What is One Person Company?
One Person Company (OPC) is a business structure introduced under the Companies Act, 2013, allowing a single individual to establish a company. It combines the advantages of a sole proprietorship with the benefits of a corporate entity, such as limited liability and legal recognition. Designed to promote entrepreneurship, OPCs aim to simplify the formalization of Micro, Small, and Medium Enterprises (MSMEs) in India.
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Benefits
- Simple Succession
- Limited Liability
- Sole Ownership and Management
- Ownership of Assets
Why OPC?
- Simple Succession: Allows perpetual succession; a nominee can take over business operations upon the member's death.
- Limited Liability: Members’ liability is limited to their shares. Creditors can only claim company assets, not personal assets, even in case of bankruptcy.
- Sole Ownership and Management: A single individual acts as both the sole shareholder and director, managing daily operations without needing additional executives.
- Ownership of Assets: The OPC, as a separate legal entity, can own real estate and other assets in its name, protected from claims by others.
Advantages of One Person Company (OPC)
- Separate Legal Entity: Protects the founder from personal liability for company losses.
- Easy Fundraising: Can raise funds through venture capitalists, angel investors, and banks more easily than proprietorships.
- Reduced Compliance: Exempt from certain compliance requirements under the Companies Act, 2013.
- Simple Incorporation: Requires only one member and one nominee, with no minimum paid-up capital.
- Efficient Management: Single-member structure ensures quick decision-making and smooth operations.
- Perpetual Succession: Ensures business continuity regardless of changes in membership.
Documents required for OPC registration
- Memorandum of Association (MoA) and Articles of Association (AoA).
- Nominee’s Consent: Form INC-3 with nominee’s PAN and Aadhaar card.
- Proof of Registered Office: Supporting documents for the company’s address.
- Director’s Declaration: Form INC-9 and consent in Form DIR-2.
- Professional Declaration: Certification of legal compliance by a qualified professional.
Register Your One Person Company
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