholders and designated authorities should submit for the clarification and proof of the concerned person.
The PAN card of the respective Directors, shareholders and designated authorities of the company.
Digital signature is the electronic signature format of the Directors / signatory authority for the purpose of e-filing the Register of Companies.
No objection certificate by the owner / landlord must be enclosed.
The ID, written consent and documents in relation with the nominee must be enclosed.
Process of Incorporation of One Person Company
Frequently Asked Questions
No, only an Indian resident or Indian citizen can become the Shareholder and Director of One Person Company.
No, they cannot become Nominee because it’s purely applicable for Indian residents.
No, Minors are not eligible to become nominees.
Yes, you can incorporate your company without any minimum capital.
No, the personal assets of the members will not be used for unpaid debts.
If you have any further queries, get our experts’ opinion. For free consultation Contact our National Filings to resolve all your queries.
