The concept of One Person Private Limited Company or OPC was brought in the year 2013 with the introduction of the Companies Act, 2013 repealing the old Companies Act 1956. Earlier there was no such concept. . Section 2(62) of the Companies Act, 2013 defines the One Person Private Limited Company as follows
" One Person Private Limited Company" means a company that has only one person as a member;
The introduction of One Person Private Limited Company or OPC was revolutionary and it opened new opportunities for the small business owners, now they can enjoy the blanket of a company for their business. A one-person Private Limited company or OPC is a sub-category of a private limited company. The private company needs a minimum of 2 persons as members or subscribers for incorporation whereas an OPC can be incorporated with only 1 member. The OPC is owned and managed by a single person. The Sole member can also be the director of the Company. Only an individual person can become the sole member of the OPC, unlike a private or public company in which Companies or LLP can also become a member
The One Person Private Limited or OPC comes with all the benefits of a private limited company with an added advantage that only one member can register an OPC with this benefit one can enjoy better control and management of the company. An One Person Private Limited or OPC has the following benefits:
- The small business gets the corporate identification increasing the goodwill of the business.
- Sole member takes the decision in this way he can run his business in his own way
- limited liability of the member
- with the corporate identity the OPC can avail better credit facilities from various banks
- there are various relaxations provided by the companies act 2013 and fewer legal complexities
- In the event of death or inability of the member the business can be succeeded by the nominee of the member. This protects the perpetual succession feature of the companies.
A-One Person Private Limited Company can be formed with only two persons as members and the directors. The process of registration of a One Person Private Limited Company is very simple and completely online. The person desiring to register his company can get his company registered through the Ministry of Corporate Affairs portal. That is www.mca.gov.in. A company is needed to be registered with the registrar of companies or ROC. RoC keeps all the records regarding all the companies in India.
There are certain requirements for Registering a company. These are:
For ID proof-
For Address proof-
Registering a company is a simple process but it requires professional guidance. We at Companify help you to take a step forward in owning your company by providing you with a hassle-free process of company registration. our team of experts will guide you at each step so that you make the right decision as per your need. We have company registration packages tailor-made for your requirements.
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