One Person Company Registration
A One Person Company (OPC) is a kind of business structure that allows one person to manage an organisation with limited liability. The Permiso team will provide comprehensive assistance, starting from the project’s paperwork through its successful completion.
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A One-Person Company (OPC) is a type of business structure that allows just one individual to establish and manage a firm while maintaining complete control over its operations. This structure is especially advantageous for entrepreneurs who desire to run a business on their own without the complications of several shareholders.
According to Section 2 (62) of the Company’s Act 2013, a One Person Company can be formed with just 1 director and 1 member.
In order to form a One Person company in India, you must have the following:
- 1 Director – Single Owner / Individual
- 1 Shareholder – The director of the company can be the shareholder of the company
- Registered office in India – The Private Limited company should have a registered office in India.
The key benefits of a One Person Company:
A One Person Company (OPC) provides various advantages to entrepreneurs and individuals who desire to start and manage a business on their own while limiting their responsibility. Here are some of the primary advantages of forming an OPC:
- Limited Liability: One of the main advantages of a One Person Company is that the liabilities of the firm are distinct from the shareholder's individual assets. The personal assets of the owner are not at risk in the event of financial hardship or legal issues.
- Sole Ownership and Control: An OPC enables a single person to own and control the entire company without the need for additional shareholders. This allows the owner to make decisions and implement business goals without the complications of several stakeholders.
- Perpetual Existence: The death, resignation, or insolvency of the member will not impact the existence of the Company. Until it is formally dissolved, the corporation remains in operation, offering stability and continuity. The Nominee will continue to run the business in case death of the member.
- Tax Benefits: The government may offer some tax advantages and incentives to One Person Company in order to encourage business expansion and investment.
- Entrepreneurial Opportunities: One Person Company provides a platform for individual entrepreneurs to realize their business ideas and ambitions without the need for co-founders or partners.
- No Minimum Capital Requirement: One Person Company, unlike private limited companies, do not have a minimum authorised capital requirement. This allows anyone to start a business without a hefty initial expenditure.
- Shareholders' Meetings: One Person corporations, unlike other businesses, are not required to hold annual general meetings. This reduces the administrative burden and compliance requirements.
Documents required for registration of One Person company in India:
- PAN card and Aadhar Card of all directors
- Passport Size Photographs of all directors
- Rent Agreement or Ownership Agreement if owned
- Electricity Bill
- Specimen signature
- No objection certificate from the owner of the property
One Person Companies (OPCs) frequently come along with specific exemptions and eased rules in order to encourage small businesses and to make the process of running a firm with a single owner easier. Exemptions and benefits may differ based on the jurisdiction and local rules.
Entrepreneurs looking to establish an OPC should consult with legal and financial specialists in their region to fully understand the benefits, limitations, and exemptions that apply to OPCs in their country.
You can apply for a One Person company registration through M/s. The Permiso. If you have any issues or facing any difficulty with the registration of a One Person company, you can call +91 81046 91667 or email us at info@thepermiso.com
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ONE PERSON COMPANY Registration Procedure
