One Person Company
One Person Company in India was introduced under the Companies Act, 2013 to support entrepreneurs on starting a venture by allowing them to create a single person economic entity on their own. One of the biggest advantages of a One Person Company (OPC) is that there can be only one member in an OPC, while a minimum of two members are required for maintaining a Private Limited Company.
Though, One Person Company allows the entrepreneur to operate a corporate entity with limited liability protection. With that in hand, it has added disadvantage to this, if it crosses an annual turnover of Rs.2 crores then the company is required to be converted to Private Limited Company and must file audited financial statements under the Ministry of Corporate Affairs.
BusinessCrow is the leader in company registration services in India, offering a wide variety of company registration like private limited company registration, one person company registration, and Company Registration, Section 8 Company Registration, Producer Company Registration and Indian Subsidiary registration. The estimated time taken to complete a one-person company registration is about 10-15 days, subject to government processing time and client document submission.
How we can help with one person company registration?
DSC & DIN
Digital Signature Certificate [DSC] or Director Identification Number [DIN] is a number compulsory for the proposed director of the one person company. DIN & DSC both can be obtained for the proposed director in 2- 4 days.
Minimum of 1and maximum of 6 names choices will be submitted to the government. Subject to availability, company naming guidelines and government processing time, name approval can be obtained in 2-4 days.
For acquiring company name approval, the incorporation documents should be submitted to the government along with registration application. The government approves the application for incorporation in 5-7 days, subject to their time period.
Reasons to Register a One Person Company
One-Person Company is a hybrid structure, which combines the benefits of both sole proprietorship and a company form of business. Only one person will act as a director as well as shareholder. 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 with the business.
The single shareholder will own full privileges over the company as well as member, which makes no chances of partner disputes. This leads to faster decision making and execution process. Yet [OPC] can appoint as many as 15 directors for administrative rights, without giving any shares.
Legal Status and Social Recognition
One Person Company is a Private Limited Structure, which is known to be the most popular business structure in the world giving suppliers and customers a sense of confidence in running a business. Large organizations prefer to deal with private limited companies instead of proprietorship firms. This type of business structure enjoys corporate status in society, which helps the entrepreneur to attract quality work and helps them to retain by giving corporate designations, like directorship.
Limited Liability Protection
One of the advantages of One Person Company is that it has more opportunities, since the liability of the [OPC] is limited to the extent of the value of the share you hold, the individual will take more risk in business without affecting or suffering the loss of personal assets. It is the encouragement to new, young and innovative start-ups for starting their own business.
Easy to Transfer
In One Person Company, it is easy to transfer the ownership to another person by just transferring the shares and power as per the Companies Act, 2013. The signing, filing and transfer of form and a share certificate is sufficient to transfer ownership of a company.
In case of death, the sole person should appoint another individual as nominee director. On the demise of the original director, the nominee director will take control of the affairs of the company until the date of transfer of shares to legal heirs of the demised member.
Simple & Transparent Pricing
Rs. 8499.00All Inclusive
Rs. 9999.00All Inclusive
Rs. 11999.00All Inclusive
Document required for [OPC] registration
Identity and Address Proof
Identity and address proof is required for the main Director and nominee director of the One Person Company to be incorporated. PAN is a mandatory identity proof which should be there to register for OPC registration. All documents submitted must be verified before submitting and should be valid. Residence proof documents like bank statement or electricity bill must be less than 2 months.
Registered Office Proof
All companies must have a registered office in India. To prove access to the registered office, a recent copy of the electricity bill or property tax receipt or water bill must be submitted. Along with the utility bill, rental agreement or sale deed and a letter from the landlord with his/her consent to use the office as a registered office of a company must be submitted.
Check Company Name Availability
Check availability of company or LLP name in India against the MCA and trademark database.