While starting your own business, the very first question that comes to mind is that, ‘How to form a company?’ For starting a business in single person’s name, a sole proprietorship registration can be done but if one wants central registration with separate legal entity and benefits of company form of organisation; he/she will have to for Private Limited Company or Limited Liability Partnership which requires minimum of 2 partners/Directors. There comes a question that what can be done if a single person wants to incorporate a registered company along with benefits of corporate outlook, separate legal entity etc, then he/she can registered One Person Company in India with MCA (Ministry of Corporate Affairs) which will have benefits of both Private Limited Company and Sole Proprietorship.
This post presents a step-wise procedure to legally register a one person company. As per the Companies Act 2013, section 2(62), a One Person Company means a company that has only one member.
Any person who is residing in India and holds Indian citizenship is eligible to form a one person company. This type of company is a legal entity which is separate from its member. The liability of a member is very limited. The best advantage of the OPC is that you can start up your own business Solely on your own.
Requirements to Form a One Person Company in India
Here are prominent requires before you start the process of forming this kind of company.
Step-By-Step Guide to Form a One Person Company in India
The complete procedure to form a company with OPC status requires you to fulfil following steps.
After ROC approves your application, you should receive a digitally signed certificate of incorporation in the name of your One person company. After your company is formed legally, you should carry out certain necessary procedures.. Also, apply for necessary registrations related to tax. Open a current bank account with any reputed bank.
The above steps will give an idea of how you should legally register a one person company. Also, note that any person can incorporate only a single one person company. This means you cannot establish more than one person Company.
Suggested Read: Whether or not FDI is allowed in an OPC
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