All you need to know
OPC similar like Private Limited Company in India. It is second popular forms of business entities after private limited Company. It is a separate legal entity with limited liability and perpetual existence incorporated now under the Companies Act, 2013. One Person Company is the right business structure that helps in running a business individually. OPC is best for the entrepreneur who wants to form a company with limited liability
A One Person Company is a company that has only one person as a member. OPC was introduced to encourage individuals who are capable of starting their own business. OPC enables a sole proprietor to convert his firm into a Limited Liability company and avail the benefits of a Company.
An OPC is a business structure that enjoys the benefits of both forms of business i.e. a Sole proprietorship and a company. Thus, it eliminates the hassles of finding the right kind of co-partner/s for starting a business as a registered entity.
What are the Benefits of Registering One Person Company?
OPC is a company that can be formed with 1 Director and a Member as against a private limited company. OPC provides better opportunities with minimal compliance.
- One Person Can Start The Business.Under OPC, one person can start the business with very little compliance. Due to fewer compliances, a person gets more time to focus on his business and key areas.
- Complete Control By The Individual.The control remains in the hand of one person only.
- Limited Liability. In case of One Person Company, the member of OPC has limited liability.
- Separate Legal Entity From Its Member.
- Being a company, OPC has a separate legal existence from its member.
- Easy Compliance And Tax Flexibility. An individual has to follow easy compliance and avails the benefit of tax availability too.
- Benefits For Small Scale Industries. OPC avails the benefits provided to Small scale industries like easy funding, less compliance, loans at a lower interest rate, etc.
Documents required for Private Limited
1) PAN card for each Directors & Nominee
2) ID Proof – Driving License/ Passport or Voter ID of each Directors & Nominee
3) Address Proof – Latest Bank Statement OR Telephone/Mobile Bill of each Directors & Nominee
4) Address Proof of The Company – EB CARD or GAS Bill
5) Passport Size photo of each Directors & Nominee
6) email and mobile number of each Director & Nominee
