The idea of 1 Person Company in India was introduced through the businesses Act, 2013 to support entrepreneurs World Health Organization on their own area unit capable of beginning a venture by permitting them to form one person economic entity. One the most important blessings of a 1 Person Company (OPC) is that there is only 1 member in a OPC, whereas a minimum of 2 members area unit needed for incorporating and maintaining a personal company or a financial obligation Partnership (LLP). Kind of like a corporation, a 1 Person Company may be a separate legal entity from its promoter, giving financial obligation protection to its sole stockholder, whereas having continuity of business and being simple to include.
Though a 1 Person Company permits a lone bourgeois to work a company entity with financial obligation protection, an OPC will have a number of limitations. As an example, all Person Company (OPC) should nominate a politician Director within the flightless bird and AOA of the corporate – World Health Organization can become the owner of the OPC just in case the only real Director is disabled. Also, a 1 Person Company should be regenerate into a personal company if it crosses associate annual turnover of Rs.2 crores and should file audited monetary statements with the Ministry of company Affairs at the top of every yr like all kinds of corporations. Therefore, it’s necessary for the bourgeois to rigorously think about the options of a 1 Person Company before incorporation.
Ali Tax World is that the market leader in company registration services in India, giving a spread of company registration like non-public company registration, one person company registration, Nidhi Company Registration, Section eight Company Registration, Producer Company Registration and Indian Subsidiary registration. The typical time taken to complete a 1 person company registration is regarding ten – fifteen operating days, subject to government interval and consumer document submission. Get a free consultation for one person company registration associated business setup in India by programing a meeting with an Ali Tax World adviser.
Reasons to Register a One Person Company
One Person Company is that the solely form of company entity which will be started and operated by one promoter with financial obligation protection in Bharat. a company style of legal entity in One Person Company ensures that the business has perpertual existence and straightforward possession.
A company has ‘perpetual succession’, which means uninterrupted existence till it’s de jure dissolved. An organization being a separate legal person, is unaffected by the death or different departure of any member and continues to be living regardless of the changes in possession.
Banks and money establishments favor to offer funding to an organization instead of partnership corporations or proprietary considerations. However, a 1 person company cannot issue differing kinds of equity security, because it will solely be in hand by one person the least bit times.
Ownership of a business may be simply transferred in an exceedingly company by transferring shares. The language, filing and transfer of share transfer kind and share certificates is decent to transfer possession of an organization. In an exceedingly one person company, the possession may be transferred by neutering the material possession, position and pol director info.
A company being a man-made person, will acquire, own, fancy and alienate, property in its name. The property owned by a corporation can be machinery, building, intangible assets, land, residential property, factory, etc., Further, the campaigner director cannot claim any possession of the corporate whereas serving as a campaigner director.
DOCUMENTS REQUIRED FOR OPC REGISTRATION
Identity and Address Proof
Identity and address proof are needed for all administrators and shareholders of the corporate to be incorporated. Just in case of Indian nationals, PAN is obligatory. For foreign nationals, apostilled or notarised copy of passport should be submitted obligatorily. All documents submitted should be valid. Residence proof documents like statement or electricity bill should be but a pair of months previous.
Registered Office Proof
All firms should have a registered workplace in Republic of India. To prove access to the registered workplace, a recent copy of the electricity bill or land tax receipt or water bill should be submitted. Alongside the utility bill, rental agreement or sale deed and a letter from the owner with his/her consent to use the workplace as a registered workplace of an organization should be submitted.
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Digital Signature & DIN
Digital Signature Certificate (DSC) and Director Identification Number (DIN) is needed for the planned director of the one person company. DIN and DSC may be obtained for the planned director in a pair of to four operating days.
A minimum of 1 and a most of six name selections may be submitted to the govt. Subject to accessibility, company naming pointers and government time interval, name approval may be obtained in a pair of to four operating days.
On getting name approval, incorporation documents should be submitted to the govt. alongside associate degree application for registration. The govt. can typically approve the applying for incorporation in five to seven days, subject to their time interval.
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