The Trending Stuff About One Person Company

An One Person Company can be shaped by a solitary individual I.e. one individual is sufficient to frame such kind of organization, where the individual would be the Director and Shareholder of the Company. Just extra necessity is he needs to name a chosen one for the organization.

One Person Company has been recently presented in the Companies Act, 2013.

Features of One Person Company:

• It is controlled by people yet OPC’s are a different lawful element like that of any enlisted corporate.
• It must have one and only part anytime of time and may have one and only executive.
• The part and candidate ought to be characteristic persons, Indian Citizens and inhabitant in India. The expression “occupant in India” implies a man who has stayed in India for a time of at the very least 182 days amid the instantly going before one schedule year.
• One individual can’t fuse more than one OPC or get to be chosen one in more than one OPC.
• If an individual from OPC turns into a part in another OPC by prudence of his being chosen one in that OPC then inside 180 days he should need to meet the qualification criteria of being Member in one OPC.
• No minor should get to be part or chosen one of the One Person Company or hold offer with advantageous hobby.
• Such Company can’t be fused or changed over into an organization under area 8 of the Companies Act, 2013.
• No such organization can change over deliberately into any sort of organization unless 2 years have lapsed from the date of fuse, with the exception of in situations where capital or turnover edge points of confinement are come to.
• An existing privately owned business other than an organization enrolled under segment 8 of the Act which has paid up offer capital of Rs. 50 Lakhs or less or normal yearly turnover amid the applicable period is Rs. 2 Crores or less may change over itself into one individual organization by passing an extraordinary determination in the general meeting.

Rules for Registering a One Person Company:

1. Just subject’s of India can begin an One Person Company in India or individual occupant in India I.e a man who stayed in India for a time of at least One Hundred and Eighty days.
2. A minor might not get to be part or chosen one of the One Person Company or can hold offer with useful hobby.
3. No such organization can change over intentionally into any sort of organization unless two years have lapsed from the date of fuse of One Person Company, with the exception of when edge breaking point (paid up offer capital) is expanded past fifty lakh rupees or its normal yearly turnover amid the important period surpasses two crore rupees.

Registration of One Person Company in India:

Four Simple Steps to Register your One Person organization:

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1. Apply for Digital Signature Certificate – DSC
2. Drafting of MOA, AOA, Declaration and Affidavits
3. Submission of form INC 29 for one person company with MCA
4. Filing of Final structures to Registrar of Companies-After examination of Documents Certificate of Incorporation would be issued.

Reservation of Company Name:

1. Applying for organization is the most essential piece of Company Registration process. A name of an organization ought to comprises of two sections:

• Prefix
• Suffix

Prefix – Should be special and ought not look like any of the current organization names.

Suffix – Should mirror the matter of your organization.

2. Name of the Company closes with OPC in shut section for eg: M/s. XYZ Technologies Private Limited (OPC).
3. Need to submit six recommended names for the proposed organization, where the Registrar of Companies will affirm any of the six and it will substantial for 60 days from the date of use.

Effect of OPC in India:

• With the presentation of the idea of One Person Company, it has made a considerable measure of certainty for the layman to consider beginning his own particular organization.
• The purpose for is minimal effort for enrolling, constrained obligation, Corporate Identity and very little corporate consistence must be kept up.
• A large portion of the Proprietor firms are currently being changed over into One Person Company. It urges the business visionaries to begin his own particular organization and to maintain his business without the intercession of outsiders.
• It makes a great position for the layman to consider beginning an organization and this thusly support up our nation’s economy.

Along these lines, to finish up it is prudent for little businessperson to begin an OPC and get a Corporate character and Brand acknowledgment without going through much cost with different enrollments.

About Author:

​Sowmiya Narayanan is the CEO of Dobizindia.com, a leading website for registering a company in India.