A natural person, who is a citizen of India, shall be eligible for registering a One Person Company. Also the person should be resident of India, which means who has stayed in India for a period of not less than 182 days during the immediately preceding calendar year.
01.The shareholder/owner of the company shall appoint another person as the nominee, who will become the shareholder in case of death or incapacity of the original shareholder. Only a natural person, who is an Indian citizen and resident in India, shall be a nominee for the sole member of a One Person Company.
02.Naming your company is the crucial part; a company name has two parts Prefix and a Suffix. Prefix must be unique and different, while Suffix should reflect the business nature of your company. To know your name availability check yourself with Ministry of Corporate Affairs website under company name search.
03.When registering a company, should have a valid address to proof. If you are in Bangalore and you have proper address proof in Pune, then you can register your company in Pune and start your Business operations from Bangalore. Proper registered office proof is mandatory for registering your company.
04.In a Sole Proprietorship firm, the personal assets of the proprietor can be at risk in the event of failure, but this is not the case for a One Person Private Limited Company, as the shareholder liability is limited to his shareholding.
The structure of OPC is that similar to Private Limited Company. Hence OPC also enjoys the corporate status which helps the entrepreneur to attract quality workforce and helps to retain themby giving corporate designations, like directorship.
OPC form of company is very easy to manage. Only few filings are to be made with ROC and they are exempted from conducted Annual General Meeting. The Board Meetings can be conducted for every six months.