If there is only one promoter/founder, One Person Company (OPC) is the best way to start a company. OPC company registration is one of the significant milestones of the Companies Act, 2013, introduced to encourage self-employment with a backbone of India's legal system. OPC company registration requires one member (member refers to someone who subscribes to Memorandum/has their name in the Register of members/holds shares of the company with their name in the records of depository) and one nominee, who becomes the member of the company.

Advantages of One Person Company:

Compliance burden :- An One Person company registration will be required to comply with provisions applicable to private companies. However, OPCs have been provided with a number of exemptions and therefore have lesser compliance related burden.

Organized Version of Proprietorship Company :- The organized version of One Person company registration will open the avenues for more favorable banking facilities. Proprietors always have unlimited liability. If such a proprietor does business through an OPC, then liability of the member is limited.

Easy to Get Loan from Banks :- Banking and financial institutions prefer to lend money to the company rather than proprietary firms. In most of the situations Banks insist the entrepreneurs to convert their firm into a Private Limited company before sanctioning funds. So it is better to register your startup as a One Person company registration rather than proprietary firm.

Tax Flexibility and Savings :- In an One Person company registration, it is possible for a company to make a valid contract with its shareholder or directors. This means as a director you can receive remuneration, as a lessor you can receive rent, as a creditor you can lend money to your own company and earn interest. Directors’ remuneration, rent and interest are deductible expenses which reduce the profitability of the Company and ultimately bring down taxable income of your business.

Documents for Registration:

1. Identity proof
• PAN card
• Aadhar Card
2. Address proof
• Driving Licence / Passport / Voter ID
• Bank Statements/Electricity bill/Telephone bill/Mobile Bill
3. Registered office proof
• Rent Deed or Sale Deed
• Latest Electricity bill
• Property Tax Receipt
• No objection letter from owner for use of property.
4. Duly executed Incorporation Documents prepared by us