ONE PERSON COMPANY
One Person Company is such kind of Corporate Entity where only one person is required to start a business who can be a shareholder as well as director of the company with limited liability.
The concept was introduce to register the unregistered person so that even a single person can enter into the corporate entity. It is the same as a Proprietorship firm where one person owns, control, and manages the organization.
It should nominate a nominee in the MOA and AOA of the company who will the sole director in case of any disability of the owner.
If you want to start your business solely or independently without involving any other person than OPC will be the best option for you. If you want to Register your One Person Company than VS IPR & LEGAL ADVISORS will help you in Company formation and in all the Compliance after Company registration.
ANALYSIS ON OPC
Indian as well as Foreign country citizen can incorporate OPC
REGISTRATION BENEFITS OF ONE PERSON COMPANY (OPC)
Separate legal entity
One Person Company is an artificial person created by law and it is separated by law from its owner.
The liability of the shareholder is limited up to capital contribution in business in his name and the personal Asset does not get affected by it unlike Sole proprietor or Partnership Firm.
OPC will convert unorganized sector into organized in the form of a private limited company. Sole proprietors might enter into the corporate sector.
Death and The insolvency of any of the members do not affect the continuity of the company. Thus the life of its members does not affect the company. A person can become member or even can leave the organization. Transfer of share can not affect the company.
As the Shareholder and Director may be the same person the control lies with the Shareholders.
Easy and Lesser Compliance
As there is no requirement to conduct AGM and the Number of Board Meeting is also comparatively less as only 2 meetings are required in whole year so it is easiest form of Corporate Entity.
One Person Company can convert voluntarily into any kind of company unless two years have expired from the date of incorporation of OPC, except (paid up share capital) is increased beyond 50 Lakh Rupees or its annual turnover during the relevant period exceeds 2 crores Rupees.
* Stamp duty Extra for States: Punjab, Kerala, Madhya Pradesh and Sikkim.
* Charges extra for NRI/Foreign Directors
DOCUMETS REQUIRED FOR OPC