DESCRIPTION OF ONE PERSON COMPANY REGISTRATION:
One person company registration can be owned by only one member. One person provides the young business person all the private company benefits and its descriptions. With Director or shareholder, one person can start a company following the descriptions. It provides a full control to the one person, limited liability is an additional advantage. An all the profits will be own by the one who owns the company. There are many advantages that hold one person company in comparison with other companies.
The main objective behind the OPC concept is to provide the sole proprietors the legal regime. This was introduced in the company Act of 2013. According to the company act of 1956, with 2 persons the private company can run following its descriptions. But the enforcement of companies’ act 2013, we understood the much easier concept one person can establish the company which includes all the advantages and there are certain descriptions to be followed. .
- Identity proof, address proof and PAN card copy of nominee and member
- Reservation application of name in INC-1
- Written consent of Nominee in form INC-3
- Memorandum and Affidavit of sharer for form INC-9
- Application for Company Registration.
- Registrar office Address in Form INC-22
- Address Proof Registered office.
NECESSARY STEPS TO BE FOLLOWED FOR REGISTRATION:
- Anybody can apply for the company following certain instructions by submitting prescribed documents following descriptions. A nominee should be appointed in case of any death who was the responsible person or the registered director incapacity.
- The person who wants register the company should submit certain things his DSC (Digital Signature Signature) to the registrar office. In addition to that need to provide DIN (Digital Identification Number) which should mention all the company rights.
- Next step is choosing the appropriate name for the company. He can choose any name as per her/his wish. And that name should be submitted to the Ministry of Corporate office who checks the availability of proposed name. They will select another name for the company if the name is not available.
- The concerned director needs to prepare the memorandum of association and article of association along with that other documents and its descriptions.
- The director has to pay the minimal fee and stamp duty after that the registrar of the companies verifies the documents and its descriptions.
- If everything is fine, the director gets registration certificate which makes sure that the one person company is registered on his name.
SOME OF THE ADDITIONAL BENEFITS AND ADDED DESCRIPTIONS OF ONE PERSON COMPANY:
Recognizing Better Status: Choosing OPC is highly beneficial when compared to others. It is less expensive and less cost. This provides reliability in terms of business. Almost everyone’s dream is to own a company which will create a value in the world.
PROPRIETORSHIP: Everything has to be carried out by the owner. Being an owner he doesn’t want to share any profits with anyone. He/she can appoint the director of their choice as per her/his wish up to 15 directors. And don’t want to share profits.
TO BEGIN A FIRM: If you wanna begin a private limited firm then you can try private limited company which will bring the proper idea for operation and functioning of large-scale business with its descriptions which involves minimized risk. You can get a great conception of the tasks, business, and operations which will keep low risk.
Loan: Based on the instructions and descriptions getting a loan is easy, to lend money banks prefers a company. Likewise, it is easier to get the loan for OPC as compared to the other company.
EASY MANAGEMENT: Due to hurdles and lesser activities. OPC can run very easily following its descriptions. Everything is for the person who owns the company can take all the decisions as per her/his wish and he can manage the company and manage all the processes following all the descriptions as per his/her choice one who owns.
BENEFITS OF TAX AND OTHER PROFITS: One Person Company has an added advantage based on the descriptions. He /she can manage tax as per their choice based on the company management and its descriptions. He can appoint directors and gain interest by investing in your company based on the descriptions. Can receive rent from the other directors too. It gives a savings tax also provides flexibility.
LIMITED LIABILITY PROTECTION: If the company faces deflation (decrease in money fall) our savings also gets affected by that time that kind of situation may occur at any time. If it is in case of any partnership our personal assets will get affected and shareholders will be at risk too. This won’t happen in OPC it will prevent us from such risky tasks.
With 1 lakhs as the minimum capital, One Person Company can be incorporated and can be incorporated as the private company
CONCLUSION: One Person Company encourages and builds confidence in the entrepreneurs following the recommended descriptions even though it is small or medium. One Person company includes consultant too. It is up to one’s choice whether to connect with the customer or not for registration of One Person Company.