A number of groundbreaking concepts that had never before been applied in Indian corporate law were introduced by the Companies Act of 2013. One person is also a newly established notion. A one person corporation (OPC) is a business incorporated with just one (single) person as a member, as compared to the traditional methodology of having at least two members. The recognition of single person economic entities has made it easier for small traders and service providers to enter the market by improving their prospects through corporate identity.
Any natural person (who should not be a minor) who is an Indian citizen and is an NRI is qualified to incorporate a one-person company and choose an OPC as their nominee. The non-resident waiting time has been lowered to 120 days.
Advantages of a One Person Company:
One-Man Businesses Having Advantages One-person businesses enjoy all the benefits of corporations as well as a number of leniencies in the way that company law is applied because they are the corporatization of sole proprietorships.
The following are a few advantages of a one-person business.
Kinds of One Person Company
The new Act allows for the incorporation of five types of OPCs:
As per provision of section 2(62) of the Companies Act, 2013 defined “one person company” means a company which has only one person as member.
Following are the features of a OPC-
Limited responsibility of partners is made possible by the LLP's separate legal existence and separate legal entity. District legal entities exist for OPC. Director is the sole individual.
OPC cannot have more than One shareholder at any point of time as it is established or incorporated for single person and it can have one shareholder at any point of time.
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