Ever dreamed of being your own boss, having all the power to decide, and answerable only to yourself? An One Person Company (OPC) might just be your pass! StartupFlora, your co-founders in launching startups and small firms into flight, are here to give you the lowdown on what an OPC is all about. We facilitate nascent businesses to take their wings, and knowing about different business structures is an essential step towards that.
What is One Person Company (OPC)?
A one shareholder company is an OPC company, a one person company. It is the individual entrepreneur's company. It is a setup in which an individual can avail the corporate benefits like limited liability but with a hold. It's a single man company.
Why use an OPC?
An OPC in India is beneficial to individual entrepreneurs in various ways:
Limited Liability: Your own money is protected from the business liabilities. What that means is in case your business falls into economic difficulty, your own money might be safe and your own possessions are generally not in jeopardy.
Separate Legal Entity: OPC is a separate legal entity, i.e., it can enter into contracts, purchase properties, and be sued or even sue in its name, like an ordinary company.
Continuity: The firm remains even if something goes wrong with the owner. It is required for long-term planning.
Less Difficulty in Obtaining Funds: Even though it is not that easy for large businesses, an OPC form can also provide less difficulty in accessing funds compared to a sole proprietorship.
Who Can Incorporate an OPC?
Any Indian resident citizen (has stayed in India for a period of not less than 182 days during the previous calendar year) can incorporate an OPC.
How to Register One Person Company
One person company registration is very similar to a regular private company registration, but with some specific conditions. Here is a brief step-by-step guide:
Choose a Name: Choose a name which is not too common and available.
Nominate a Nominee: You must nominate a nominee who will manage the company in case you die or get incapacitated.
Obtain Digital Signature Certificate (DSC) and Director Identification Number (DIN): You will need a DSC and DIN.
Prepare Memorandum of Association (MoA) and Articles of Association (AoA): These state the business and rules of your company.
File Incorporation Documents: File the MoA, AoA, and other documents with the Registrar of Companies (ROC). This initiates the opc registration process.
Get Certificate of Incorporation: Once the ROC accepts your application, you will receive a certificate of incorporation. This registers your opc company officially.
One Person Company Registration Online
OPC online registration has never been more convenient. You can complete the entire opc online registration through the Ministry of Corporate Affairs (MCA) website.
Important Things to Keep in Mind for OPCs
If you are going to include an OPC, remember the following:
Nominee: Picking a trustworthy nominee is most important.
Compliance: Though the compliance is less than in normal companies, OPCs also have some regulations to adhere to.
Advantages of one person company and benefits of one person company are immensely significant to sole business owners:
Limited Liability: Protects your personal assets.
Separate Legal Entity: Provides legal identity and legitimacy.
Continuity: Ensures survival of the company.
StartupFlora: Your Guide to Your Starting Point OPC
We guide you through the formality of registering a company at StartupFlora. We are able to take you through the OPC company registration process, describing what is entailed and how you can have the documents provided. We can draft the MoA and AoA and file the incorporation documents. We are unable to do the registration ourselves, but we can make it far more easier for you and far less cumbersome. Contact us today to learn more about how we can help you get your OPC off the ground!
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