What is a one person company?
Considered to be the perfect opportunity for the start-ups and the entrepreneurs, One Person Company has only a single owner or shareholder. This is a type of private limited company.
What are the features of a one person company?
- The one person company is a private company
- The term one person company is mentioned under the name of the company
- Limited liability protection is provided to the sole shareholder
- Single director is enough to sign the financial and the director’s report
Why should you register as a one person company?
- As the firm is owned by a single person, the ownership can be transferred from one person to another if there is a need
- The perpetual existence of the business is ensured in all cases
- A single person is enough to start and run the OPC
- Limited legal liability is provided to the single person owning the OPC
Some things that you should know
Reputation for the business
Once you register the company in India, you are able to get an International level recognition for the company. This helps in increasing the business value for the company.
Separate legal entity
OPC is considered as a separate legal entity under the law. In such cases, the promoter of the business is able to get the help for funding their business in the form of loans from banking institutions.
Unique company name
When you register the name of the company, you are required to add the OPC under the approved name to help the people that you are running the company as a single person and there are no more directors except you.
Documents required
- PAN card of the person starting the OPC
- ID and Address proof of the promoter of the OPC
- Passport size photograph of the person starting the OPC
- The signed DSC form
- Rental agreement for the place chosen for starting the business
- The latest utility bills for the chosen place
- NOC from the landlord owning the place
Process of registration
- The Digital Signature Certificate and the Director Identification Number of the single promoter of OPC must be obtained
- Get the approval for the name of your OPC
- Submit the documents and file for the incorporation of the OPC
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