What is OPC Registration?
The idea of One Person Company OPC registration in India was introduced to offer a lift to entrepreneurs who have nice potential to start out their own venture by allowing them to form a one-person company. Since no intervention from any third party is seen, it makes it additionally useful. So, if you wish to start out up your own business, you don’t get to worry concerning all the complicated and tedious processes. One Person firms are serving to hugely in increasing the general economy of India. additional and additional Entrepreneurs are arising and fitting their business. Since no intervention from any third party is seen, it makes it additionally useful. One Person Company, that may be a new construct in India, already sees an enormous boom.
A large impact on the economy and development of the nation is anticipated. It offers opportunities to several and can so bring inventive and young minds before everybody. So, if you wish to start out up your own business, you don’t get to worry concerning all the complicated and tedious processes you came to a right place we the SetyourBiz.com is offering a complete range of services in company registration none of the fields in his is left unturned by us. Hire us to get yourself registered and start your own venture
Features of a One Person Company
Here are some general features of a One-Person company:
# Private company: Section 3(1)(c) of the companies Act says that a single person will further a corporation for any lawful purpose. It more describes OPCs as private companies.
# Single member: OPCs can have just one member or shareowner, in contrast to other private companies.
# Nominee: a unique feature of OPCs that separates it from other forms of companies is that the only real member of the corporate should mention a nominee while registering the company.
# No perpetual succession: Since there’s just one member in an OPC, his death can end in the nominee choosing or rejecting to become its sole member. This doesn’t happen in alternative companies as they follow the idea of perpetual succession.
# Minimum one director: OPCs need to have a minimum of one person (the member) as director. they will have most of the fifteen directors.
# No minimum paid share capital: Companies Act, 2013 has not prescribed any quantity as minimum paid capital for OPCs.
# Special privileges: OPCs relish many privileges and exemptions beneath Act that other forms of companies don’t possess
Formation of One Person Companies:
Formation of One Person company’s one person can form an OPC by subscribing his name to the memorandum of association and fulfilling different needs prescribed by the Companies Act, 2013. Such a memorandum must state details of a nominee who shall become the company’s sole member in case the original member dies or becomes incapable of entering into contractual relations. This memorandum and the nominee’s consent to his nomination should be filed to the Registrar of Companies along with an application of registration. Such a nominee can withdraw his name at any point in time by submission of requisite applications to the Registrar. His nomination can also later be canceled by the member.
Privileges of OPC registration in India:
# OPCs enjoy the following privileges and exemptions under the Companies Act:
# They do not have to be compelled to hold annual general conferences.
# Their financial statements need not include cash flow statements.
# A company secretary isn’t needed to sign annual returns; directors may also do so.
# Provisions relating to independent directors do not apply to them
# Their articles can provide for additional grounds for vacation of a director’s office.
# Several provisions relating to meetings and quorum do not apply to them.
# They can pay more remuneration to directors than compared to other companies.