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One of the main benefits of One Person Company is only one member is required in an OPC, while in other cases minimum of 2 person are required for register a Private Limited Company or a Limited Liability Partnership. Since an one person company is a separate legal entity it ensures protection to owner by limiting his liability so he can easily enjoy limited liability feature also.
Minimum Requirements for the One Person Company :-
One Shareholder
One Person
One Nominee
One Director
So Ultimately its need just only one person for the registration.
Features of One Person Company :-
Limited Liability- Directors Personal Assets are safe and its limited to company assets.
Separate Legal Entity- A private limited company is a legal entity and a juristic person established under the Companies Act 2013.
Uninterrupted Existence-A company has perpetual existence and stays unaffected by the death of any of its members or change in ownership.
Borrowing capacity- Banks and financial institutions prefer lending to a company rather than proprietary firms.
Steps taken for One Person Company Registration Procedure :-
Apply for the Digital Signature for the Directors which is require for filings e forms for the one person company registration.
Apply for the DIN ( Director Identification Number) which is require for apply as director in any company.
Apply for the Name approval on the MCA Portal according to MCA Guidelines.
Filings EForms with ROC and payment of ROC Fees after the Name Approval from Officers.
Issued Certification of Incorporation i.e is final certificate of One Person Company.
Apply for the PAN Number and open a current bank account on the name of one person company.
Documents Required for One Person Company :-
PAN Number of the Director
Address Proof of the Director as Adhaar card or driving license or any other as passport.
Business Place ownership proof as electricity bills or an rent agreement or Noc from landlord.
