One Person Company - What is 1-Person Company
The One Person Company (OPC) is a newly introduced form of a company in India by the latest company law of the country, the Companies Act of 2013. This one person company allows a single person to form and run a company in any economic field. In addition to this, this form of company has certain great advantages in respect of management, regulation, taxation, legal recognition, and perpetuity. To help our visitors with fertile information regarding
what is one person company?
what are its advantages ? and
how it is registered in India?
This opulent webpage of Global Jurix is exclusively written. As its very name implies, an OPC can be formed and managed by a single director and a single shareholder; a single person can be both of these simultaneously. However, a nominee is compulsorily required at the time of registration of the OPC, in order to ensure the registrar that in case of demise or inability of the director to run the company, the nominee will helm the whole affairs. This OPC is registered as a private limited company, and thus, the minimum paid-up capital required for its registration is just Rs. One Lac. The section below describes the whole registration process of the one person company anywhere in entire India.
OPC Registration as per Companies Law Act 2013
This section deals with 1-person company registration, advantages of OPC, and our efficient and impeccable services for OPC registration in entire India.
For opc registration as per companies act 2013, the following activities or filing of forms are to be performed:- Obtaining the Digital Signature Certificate (DSC)
- Getting the Director Identification Number (DIN)
- Filing Form INC-1 with the concerned Registrar of Companies (ROC)
- Drafting the Memorandum of Association (MOA) and the Articles of Association (AOA)
- Filing Forms like INC-2; INC-3; INC-22; etc.
- Lastly, obtaining the certificate of commencement of business through Form INC-21.
The well-informed and well-seasoned company lawyers of our internationally reputed law firm of Delhi provide efficiently and responsibly all support and services for OPC registration in India, and also for conversion of OPC into private or public limited company, as per requirement. Here, it must be noted that, a one person company is mandatorily required to be converted into either a private limited company or a public limited company, if its total paid-up share capital exceeds Rs.50 Lacs, or its average annual turnover gets more than Rs. 2 Crores in the last three immediately preceding financial years.
A one person company is recognized as a separate legal entity and holds advantages of the limited liability, like other corporate bodies. The provisions given in the Indian Companies Act of 2013 in connection with the General Meetings, and Rotation of Auditors, are not applicable to the OPCs. Moreover, the regulatory and annual compliances of an OPC are much lesser than that to be performed strictly by the limited companies in India.