ONE PERSON COMPANY
The concept of One Person Company in India was introduced through the Companies Act, 2013 to support entrepreneurs who on their own are capable of starting a venture by allowing them to create a single person economic entity. One of the biggest advantages of a One Person Company (OPC) is that there can be only one member in a OPC, while a minimum of two members are required for incorporating and maintaining a Private Limited Company or a Limited Liability Partnership (LLP). Similar to a Company, a One Person Company is a separate legal entity from its promoter, offering limited liability protection to its sole shareholder, while having continuity of business and being easy to incorporate.
Though a One Person Company allows a lone Entrepreneur to operate a corporate entity with limited liability protection, a OPC does have a few limitations. For instance, every One Person Company (OPC) must nominate a nominee Director in the MOA and AOA of the company – who will become the owner of the OPC in case the sole Director is disabled.
Pan copy of the Director and Nominee
ID Proof of the Director and Nominee – Driver’s License/Passport/Voter’s ID- Any one
Address Proof of the Director and Nominee – Bank Statement/Telephone bill/Mobile Bill/Electricity Bill – Any one [all the above documents needs to be self attested and by Gazetted Officer]
Passport Size photographs (4 each)
1. What is the difference between One Person Company and Other Forms of Business ?
2. What documents are accepted as Identity Proof of Shareholder and director of OPC?
- Driving License
- Voter ID Card