The Concept of One Person Company

The concept of One Person Company is a new concept introduced in Companies Act; 2013. The concept is prevailing in India Only. The process of carrying forward the business in the form Of OPC Company Registration is beneficial for those persons who don’t find any partner to help them in building their business. One Person Company has perpetual Succession and legal & distinct entity.

In terms of the definition “One Person Company” is a company which can be registered only with the one person as a member. That person can itself act as a director as well as a shareholder of the company.

For a better understanding it is a form of Private limited but still there ascertain differences between them as discussed below:

OPC	Private Limited Company
Required only one person as Director and Shareholder	More than one person as Director and Shareholder
At the end of the company name need to affix OPC	In this case, need to affix Private Limited with its name
For these company, accounting procedure is hassle-free	In this case, it is complex along a lot of compliances need to be compiled
Minimum number of the required director is one	In this case, the minimum number of the director is 2

 

Advantages of Pursuing Business as an OPC Company

Minimum Requirements to Comply For OPC Company Registration

Thinks to Be Taken Up/Consider Before Incorporating an OPC

Note: Resident means should stay in India for not less than 182 days in that year

Contractual Relation with OPC

In case if the member and who himself is also the director of the said OPC entered into any contract with the OPC, then it is compulsory to mention such detail in the memorandum and must be intimated to the registrar within 156 days of entering into such contract.

The concept of Nominee in Respect of One Person Company Registration

When any person is deciding to start its business in the form OPC, then in the concept of OPC Registration then it is mandatory for a member to appoint nominee in respect of himself. The nominee should be a natural person. The nominee is obliged to become a member of the company in the event of the death of the member and in the event of incapacitated to contract.

Conclusion

In order to conclude as a start-up of a business, it is a new and beneficial concept without any legal binding to carry on their person. An interested person who is thinking of OPC registration may raise their query on info@enterslice.com.