One person company registration is suitable for the person who wants to start their business in India without any partner on the other side. It was introduced through the companies Act, 2013 to create a single person entity.OPC can be registered with a single person and has all features of private limited company. The OPC can have minimum of 15 directors. The biggest advantage is that one person is enough to start an OPC company, whereas minimum of 2 members were needed to do private company registration. A person who is an Indian citizen is to incorporate a one person company.
Minimum of a single person can start a one person company, partner not required.
In OPC, the company must nominate a director in the MOA or AOA, who have the rights to become an owner for that company, in case of director disability
No person shall be qualified to commence more than a One Person Company or become nominee in more than one such company.
No minor shall become nominee or member of the One Person Company or can hold share with beneficial interest.
One Person Company cannot be converted or incorporated into a company under section 8 (Nonprofit Organization)
One Person Company cannot carry out Non-Banking Financial Investment activities including investment in securities of anybody corporate.
Procedure of One Person Company Incorporation:
The one person company incorporation process is a very simple one.
First the get a Director Identification Number (DIN) for the shareholder as well as a digital signature certificate.
Then apply for their name of the company
After that he should get the consent of the nominee in the prescribed forms
Then he shall file incorporation forms with the Memorandum and Articles with other required documents
He/She shall get the final incorporation certificate from the register of companies. Now he can start their business under the name.