All About One Person Company

Mybiz 09-02-2021 01:47:50

One Person Company has been introduced in the Companies Act 2013 by the MCA to provide the new opportunities for who want to start a venture single handedly by allowing them to create a single person Company.

One Person Company as a Company that has only one person as its member. One Person Company is effectively a company that has only one shareholder as its member.

An Entrepreneur is an individual who chooses to go into business by himself. Entrepreneur decide to take their own decisions and he only control his business. It is a form of Private Company.

Features of One Person Company

  •          One Person Company may have a minimum of one director and this Company may have a maximum number of Directors is fifteen.
  •          The minimum paid up of share capital is Rs. 1 lakh.
  •          One Person Company have not to need hold any general meeting in every year.
  •          Nominee or other person can take back his consent at any time.
  •          The nominee can be change at any time by notice to the other person and intimate to the Company. Then company will intimate same to the Registrar.

Procedure for One Person Company

Step 1: Apply for DSC.

Step 2: Apply DIN for the Director.

Step 3: Apply for Company name and fill the form INC-1 to the MCA for     applying the name.

Step 4: If the company’s name is approved, then we will fill form INC-2 for incorporation of the One Person Company within 60 days of filing form INC-1.

Step 5: Apply for MOA and AOA.

Step 6: Sign and file all the documents like MOA and AOA with the Registrar of Companies electronically.

Step 7: Do the payment to MCA.