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one person company

What is One Person Company (OPC) Formation?

In India, a one-person company (OPC) is one of the simplest corporate formations to manage. OPC is a hybrid between a sole proprietorship and a company. It has been granted numerous exemptions from the Companies Act's compliance requirements. It is a type of company with fewer compliance obligations than a private company. OPC registration is a simple and inexpensive process.

For sole proprietors and entrepreneurs who want to benefit from limited liability and a separate legal entity, OPC Registration opens up new business prospects. The challenges of finding the right partner for starting a business as a registered company is removed with OPC. Only one individual is required to function as a member, shareholder, and director.

What is One Person Company (OPC) Formation?

In India, a one-person company (OPC) is one of the simplest corporate formations to manage. OPC is a hybrid between a sole proprietorship and a company. It has been granted numerous exemptions from the Companies Act's compliance requirements. It is a type of company with fewer compliance obligations than a private company. OPC registration is a simple and inexpensive process.

For sole proprietors and entrepreneurs who want to benefit from limited liability and a separate legal entity, OPC Registration opens up new business prospects. The challenges of finding the right partner for starting a business as a registered company is removed with OPC. Only one individual is required to function as a member, shareholder, and director.

Here are some benefits of One Person Company (OPC):

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  • It is easy to secure funding for an OPC from a variety of sources, including investors, venture capitalists, and other financial institutions.
  • An OPC has the same rights and benefits as a private limited corporation. This is due to the fact that these businesses are structured similarly to private limited companies.
  • OPC has the simplest company registration requirements, requiring only one shareholder, one director, and one nominee. Furthermore, if the shareholder and director are the same people
  • OPC has only one owner, which greatly speeds up the decision-making and management of the company. It also removes the need for input and approval from other management officials, and the owner's feeling of self-worth keeps him motivated to work and develop ways to help the company grow.
  • To start a one-person business, you'll need a minimum Rs. 5000 in your bank account.

Documents Required for One Person Company (OPC) Formation:

Copy of PAN Card of owner

Passport size photograph of the owner

Copy of Aadhaar Card/ Voter identity card

Copy of Rent agreement (If rented property)

Electricity/ Water bill (Business Place)

Copy of Property papers (If owned property)

Landlord NOC (Format will be provided)

Specimen signature or impression