One Person Company Registration is new concept in india. One Person Company Registration is blessing for entrepreneurs who on their own are capable of starting a business. There can be only one, natural person resident of India who can be the member of OPC Registration. As the name itself suggests it is a company which is owned by one single person. However, a nominee needs to be nominated in OPC Registration. OPC Registration can be formed with Minimum two Directors and maximum 15 directors. One Person Company Registration offers various benefits as compare to private limited in terms of filing of Compliances.
A Person who registers one Person Company, is not eligible to register more than OPC.
If you are the independent entrepreneur types and want to register your business without involving any other person, then choosing One Person Company Registration will be the right thing to do.
Requirements for One Person Company Registration (OPC Registration)
As per MCA for One Person Company Registration in India, the below conditions have to be met.
One person is required to start OPC Company in India. These companies shall have minimum one director. The same person can also become shareholder and director. In One Person Company Registration (OPC Registration), Director may different from shareholders.
No Minimum Capital:
No minimum capital is required. However, A OPC Company should have minimum authorized share capital of at least Rs. 1 lakh.
One Resident Director:
Among two directors, one director must be resident Indian. Resident Indian means a person who have spent 182 days or more of a financial year in India.
The name of the Company should be unique and should not be similar to the any existing company name or trademark.
Documents for One Person Company Registration (OPC Registration)
Identity Proof of Directors and Shareholders
Address Proof of Directors and Shareholders
Proof of Registered office:
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Benefits of One Person Company Registration (OPC Registration)
One Person Company Registration (OPC Registration) has various benefits as compared to Companies. Only one person required for One Person Company Registration (OPC Registration).
OPC gives the individual entrepreneurs all the benefits of a company, which means they will get credit, bank loans, access to market, limited liability, and legal protection available to companies.
Opportunities for small businessmen:
OPC would provide tremendous opportunities for small businessmen and traders, including those working in areas like handloom, handicrafts and pottery. Large Companies prefer to deal with private limited Companies or One person Company instead of Propreitorship.
It includes definition of Private Limited Company. However, The amount of compliance such company is much lesser as compared to private limited company in terms of filing returns, balance sheets, audit etc.
Limited Liability of shareholder:
The most significance reason to register OPC is desire to limited liability. Liability of shareholders of OPC Company in India are limited only up to the shares subscribed by them and should not be personally liable for the debts of the company in case company are unable to pay its liabilities.
while doing business in proprietorship, the personal assets of Individual can be at risk in the event of failure but this is not the case in OPC.
Ownership of property:
Private limited company can sale, purchase and own the property like individual.
Separate Legal Entity:
legal entity of OPC Company are separate than its shareholders/promoters. An OPC Company being incorporated entity shall also the feature of perpetual succession and will make it easier for businessman to raise money for business.