A forward-thinking idea was launched which promotes the incorporation of micro-businesses and persons with entrepreneurial ideas and to give a boost to entrepreneurs who have high potential to begin their venture by permitting them to build a single person company.
You can easily register one person company under the outlines of the companies Act 2013 and the laws thereto, where it was made viable for a single person company to work as a company without the complexity of having partners. This encourages more people to come forward to commence a business. The OPC is fit for small businesses where the turnover is not likely to cross Rs. 2 Crores. IN OPC Registration it’s important to note that the nominee or the director should be Indian Resident.
One Person Companies are benefiting largely in developing the overall economy of India. More and more Entrepreneurs are coming up and commencing their business. By incorporation of OPC, the company can enjoy the benefits in banking point and are eligible for Banking loans, credits. So, if you want to start up your own business, you don’t have to worry about all the network and slow processes.
The following is the eligibility guidelines for OPC Registration in India.
The directors’ personal property is forever safe in no matter the debts of the business. In OPC only investment in the company is lost, personal assets of the directors are saved.
An OPC has a separate legal identity, it would pass on to the nominee director, therefore, it has continued existence.
An OPC requires to have its books audited yearly, it has higher credibility between vendors and lending institutions.
OPC Company is simple to sell because of limited documentation work.
This fact helps in fast decision making and execution. Yet OPC can select as many as 15 directors for official functions, without providing any share to them.
OPC is 1 of the easiest forms of corporate entities to operate. Very few ROC filing is to be registered with the Registrar of Companies. No need to handle Annual General Meeting and other regular compliances.