Documents Required for One person company Registration
(Utility Bills or Election ID or Aadhar Card or Driving License)
Passport Size Photo
(NOC from the owner with Utility Bills with Rental Agreement or Registry Proof or House Tax Receipt)
Minimum Requirements for One person company Registration
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Advantages of One person company Registration
Limited Liability Protection to Directors personal assets
Many times startups need to borrow money and take things on credit. In case of normal Partnerships, Partners personal savings and property would be at risk incase business is not able to repay its loans. In a private limited company, only investment in business is lost, personal assets of the directors are safe.
Better image and credibility in Market
In India, OPC is a Private limited company, which is a popular and well known business structure. Corporate Customers, Vendors and Govt. Agencies prefer to deal with Private Limited Company instead of proprietorship firms.
Easy to Manage and Freedom from Compliances
OPC is one of the easiest forms of corporate entities to manage. Very few ROC filing is to be filed with the Registrar of Companies (ROC). No need to conduct Annual General Meeting (AGM) and other regular compliances.
Helps for Testing of Business Model and Enables Funding
The OPC business helps Startup Entrepreneurs to easily test their business model, and upon building a marketable product, they can approach Angel investors, Venture capitalists for funding and easily convert their OPC into multi shareholder Private Limited company.
Complete Control of the Company with a Single Owner
This leads to fast decision making and execution. Yet OPC can appoint as many as 15 directors for administrative functions, without giving any share to them.
Easy to Sell OPC
OPC Company is easy to sell, very less documentation and cost is involved in selling a One Person company.