One Person Company (OPC)
The concept of is a new way of business, introduced by The Companies Act, 2013, it enables Entrepreneur(s) carrying on the business in the Sole-Proprietor form of business to enter into a Corporate Framework. This led to the recognition of a completely new way of starting businesses that provided advantages of a corporation, while also providing protection of limited liability and corporate entity status that was lacking in sole proprietorship or partnership firms.
One Person Company is defined in Sub-Section 62 of Section 2 of Companies Act, 2013, which reads: "One Person Company means a company which has only one member". The structure of One Person Company (OPC) is similar to a Private Limited Company (Pvt Ltd). This translates into Legal Corporate Status which helps Entrepreneurs to attract Corporate Investment, Quality Workforce and Expand Business Globally.
LIMITATIONS: ONE PERSON ONLY MAKE ONE OPC AND CAN BE JOIN AS NOMINEE ONLY IN ONE OPC.
Registration of One Person Company
ASK Commercial Solutions can help you with company registration across India hassle free and at a very competitive price. We have a team of qualified company secretaries and chartered accountants, who ensure highest customer satisfaction and timely delivery of service.
Documents required for registration of OPC Click here
Advantage of One Person Company Registration
The biggest advantage of OPC is that it encourages entrepreneurship and provided the benefit of having only a single member of the company.
An OPC is also a separate legal entity from its sole promoter while offering the safety of limited liability along with ease of incorporation.
Every OPC must nominate a nominee director in the memorandum and articles of the company who can take over the OPC ownership in case the sole member of the OPC is incapacitated for any reason.
Another key feature of the OPC is that once the average three year turnover of the company exceeds Rs. 2 crores or the paid-up capital exceeds 50 lakh, it must compulsorily convert to a Private Limited Company.
Compliances of One Person Company
One Person Company (OPC) also requires to file audited financial statements with the Ministry of Corporate Affairs at the end of each Financial Year like all types of Companies; but it can also say that relatively less compliances as compared to Private Limited Company (Pvt Ltd) or a Public Limited Company (listed or unlisted).
Why ASK Commercial Solutions ?
We shall be extending our support at the initial consultation, draft the objects and name selection for the company, and file the necessary application for incorporation and regular follow-up with the ROC until the certificate of incorporation is issued. Entire process is managed through online, with regular communication and assistance available throughout. After Registration we provide all service related to Compliances, Audit, Taxation, Accounting, MSME, GST, IEC, STARTUP and other registration required.