One Person Company Registration
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What is One Person Company Registration
A new concept has been introduced in the Company’s Act 2013, about the One Person Company (OPC). In a Private Company, a minimum of 2 Directors and Members are required whereas in a Public Company, a minimum of 3 Directors and a minimum of 7 members. A single person could not incorporate a Company previously. But now as per Section 2(62) of the Company’s Act 2013, a company can be formed with just 1 Director and 1 member. It is a form of a company where the compliance requirements are lesser than that of a private company.
One Person Company (OPC) registration is forward thinking concept where promotes the incorporation of micro-businesses and persons with entrepreneurial dreams but has no time, resources or means to get more partners to execute the business plan. It can be considered as the combo of Sole proprietorship business model and the normal company legal entity business model, where the OPC company would enjoy the best of two worlds.
Benefits of One Person Company Registration
- CONTINUITY OF EXISTENCE: The company would exist in succession fashion as the governmental body treats it as a separate entity in terms of law.
- LESS BURDEN: A One Person company scores better in terms of credibility as it falls under the central government directly unlike other mutual profit organizations. As there are less legal Complexity involved in the One Person Company when compared to other registration methods, the person can concentrate more on the niche they belong to improve.
- FUNDRAISING: For a One Person Company it can represent itself in seeding rounds to get investment from the Angel Investors and Venture Capital firms just like how Private limited Company.
- LIMITED LIABILITY: Limited Liability plays an major role in the decision as the partners are limited to the actions they make for the shares.
- QUICK ACTIONS: As you there is only one person to take actions and make the calls to what to implement and what not to, the turnaround time is much faster and the execution can be done soon too.
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