One Person Company Registration
One Person Company (OPC) is a company that can be formed by a sole member. It allows single founders to enjoy the status of a company and have full control over the company while limiting his/her liability to contributions to the business.
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One Person Company Registration
The constitution of a One Person Company (OPC) was recently introduced as a strong improvement over sole proprietorship. The sole person shall be the only shareholder in the Company. The Companies Act, 2013 provides for a new type of entity in the form of One Person Company (OPC), the introduction of OPC in the legal system is a move that would encourage corporatization of micro-businesses and entrepreneurship. Its compliance is lesser than that of a Private Limited Company
However, only a natural person who is citizen of India shall be eligible to act as a member and nominee of an OPC, and such member and nominee cannot open or be a part of any second or subsequent OPC.
Before the enforcement of the Companies Act, 2013, a single person could not establish a company. If an individual wanted to establish his business, he/she could opt only for a sole proprietorship as there had to be a minimum of two directors and two members to establish a company. But, now the concept of One Person Company would provide tremendous opportunities for small businessmen and traders, including those working in areas like handloom, handicrafts, and pottery. Earlier they were working as artisans and weavers on their own, so they did not have a legal entity of a company. But now an OPC form of organization would help them do business as an enterprise and give them an opportunity to start their own ventures with a formal business structure.
Features of One Person Company Registration
- Only natural person to be a member of OPC
In OPC, only natural person can be a member, director or nominee. It means that unlike private limited company, OPC cannot have Company as a shareholder or investor. An NRI can also become member and nominee in OPC w.e.f. 01.04.2021
- One Member One OPC
A natural person shall not be member of more than a one OPC and no person shall be allowed to be a nominee of more than one OPC at any point of time. This is to safeguard the intention behind this concept for small entrepreneur.
- Naming of One Person Company (OPC)
The words “OPC” shall be mentioned in brackets and shall be added to suffix Private Limited along with the name of such company, wherever its name is printed, affixed or engraved. For E.g., ABCD Services (OPC) Private Limited.
- No Limitation of Turnover and Paid-up capital for Conversion
Earlier there was a threshold limit of paid-up capital (Rs. 50 lakh) and Turnover (Rs. 2 crore) beyond which OPC’s were required to compulsory convert into Private Limited Company. But w.e.f. 01.04.2021, such limitation has been removed and now OPC can continue to run business without any restriction of compulsory conversion.
- Conversion of One Person Company (OPC) into other form of Company
A One Person company (OPC) can be converted into a Private or Public Company, after increasing the minimum number of members and directors. However, OPC cannot be converted into Section 8 Company.
- Prohibition to carry out Non-Banking Financial Investment activities
A One Person company (OPC) cannot carry out Non-Banking Financial Investment activities including investment in securities of any body corporates.
Advantages Of One Person Company Registration
Minimum Requirements of One Person Company Registration
What Is Included In Our One Person Company Registration package?
One Person Company Registration Process
Documents Required in One Person Company Registration process
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