Get One Person Company Registration in India

The Companies Act, 2013 totally altered corporate laws in India by presenting a few new ideas for Company registration in India that didn't exist already. On such distinct advantage was the presentation of One Person Company idea. This prompted the acknowledgment of a totally better approach for beginning organizations that concurred adaptability which an organization type of substance can offer, while additionally giving the assurance of constrained obligation that sole ownership or associations needed.

A few different nations had just perceived the capacity of people framing an organization before the order of the new Companies Act in 2013. These incorporate any semblance of China, Singapore, UK, Australia, and the USA. 

Definition of One Person Company

Segment 2(62) of Companies Act characterizes a one person company registration as an organization that has just a single individual as to its part. Moreover, individuals from an organization are only endorsers of its notice of affiliation, or its investors. Along these lines, an OPC is adequately an organization that has just a single investor as its part. 

Such organizations are for the most part made when there is just one author/advertiser for the business. Business visionaries whose organizations lie in beginning times want to make OPCs rather than sole ownership business because of the few preferences that OPCs offer.

What is Features of a One Person Company

Here are some general features of a one-person company:

1.       Private company: Section 3(1)(c) of the Companies Act says that a single person can form a company for any lawful purpose. It further describes OPCs as private companies.

2.       Single-member: OPCs can have only one member or shareholder, unlike other private companies.

3.       Nominee: A unique feature of OPCs that separates it from other kinds of companies is that the sole member of the company has to mention a nominee while registering the company.

4.       No perpetual succession: Since there is only one member in an OPC, his death will result in the nominee choosing or rejecting to become its sole member. This does not happen in other companies as they follow the concept of perpetual succession.

5.       Minimum one director: OPCs need to have minimum one person (the member) as director. They can have a maximum of 15 directors.

6.       No minimum paid-up share capital:  Companies Act, 2013 has not prescribed any amount as minimum paid-up capital for OPCs.

7.       Special privileges: OPCs enjoy several privileges and exemptions under the Companies Act that other kinds of companies do not possess.

1.   Private Organization: Section 3(1)(c) of the Companies Act says that a solitary individual can frame an organization for any legitimate reason. It further portrays OPCs as privately owned businesses. 

2.   Single- Member: OPCs can have just a single part or investor, not at all like other privately owned businesses. 

3.  Nominee: An interesting element of OPCs that isolates it from different sorts of organizations is that the sole individual from the organization needs to make reference to a chosen one while enlisting the organization.

4.  No unending progression: Since there is just a single part in an OPC, his passing will bring about the chosen one picking or dismissing to turn into its sole part. This doesn't occur in different organizations as they pursue the idea of ceaseless progression. 

5.  Minimum one executive: OPCs need to have least one individual (the part) as chief. They can have a limit of 15 chiefs.

6. No least paid-up share capital:  Companies Act, 2013 has not endorsed any sum as least paid-up capital for OPCs.

7.  Special Benefits: OPCs appreciate a few benefits and exceptions under the Companies Act that different sorts of organizations don't have.

Formation of One Person Companies

A solitary individual can frame One Person Company by buying in his name to the update of affiliation and satisfying different necessities endorsed by the Companies Act, 2013. Such reminder must state subtleties of a chosen one that will end up being the organization's sole part in the event that the first part bites the dust or becomes unequipped for going into legally binding relations.

This notice and the chosen one's agree to his selection ought to be recorded to the Registrar of Companies alongside a use of enrollment. Such chosen one can pull back his name anytime by accommodation of essential applications to the Registrar. His designation can likewise later be dropped by the part.

Also Read: Company Registration Process in India