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Start up Business

One Person Company

The concept of One Person Company in India was introduced through the Companies Act, 2013 to support entrepreneurs who on their own are capable of starting a venture by allowing them to create a single person economic entity. One of the biggest advantages of a One Person Company (OPC) is that there can be only one member in a OPC, while a minimum of two members are required for incorporating and maintaining a Private Limited Company or a Limited Liability Partnership (LLP). Similar to a Company, a One Person Company is a separate legal entity from its promoter, offering limited liability protection to its sole shareholder, while having continuity of business and being easy to incorporate.

Though a One Person Company allows a lone Entrepreneur to operate a corporate entity with limited liability protection, a OPC does have a few limitations. For instance, every One Person Company (OPC) must nominate a nominee Director in the MOA and AOA 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 converted into a Private Limited Company if it crosses an annual turnover of Rs.2 crores and must file audited financial statements with the Ministry of Corporate Affairs at the end of each Financial Year like all types of Companies. Therefore, it is important for the Entrepreneur to carefully consider the features of a One Person Company prior to incorporation.


Advantage:

  • It is flexible and has limited liability
  • Better image and credibility in Market
  • Easy to raise funds and loans
  • Favourite Business structure for Investors
  • Easy to attract Employees
  • Possibility to grow big and expand

Registration Process:

  

Obtaining DSC & DIN

Digital Signature Certificate (DSC) and Director Identification Number (DIN) is required for the proposed Directors of the Private Limited Company. DIN and DSC can be obtained for the proposed Directors within 2 days.

  

Name Approval

A minimum of one and a maximum of six proposed names must be submitted to the MCA. Subject to availability, naming guidelines and MCA processing time, Name Approval can be obtained in 5 to 7 working days.

Company Registration

Registration documents can be submitted to the MCA along with an application for registration. MCA will usually approve the application for incorporation in 5 to 7 days, subject to their processing time.

PAN, TAN and Bank Account

To obtain PAN & TAN Number of company and Prepare documents for open bank account.

 

Documents Required

    • PAN Card of Directors
    • Address Proof of Directors
    • Passport Size Photo of Directors
    • Electricity Bill of Registered Office
    • Rent Agreement of Registered Office
    • NOC from Landlord

Information Required

    • Main Object of Company
    • Four Proposed Name of Company
    • Authorised & Paid Up Capital
    • Mail ID and Mobile Number of Director
    • Number of Directors in Company
    • Number of Shareholder in Company....

Frequently asked questions

What documents required to set up Pvt. Ltd. Company in India?

Do I have to have office (commercial) space to start a Company?

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