If you want to start your own business but keep it as a separate legal entity you can opt to register your company as an OPC or one-person company. As an OPC you will have limited liability protection, which means you and your company are two separate legal entities and you are not directly liable for any debts of the company. Limited liability offers excellent protection to a risk-averse person.
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One-person company as characterized in the One Person Company Act, 2013, is defined as a company that has only one person as its founder. In contrast, the members of a company are no more than subscribers to its memorandum of association or its shareholders. Therefore, the OPC is essentially a corporation that has only one investor as its representative.
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The formation of One Person Company (OPC) has recently been established in India to support business enterprises owned and controlled by a sole Entrepreneur. Corporations, such as Private Limited Company, allow two or more individuals to become partners.
The definition of a One Person Company (OPC) allows a single person to run a company limited by shares, while the Sole Proprietorship means an enterprise which is managed and operated by a single individual and where there is no difference between the owner and the firm.
One person company is an enhanced and better type of a sole proprietorship company and is, therefore, a smart business decision to transform sole proprietorship into one Person Company.
For the best consultant for One Person Company Registration in India, contact us at CharteredMunshi.com
Indian Citizen- Driving License/Passport/Voter Id
Foreign national- Passport
Indian and foreign Nationals- Bank statement/ Mobile or Phone Bill/ Electricity Bill
Rent Agreement / Electricity Bill
One person company registration process (for start -up registration) in India can be explained as:
The government fees for OPC registration:
DIN (1): Rs.500
RUN Form: Rs.1000.
|One Person Company||Proprietorship||Partnership||Limited Liability Partnership||Private Limited Companies|
|Registration||Registered with MCA||No formal Registration||Optional||Registered with MCA||Registered with MCA|
|Minimum Members||Two person - One Director, One Nominee||One person||Two person||Two person||Two person|
|Maximum members||Two person - One Director, One Nominee||One person||Twenty||Unlimited||Two Hundred|
|Foreign Ownership||Not allowed||Not allowed||Not allowed||Allowed||Allowed|
|Know More||Know More||Know More||Know More|
Any natural person who is an Indian citizen and is resident in India shall be eligible to act as a member and nominee of the OPC.
Only one person can be a member of an OPC
The OPC can be started with a minimum approved capital of Rs. 1 lakh. There is no mandatory requirement for a minimum paid-up asset. You can therefore begin as an OPC with a capital investment as low as Rs. 2.
Only a natural person who is an Indian citizen and is resident in India shall be eligible to serve as a member and candidate of the OPC.
A person can only be a member of an OPC.
When OPC is integrated, it cannot be converted into any other form of company for two years from the date of incorporation.
A nominee can withdraw its consent by giving a notice in writing to the OPC Member / Subscriber and to the OPC addressed. Within 15 days of the notice of withdrawal, the sole member/subscriber shall appoint a different person as his / her nominee.
No person shall be eligible to join more than one OPC or become a nominee in more than one such company. In the case of a person who is a member of the OPC, he or she becomes a member of another OPC by virtue of his or her appointment as an OPC, he or she shall vacate / change the membership in order to meet these criteria within a period of 180 days.
Yes, an OPC can be sold to another person.