{"id":575,"date":"2022-08-10T17:41:06","date_gmt":"2022-08-10T17:41:06","guid":{"rendered":"https:\/\/www.bbnc.in\/blog\/?p=575"},"modified":"2022-08-10T17:41:06","modified_gmt":"2022-08-10T17:41:06","slug":"starting-a-one-person-company-heres-what-you-need-to-know","status":"publish","type":"post","link":"https:\/\/www.bbnc.us\/blog\/setting-up\/starting-a-one-person-company-heres-what-you-need-to-know\/","title":{"rendered":"Starting a One-Person Company? Here\u2019s What You Need To Know:"},"content":{"rendered":"<div id=\"pl-575\"  class=\"panel-layout\" ><div id=\"pg-575-0\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-575-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-575-0-0-0\" class=\"so-panel widget widget_sow-editor panel-first-child panel-last-child\" data-index=\"0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<p>As per the Companies Act \u2018One Person Company means a company that has only one person in it. Another significant point to be taken under consideration is that an individual can form not more than 5 <a href=\"https:\/\/www.bbnc.in\/services\/One-Person-Company.php\">One-Person Companies<\/a> (OPC).<\/p>\n<p>When the entrepreneur starts their business at a small scale to keep it simple and easy they have 2 choices either to go ahead with a sole proprietorship or OPC through <a href=\"https:\/\/www.bbnc.in\/services\/Sole-Proprietorship.php\">sole proprietorship<\/a> is easy however it comes with its set of boundaries. To overcome this problem there is another option to choose One Person Company<strong>.<\/strong><\/p>\n<p>In this blog we\u2019ll discuss features, procedures of formation and legal issues one may face when starting a one-person company.<\/p>\n<p>&nbsp;<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_74 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69d3bf41ae92c\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69d3bf41ae92c\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.bbnc.us\/blog\/setting-up\/starting-a-one-person-company-heres-what-you-need-to-know\/#Features_of_an_OPC\" >Features of an OPC:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.bbnc.us\/blog\/setting-up\/starting-a-one-person-company-heres-what-you-need-to-know\/#Incorporation_Process_of_OPC\" >Incorporation Process of OPC:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.bbnc.us\/blog\/setting-up\/starting-a-one-person-company-heres-what-you-need-to-know\/#Legal_issues\" >Legal issues<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.bbnc.us\/blog\/setting-up\/starting-a-one-person-company-heres-what-you-need-to-know\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Features_of_an_OPC\"><\/span><strong>Features of an OPC:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Some of the important features of an OPC are as follows:<\/p>\n<h3>1. Considered as a Private Company<\/h3>\n<p>One of the most important features of OPC is it\u2019s considered a Private company as per Section 3(1) (c) of the Companies Act. Thus, it has an upper hand over a sole proprietorship. This all means that the treatment of OPC would be the same as a <a href=\"https:\/\/www.bbnc.in\/services\/private-limited-company.php\">private limited company<\/a> in all legal matters.<\/p>\n<p>OPC will be considered a Private Limited Company in all legal matters and disputes. All prevailing rules and regulations applicable to a\u00a0private company will apply\u00a0to an OPC as well.<\/p>\n<p>&nbsp;<\/p>\n<h3>2. Nominee as a Helping Hand<\/h3>\n<p>When the owner of One Person Company proceeds for registration of the company it\u2019s compulsory that she\/he is required to appoint a nominee.<\/p>\n<p>The nominee can be any individual who shall become the shareholder of the OPC, in the event of the death or incapacity of the owner whereas there\u2019s no such option available in OPC.<\/p>\n<p>&nbsp;<\/p>\n<h3>3. Perpetual Succession<\/h3>\n<p>As discussed in the above points that there\u2019s a nominee available hence this gives us the third feature of One Person Company which is perpetual succession.<\/p>\n<p>This means that when the owner of the company dies, the nominee has a choice to succeed as the sole member. The nominee has the freedom to reject or select the ownership.<\/p>\n<h3>4. No Minimum Paid-up Capital<\/h3>\n<p>Whenever a company is formed there\u2019s a requirement of minimum paid-up capital but as per the Companies Act, One Person Company is exempted and there\u2019s no amount\u00a0in\u00a0particular as the minimum paid-up capital.<\/p>\n<h3>5. Limited Liability<\/h3>\n<p>If the business structure doesn\u2019t give the feature of limited liability then there\u2019s a big risk taken by the shareholders but that risk ain\u2019t part of OPC as the liability of the shareholder is limited to his contribution to the share capital. This makes it a good option to go ahead with.<\/p>\n<h3>6. Number of directors<\/h3>\n<p>One Person Company can be started by having only 1 director in company. The same person can become a shareholder in the company as well. That means that only one person is required to start an OPC. However, you need to have a nominee.<\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Incorporation_Process_of_OPC\"><\/span>Incorporation Process of OPC:<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The incorporation process of one person company is easy and just has 4 steps which are described below:<br \/>\n\u2022 Digital Signature Certificate<br \/>\n\u2022 DIN<br \/>\n\u2022 Name Reservation<br \/>\n\u2022 Incorporation Filing<\/p>\n<h3>1. Obtaining Digital Signature Certificate<\/h3>\n<p>The process of incorporation began with a <a href=\"https:\/\/www.bbnc.in\/services\/Digital-Signature-Certificate.php\">digital signature certificate<\/a> as both the owner as well as the nominee are required to hold one. If they don\u2019t already own one, they can apply for it and we at BBNC can help in this process.<\/p>\n<h3>2. Obtaining Director Identification Number<\/h3>\n<p>After getting DSC we move on to the second step in the incorporation process which is obtaining Director Identification Number and just like the previous step both the owner and nominee are required to own their DIN.<\/p>\n<h3>3. Name Availability<\/h3>\n<p>To name an OPC one needs to make sure it doesn\u2019t match with an already registered company and it must end with the word OPC. Otherwise, there would be a rejection of the application. To ensure your name is unique you can visit the MCA site and see the name already taken.<\/p>\n<p>Once the name is finalised an application should be made to the MCA. Once the Digital Signature is obtained, an application for name reservation can be submitted to the MCA.<\/p>\n<h3>4. Application for Incorporation<\/h3>\n<p>When all 3 steps above are successfully completed, then various documents are submitted to MCA including the Memorandum of Association (MOA) and Articles of Association (AOA).<\/p>\n<p>All the required documents should be duly signed by the owner and submitted carefully to MCA, in case of any issue with the documents the process has to be repeated.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Legal_issues\"><\/span>Legal issues<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>While setting up a One Person Company one may face the following, legal issues:<\/p>\n<h3>Taxation system<\/h3>\n<p>The problem with the taxation system of One Person Company is that as it\u2019s considered a private limited company so it\u2019s taxed both on income as well as the distribution of profits, and this does not act in favour of the One Person Company. Unlike sole proprietorship where taxation is done as per individuals. Thus for One Person Company, there\u2019s no benefit of this taxation system rather it\u2019s more of a burden.<\/p>\n<h3>No ECB<\/h3>\n<p>The One Person Company cannot obtain funding from foreign recognised lenders as per the extant ECB Policy as the OPC is not a recognised concept under the External Commercial Borrowing and Trade Credits dated July 1, 2014 (\u201cECB Policy\u201c).<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>If you\u2019re someone who wants to start their own business in a structure other than sole proprietorship then One Person Company is your solution and in this blog Starting a One-Person Company? Here\u2019s What You Need To Know: I\u2019ve described everything you need to know before starting an OPC. I hope my blogs help and for any queries reach out to us at <a href=\"http:\/\/bbnc.in\">BBNC.IN<\/a> and we\u2019ll be happy to help you with the same.<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>As per the Companies Act \u2018One Person Company means a company that has only one person in it. Another significant point to be taken under consideration is that an individual can form not more than 5 One-Person Companies (OPC). When the entrepreneur starts their business at a small scale to keep it simple and easy [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":576,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Starting a One-Person Company? 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