What is a One Person Company?
One Person Company is new type of business structure or an entity which is used to do small and medium business legally. It was introduced under Companies Act 2013. Liabilities are limited for this type of business entity.
Company Registration Requirements:
- One Director and One Nominee
- PAN card copy of proposed Director[Get Attested from Bank Manager or Gazetted officer)
- ID proof (Passport/ Driving License/Voters ID)of proposed Director [Get Attested from Bank Manager or Gazetted officer)
- Proof of present residence for all directors (Bank Statement/Electricity Bill/MobileBill) (Self attested)
- Address proof of the proposed Registered Office (electricity bill/property tax receipt,It can be a residential property)
- NOC from the person who owns the property mentioned above.
- 4 passport size photos of proposed Directors.
Other details required:
- Educational qualification, area of occupation and occupation type of the promoter(Self Employed,professional etc…)
- Duration of stay in the present address
- Company Name- Suggest a Name for the Company
- Main Objective of the Company- Proposed activities of the company
Why to register a One Person Company?
- It is upgraded format of sole proprietorship.
- Best way to build an expandable business.
- It offers a better brand recognition to the solo promoters.
- Liabilities are limited, hence it can protect your personal assets.
- Recommend for solo promoters.
Company Registration Process:
- Digital Signature Registration
- Obtaining Director Identification Number
- Name Availing from Registrar of Companies
- Drafting of Memorandum (MOA) and Articles (AOA) of Association.
- Filing of MOA and AOA
- Obtaining Certificate of Incorporation