One Person Company Requirements, Eligibility and Registration in India

LAXMI NAGAR, India - March 12, 2015 - PRLog -- This is a revolutionary concept in entrepreneurial world taking place first time in India. one person company is a private registered company with only one share holder. In one Person company, the individual i.e., the owner and the company are considered as two entire different subjects. In simple words, the owner is not responsible for the liabilities of the company. The personal assets of the owner are not in risk when the company is in. The creditors can’t blame or sue the owner for his/her company. The whole control rests with the owner of the company who need not answer anyone regarding his/her decisions.

OPC services in India

Minimum requirements for OPC are one share holder, one director and one nominee. The Shareholder and director can be same. The capital should be minimum one lakh rupees and it is mandatory to have DIN and DIS for all directors. One person company, it opened the gates to many enthusiastic individuals to put their dreams and plans into action. The main advantages with this type of firm are that the owner is not responsible for their company and their personal assets remain safe even if the company faces any issues. It can have any number of directors while only single nominee (selected by owner of OPC) is accepted. The ownership passes to nominee in case of owner's death. One can even convert their OPC to private limited company after.

Steps for registering:

According to one person company registration as per Companies Law Act 2013, the company should satisfy the minimum requirements to get registered.

Steps:

• Pick a name for the OPC.

• Choose a nominee, they are the one to take the charge of company after the owner.

•Get DIS (Digital Signature Certificate) for the directors.

•Get DIN (Director Identification Number) for the directors.

•Arrange the required capital i.e. one lakh rupees.

•Mention the name of the nominee in the draft memorandum of MOA and AOA by the owner of OPC.

•Finish of the registration process by signing the various required forms for setting up the company with the registrar which includes Form INC-2, INC-3, INC-22, MOA and AOA.

Conditions to satisfy for converting OPC

As per the New Companies Act 2013, once the OPC's capital exceeds Rs. 50 lakhs or if its annual turnover exceeds Rs. 2 crores, the company is no more considered as OPC and it must convert itself into a private or public company.

To Know More :   http://www.company-registration.in/one-person-company-opc...