A business has more opportunities when it is incorporated and registered under MCA. One person company registration was introduced to business environs under Company Act 2013. It is a business structure in which there is only one promoter who has complete authority over the company. It can be as amalgam of proprietorship and company structure. It is beneficial for those who want to start a business on their own and want to completely control the decisions and quality of services. OPC enjoys less compliance as compared to other kind of business structures.
One Person Company MCA is governed by Company Act 2013 which has clear descriptions of the compliance and authority of a opc business structure.
One Person Company Features
An opc is a favourable business entity for many entrepreneurs because it give them some special benefits and lessens their compliance.
- An OPC has single promoter/ director.
- There is only a single shareholder.
- The promoter has complete authority over company decisions.
- There is no requirement to hold annual general meeting.
- A person can only incorporate single OPC, he/she can’t be owner of many opc companies.
- There is easy share transferability in OPC.
- An OPC enjoys less compliance and regulations by MCA.
- An OPC is a distinct entity which can own assets on its name.
One Person Company Registration Documents
For opc registration, applicant is required to submit opc registration documents at time of application filing for incorporation of one person company. The applicant must work for document preparation before applying for company registration. Below is the details of the important documents required for opc registration.
- PAN Card of the Director
- Address Proof of the Director
- Passport Size Photograph of Director
- Address Proof of Business Premises
Advantages of One Person Company Registration
Before incorporating an OPC, the applicant must now the advantages of OPC registration. Below are some advantages of one person company registration.
- An OPC is an unique entity which is void of existence of the director or owner.
- OPC enjoys continual existence even if the director is not available.
- A OPC is run by single promoter who enjoys complete control.
- A OPC offers limited liability to the promoter which amount to his share value.
- A OPC offers easy share transferability from one shareholder to the other.
- Being incorporated increases credibility and reliability of company.
- Being an unique entity, OPC enjoys power to own assets.
- Less compliances as compared to the other company structures.
- No requirement to hold AGM or board meetings.
Minimum Requirements for OPC Registration
For successful opc company registration, the applicants or business owners are required to fulfill the minimum requirements for incorporation of opc.
- Minimum one shareholder of company.
- Minimum one director of company.
- Only one person can be the shareholder and director also.
- Minimum one nominee appointed by the owner.
- Only indian residents can be shareholder or nominee of the OPC.
- Minimum one Indian Resident director in company.
- Minimum share capital is 1 Lakh.
- DIN for all directors.
- DSC for all directors.
OPC Registration Fee
Read about opc registration fee and cost