{"id":128,"date":"2019-07-24T08:44:24","date_gmt":"2019-07-24T03:14:24","guid":{"rendered":"https:\/\/aktassociates.com\/blog\/?p=128"},"modified":"2019-08-24T17:25:31","modified_gmt":"2019-08-24T11:55:31","slug":"one-person-company-opc-features","status":"publish","type":"post","link":"https:\/\/aktassociates.com\/blog\/one-person-company-opc-features\/","title":{"rendered":"One Person Company : Formation,Features"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >In this article, we will discuss about...<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #1e73be;color:#1e73be\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #1e73be;color:#1e73be\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/aktassociates.com\/blog\/one-person-company-opc-features\/#What_is_a_One_Person_Company\" title=\"What is a One Person Company?\">What is a One Person Company?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/aktassociates.com\/blog\/one-person-company-opc-features\/#One_Person_Company_Registration\" title=\"One Person Company Registration\u00a0\">One Person Company Registration\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/aktassociates.com\/blog\/one-person-company-opc-features\/#How_to_register_a_company\" title=\"How to register a company\">How to register a company<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/aktassociates.com\/blog\/one-person-company-opc-features\/#Document_required_for_OPC_Registration\" title=\"Document required for OPC Registration:\">Document required for OPC Registration:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/aktassociates.com\/blog\/one-person-company-opc-features\/#Formation_of_OPC\" title=\"Formation of OPC\">Formation of OPC<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/aktassociates.com\/blog\/one-person-company-opc-features\/#Features_of_One_Person_Company\" title=\"Features of One Person Company\">Features of One Person Company<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/aktassociates.com\/blog\/one-person-company-opc-features\/#Is_Concept_Of_One_Person_Company_Identical_To_Sole_Proprietorship\" title=\"Is Concept Of One Person Company Identical To Sole Proprietorship?\">Is Concept Of One Person Company Identical To Sole Proprietorship?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/aktassociates.com\/blog\/one-person-company-opc-features\/#Limited_Liability_as_a_Privilege\" title=\"Limited Liability as a Privilege:\">Limited Liability as a Privilege:<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_is_a_One_Person_Company\"><\/span><b>What is a One Person Company?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">A company formed and regulated by a single person. In this form of company, only one man holds virtually the whole share capital of the company or with a few extra members holding the remaining, who are generally the relatives or nominees of the proprietor. Since this person holds control over the largest part of the company he is the managing director who enjoys the control of the company. The Proprietor of such company is in a position of enjoying the profits of the business with<a href=\"https:\/\/aktassociates.com\/blog\/limited-liability-partnerships-llp-advantages-disadvantages\/\" target=\"_blank\" rel=\"noopener noreferrer\"> limited liability<\/a>.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1030 aligncenter\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/06\/ONE-PERSON-COMPANY-1.jpg\" alt=\"ONE PERSON COMPANY\" width=\"700\" height=\"400\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/06\/ONE-PERSON-COMPANY-1.jpg 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/06\/ONE-PERSON-COMPANY-1-300x171.jpg 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/06\/ONE-PERSON-COMPANY-1-20x11.jpg 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"One_Person_Company_Registration\"><\/span><b>One Person Company<\/b><b> Registration\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">As per Section 2(62) of the Company\u2019s Act 2013, a company can be formed with just 1 Director and 1 member. It is a form of a company where the compliance requirements are lesser than that of a private company.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_to_register_a_company\"><\/span><b>How to register a company<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">OPC registration Process: The Process of Registration of OPC is as below:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Step 1: Apply for DSC *<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Step 2: Apply for DIN **<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Step 3: Name Approval Application<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Step 4: Documents Required<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Step 5: Filing Forms with MCA<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Step 6: Issue of certificate of Incorporation<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Document_required_for_OPC_Registration\"><\/span><b>Document required for OPC Registration:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">There are some documents required for <a href=\"https:\/\/aktassociates.com\/blog\/one-person-company-registration-procedure-documents-india\/\" target=\"_blank\" rel=\"noopener noreferrer\">One Person Company Registration<\/a>, which include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Reservation application of name in INC-1<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Identity proof, address proof and PAN card copy of nominee and member<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Written Consent of Nominee in form INC-3<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Memorandum and Affidavit of sharer for form INC-9<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Application for Company Registration<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Registrar Office Address in Form INC-22<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Registered office&#8217;s address proof<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Formation_of_OPC\"><\/span><b>Formation of OPC<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Although the exact rules are not clear, the following rules have been proposed in the new company bill, 2013:-<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Firstly, the person is to give a separate name and legal identity to the Company, under which all the activities of the business are to be carried on. This ensures that a separate legal entity is formed.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Secondly, the person has to nominate a name with that person\u2019s written consent as a nominee to the OPC. This person will be the default and ad hoc member in case of the existing sole member\u2019s death or disability. This provision will ensure perpetuity and continuity to the life of the Company. The golden rule of \u201cmembers may come and go, but the Company must live on\u201d holds good.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Finally, every\u00a0One Person Company\u00a0should bear the letters \u201cOPC\u201d in brackets after it\u2019s a registered name, wherever it may be printed, affixed or engraved.<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Features_of_One_Person_Company\"><\/span><b>Features of One Person Company<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The following are the important features of the One Person Company (OPC)<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">One Person Company is one of the types of Company on the basis of the number of members<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">One Person Company has only one person as a member\/shareholder.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">One Person Company\u00a0is a <a href=\"https:\/\/aktassociates.com\/blog\/private-limited-company-annual-filing-compliances-procedure\/\" target=\"_blank\" rel=\"noopener noreferrer\">Private Company<\/a><\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Minimum paid-up share capital of One Person Company is one lakh rupees (Rs. 1,00,000)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">One Person Company may be either a Company limited by share \/ a Company limited by the guarantee \/ an unlimited Company<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The words \u201cOne Person Company\u201d should be mentioned in brackets below the name of the One Person Company<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">One Person Company\u00a0shall indicate the name of the nominee\/another person in the memorandum, with his prior written consent<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The written consent above shall be filed with the Registrar at the time of incorporation of the One Person<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The company along with its M&amp;A (Memorandum and Articles)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The nominee\/other people can withdraw his consent at any time<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The member\/Shareholder of One Person Company may change the nominee\/other people at any time, by giving notice to the other person and intimate the same to Company. Then the Company should intimate the same to the Register<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">In case of the death of member\/shareholder or his incapacity to contract, then-nominee\/other person become a member of the Company<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Member\/Shareholder of the One Person Company acts as the first director until the Company appoints a director(s)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">One Person Company can appoint a maximum of 15 directors, but the minimum should be one director<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">One Person Company need not hold any AGM (Annual General Meeting) in each year<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Cash Flow Statement may not include in the financial statements of One Person Company<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">One Director is sufficient to sign the Financial Statements\/Director\u2019s Report<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Within 180 days from the closure of the Financial Year,\u00a0One Person Company\u00a0should file the copy of the Financial Statements with Registrar<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">One Person Company should inform the Registrar about every contract entered and also should record in the minutes of the meeting within 15days from the date of approval by the BOD (Board of Directors).<\/span><\/li>\n<\/ul>\n<p><a href=\"https:\/\/aktassociates.com\/start-a-business\/one-person-company\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1038 aligncenter\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/06\/One-person-company-3-1.png\" alt=\"One person company \" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/06\/One-person-company-3-1.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/06\/One-person-company-3-1-300x64.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/06\/One-person-company-3-1-20x4.png 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Is_Concept_Of_One_Person_Company_Identical_To_Sole_Proprietorship\"><\/span><b>Is Concept Of One Person Company Identical To Sole Proprietorship?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">No, it\u2019s not the same concept and the differences are as follows:<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td><b>One Person Company<\/b><\/td>\n<td><b>Sole Proprietorship<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">The owner and the business are considered as different legal personalities.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">The owner and the business are considered to be different from each other.<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">The liability is limited.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">The liability is unlimited.<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Debts are not the sole responsibility of the owner.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Debts are the sole responsibility of the owner of the business<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">The financial position depends upon the credit record of the company and not the owner<\/span><\/td>\n<td><span style=\"font-weight: 400;\">The financial position is judged upon the record of the owner and not the company<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Tax is paid in the capacity of the company.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Tax is paid by the owner.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><span class=\"ez-toc-section\" id=\"Limited_Liability_as_a_Privilege\"><\/span><b>Limited Liability as a Privilege:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Under the concept of One Person Company, you enjoy all the right of a sole proprietor and also have the benefit of limited liability. If you are also excited about this brand new term and want to understand how you can form an OPC for your new start-up<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is a One Person Company? A company formed and regulated by a single person. In this form of company, &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"One Person Company : Formation,Features\" class=\"read-more button\" href=\"https:\/\/aktassociates.com\/blog\/one-person-company-opc-features\/#more-128\">Read more<span class=\"screen-reader-text\">One Person Company : Formation,Features<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":321,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>One Person Company | Formation | Features | AKT Associates<\/title>\n<meta name=\"description\" content=\"One-person company is a company that has only one person as its member. 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