Vakilsearch helps you register your one person company in India in 3 simple steps.
Reach out to us from our website. We will provide complete support and resolve all of your society registration queries
After discussion, provide all the required documents. We will assist you in completing the entire filing and registration process
Our team will support you with the formalities and compliances following registration.
The Companies Act of 2013 supported the formation of one person company in India. It governs the registration and functioning of one person company in India. In comparison with a public company a private company should have at least two directors and two members however on the contrary one person company doesn't need any group of people to be incorporated. Up until recently, a company could only be incorporated by a group of people. An organisation with a single owner is known as a one-person company in India. Only two people could form a company prior to the implementation of the Companies Act of 2013.
As per the Section 262 of Companies Act of 2013 and official registration of a one person company in India is legal. Registering a One person company in India requires a single director and a single member representing the whole form. This corporation type has very few compliance requirements in comparison with a private corporation.
The whole process for registering a one person company can be completed in a time span of just 20 days. All you have to do is reach out to Vakilsearch and complete the process with no delay.
The member grants the OPC a separate legal entity status. The sole person who incorporated the OPC is protected by its distinct legal status. The member is not personally liable for the company's loss; instead, his or her liability is limited to the value of the shares that he or she owns. Therefore, the OPC and not the member or director may be sued by the creditors.
One person company in India can easily raise money through venture capital, angel investors, incubators, and other sources because it is a private company. Getting money is now simple.
The OPC is given some exemptions from compliance requirements under the Companies Act of 2013. The OPC is not required to prepare the cash flow statement. The secretary of the company is not required to provide any annual reports and maintain any account books.
And one person company in India can be easily integrated without any legal hassles. A member also serving as a director should provide the approval for integration. There is no minimum paid up capital requirement.
Administration of the OPC can be made simple by allowing a single person to both find and lead it. Making decisions is straightforward, and it happens quickly. The member can easily pass both ordinary and special resolutions by writing them down in the minutes book and getting just one other member to sign them. Because there won't be any internal disputes or delays, managing the company will be easy.
The OPC has the function of perpetual succession even with only one member. A nominee must be chosen by the single-member when incorporating the OPC. The candidate will take over operation of the company in the event that a member passes away.