A Person Company is a combination of a sole proprietorship & a corporate company. It is governed by the Ministry of Corporate Affairs (MCA) and comes under the Companies Act 2013. Through this, a single person can easily start his company with 100% rights to it. Later if a Person Company surpasses the limit of 2 crores annual turnover, it has to be registered under Private Limited Partnership. A single shareholder can register One Person Company in India. However, the registration & incorporation process may be a lot to handle for a single person. Legal24by7 is here to make it convenient for you.Take your first step with us Get started just in a few clicks!. Hassel Free Online One Person Company Registration.
Who should start their corporate journey by establishing a Person Company?
With the effect of the Companies Act 2013, One Person Company emerged as a new option for those who are looking to start a company of their own without having any partner. It is a very popular option for sole proprietors to opt for One Person Company to transfer to the corporate structure & enjoy several benefits that come along with it. There is flexible legal governance in One Person Company because it is a combination of Sole Proprietorship & Corporate Company.
1. Limited Liability
Limited Liability Partnership gives the privilege to the partners of not being unlimitedly liable for the company's transactions. The liability of owners is limited to their shares which gives them a sense of security. It also provides them with a limit on their power & responsibility.
2. Efficient Management
According to the Companies Act, 2013 Person Companies do not have to hold annual general meetings. Decision-making is fast & effective which makes it very easy to run.
3. High Credibility
One Person Company is trusted by the banks for lending money because they have gone under the incorporation process rather than working as a sole proprietor
4. Tax Privilege
You have to pay fewer taxes & enjoy high profits if you form One Person Company because directors' remuneration, rent & interest are tax deductible.
• Self-Attested Copy of the PAN Card
• Other Identity Proof like Aadhar Card/ Passport / Driving License / Voter Identity Card
• Minimum One Director & Owner
• Passport Size Photo of Director
• Self-attested Copy of Telephone Bill / Mobile Bill
• Bank Passbook or other statement reflecting recent transactions.
• Self-attested copy of electricity bill/water bill
Additional Documents
• No-Objection letter by the owner of the address company is using
• Supporting documents to be signed by the owner to verify the address like Electricity Bill / Telephone Bill / Gas Bill / Water Bill
1. Select Package
Your journey starts with the package selection. Our team of professionals is here to assist you & solve your doubts accordingly.
2. Digital Signature
We are here to assist you with your MoA application. We will obtain the digital signatures first & then continue with the link generation for eKYC verification.
3. Name Approval
We will assist you with the most exciting step which is naming your dream company & getting it approved by the submission of the RUN form.
4. Final Document Submission
The final stage is the submission of the company’s documents with the MCA and the approval by the ROC.
Legal25by7 is here for you on every step of your One Person Company Registration. If you have any doubt about whether to go for any other type of company, we are here to resolve this confusion for you. We will enlighten you about what are the different ways you can set up your dream organizations and what benefits you get from each one of them. Your dream is to start your journey and our aim is to see you do it smoothly.
For convenient registration of a One Person Company, we have a team of highly skilled professionals and a large network of people who can assist you with every service that you will need. We are ready to play the role of facilitator and see you climb the ladder of success; all you need to do is to take the first step and connect with us.
One Person Company rectifies the disadvantage of a Private Limited Company of having at least two directors to get registered. If you are a single person, you can also get registered as a company by forming a One Person Company.
You can form One Person Company as a Private Limited Company.
There is no minimum capital required to form an OPC.
You can register an OPC with 1 to 15 directors.
A person who has proper identity proof like Aadhaar Card can become a nominee.
Yes, you can change a nominee with the help of Legal24by7. All you have to do is to select our package for nominee changing & removal.
A minor, foreign citizen, a non-resident of India, or declared incompetent by the court cannot form an OPC.
No, OPCs cannot raise FDI.
When the company's turnover crosses Rs. 2 Crore then it has to register as a private or Public company.
Yes, to get the benefit of input tax credit while buying & selling goods and services you have to register for GST.
