“One Person Company implies an organization which has just a single member” who is an Indian citizen. OPC Registration as the name signifies is an organization which can be controlled by a solitary individual. As per the Companies Act of 2013, any individual trying to turn into a business visionary can feel free to begin another single proprietorship organization otherwise called One Person Company. One Person Company is undeniably appropriate for Entrepreneurs and Proprietors who can’t profit the advantages of restricted responsibility because of the non-accessibility of tracking down a subsequent part or a shareholder.
History of OPC
The United Kingdom was the first nation to present the idea of One Person Company (1897). Moreover, more nations started to receive this model of organization type. For instance, the United States of America permits the development of a solitary part Limited Liability Company (LLC), Singapore permits the arrangement of OPC under the Companies Amendment Act, 2004. Moreover, China presented the idea of OPC in the year 2005, United Arab Emirates perceives this type of business substance, under the Turkish Commercial Code since 2012, a business entity or restricted risk organization might have framed with at least one individuals in Turkey, at long last, Pakistan accommodates arrangement of Single Member Company under the Single Member Companies Rules, 2003.
In India
The idea of One Person Company in India had mooted, in the report of Dr J.J. Irani Committee. From that point, the Irani Committee momentarily alluded to the OPCs in its report. Moreover, in Chapter III named “Classification and Registration of Companies” the council proposed different characterizations of organizations as given hereunder. The model of OPC as in its undeveloped stages in India required some more opportunity to develop and to be completely acknowledged by the business world. With the progression of time, the OPC model of business association has its acceptance to turn into the most favored type of business association, particularly for little business visionaries.
Documents required
For Individual
The people connected with for incorporation of One Person Company are Subscriber, Director and Nominee. The subscriber and nominee one will be individual being inhabitant in India. Further, at any rate one Director will be Indian resident. In this manner, where there is just a single Director designated, the equivalent will have the occupancy as it were. Any of the individual will give beneath recorded reports:
PAN Card
Self-attested duplicate of the PAN Card is necessary report to have given in consolidation strategy of the company registration. The name showing up on the PAN Card might be taken on records of MCA, subsequently it is important to stay up with the latest (if there should be an occurrence of any difference in name or marriage) at the hour of presenting the reports. Where any blunder has found in the PAN Card details, the strategy may get deference up to the hour of goal of same.
Voter ID or Passport or the Driving license
With the end goal of address confirmation, any of the previously mentioned records have given. Be that as it may, the details in the archive gave will be like the details in PAN Card. In the event of any inconsistency, one will redress something very similar. The reports like Election Card, Ration card, Aadhaar Card and so forth can likewise have given here as evidence.
Scanned copy of latest bank statement/telephone bill/electricity bill
The bills which have connection as inhabitant verification and ought to be most recent or ongoing which can be 2 months old and not more than that in order to get acknowledged. It ought to contain the name of the person as expressed under the PAN Card.
Scanned copy of passport size photograph
For registered office
The address have given as the Registered Office to the proposed One Person Company will be according to the location verification gave around there. A similar location referenced in the location verification will be same to be given in the use of joining.
- The report expressing the full location of the property organization, where organization will be enlisted, for example, Electricity Bill/Property Tax Bill/Telephone Bill and so on
- NOC, if there should be an occurrence of Rented Property: The no complaint testament alongside the substantial Rent Agreement by the owners of the Property.
Simple online procedure for OPC registration
- Obtain DSC
- Apply for DIN
- Reserve unique name
- File the required e-forms. The OPC registration form should have given with registrar of companies.
- E-MOA and e-AOA
- File all the forms with MCA
- Certificate of Incorporation has issuance
Benefits of One Person Company
Compliance burden
The One Person Company remembers for the meaning of “Private Limited Company” given under section 2(68) of the Companies Act, 2013. Subsequently, an OPC will be needed to consent to arrangements material to privately owned businesses. Be that as it may, OPCs have been given various exclusions and subsequently have lesser consistence related weight.
Organized sector
OPC will bring the sloppy area of ownership into the coordinated form of a private restricted organization. Different small and medium enterprise, working together as sole owners, may go into the corporate space. The coordinated variant of OPC will open the roads for more ideal financial offices. Owners consistently have limitless risk. In the event that such an owner works together through an OPC, liability of the member has limitation.
Latest news
The government will boost the joining of One Person Company (OPC) by permitting such organizations to develop with no limitations. This, would support simplicity of working together. OPCs will hereafter be permitted to change over into some other sort of organization whenever and won’t confront any limitation on either settled up capital or turnover Finance Minister said. The government additionally diminished as far as possible for Indian residents to set up an OPC from 182 days to 120 days, permitting even non-inhabitant Indians (NRIs) to join OPCs in the country.
