Our prices starts at: ₹ 5000
Takes upto: 7-15 Business Days
Not many people know but the concept of One Person Company exists from the earlier 1990’s. However, the same became the centre of attraction when the government of India introduced it in Companies Act, 2013 by introducing a separate section. As the name suggests, a One Person Company (OPC) is the company of an individual, “A One Man Army”. It is the one in which only one person is the member. If a person wants the legal recognition of its business, then instead of continuing Sole Proprietorship concern, he can opt for OPC. Thus, we can say, One Person Company is the hybrid of a Sole-Proprietor and a company form of business. However, only a natural person, who is an Indian citizen and a resident in India shall be eligible to incorporate a One Person Company. Also, During the incorporation of a one person company, the sole director & shareholder must propose a person as his/her nominee. The sole promoter must obtain the nominees written consent to act as a nominee. In case of death or incapacitation, the nominee would automatically become the sole promoter of the one person company. Thus, OPC acts as a head start to the entrepreneurs who want to achieve their desired goals by going solo.
As the first step to establishing a strong business presence in India starts with the incorporation of a business entity, whether it is Private/ Public/ OPC, it’s equally important to ensure swift management of its documentation, compliance adherence and statutory measures to be undertaken to develop a flexible yet robust business methodology, which carries room for scalability in the future.
At KYRA, our team focuses and give our attention even to the minute details of any business which helps our clients in decision making and also diversified our organisation as unique from others.
One person: The best feature of this form of business structure is that you do not need any other person to start the business. It can solely run by one person. This will also ensure faster decision making and execution of plans.
Separate legal entity: In the eyes of law, a company and its member are separate entities.
Free from ROC compliances: There is no mandate to conduct annual general or other regular compliances e.g. Board Resolution(s) etc., since, only one person is operating so Board cannot be formed.
Better than proprietorship: In case the business fails, your liability is limited to only the business assets in case of OPC. However, In case of a proprietorship, the liability is unlimited and the creditors of your business can even take hold of your home and personal assets like your house, personal bank accounts, jewellery etc which can be used to settle the business liabilities.