An individual can form a Private Limited Company with One Nominee and it can be treated as Private Limited Company and also eligible for Startup Registration apply as well.
The concept of One Person Company (OPC) was introduced with Indian Companies Act, 2013 and it gives freedom for an Indian citizen or resident in India to incorporate One Person Company. Comes with an added advantage of Bank credit facilities and gives more preferences than an informal business of sole proprietorship.OPC Can have more than one directors, but the shareholder limited to one person only.
Suitable for small and medium business.Get a hassle free,online registration process provided by professionals from Accotax and get your process completed in 8-10 days.The entire process is subjected to governmental processing time.OPC companies can have more than one director, but the shareholdership is limited to one and no person shall be allowed to incorporate more than 1 one person company.
One Person Companies are primarily found themselves eligible for Banking loans, bank credit facilities and enjoy all the benefits of Limited liability companies.
Advantages of One Person Company:
Limited Liability limits decision taking for partners for the actions they make for the shares.
One Person Company also gets you an investment from the Angel Investors and Venture Capital firms in a similar way like Private limited Company.
A One Person company scores better in terms of credibility as it falls under the central government directly unlike other mutual profit organizations.
Legal complexity is less for One Person Company if compared with registration methods.Comparatively less legal compliances.
Only person can make decisions and actions for implementation and the turnaround time is much faster, and the execution can be done soon too.