One Person Company is a unique concept introduced by the Ministry of Corporate Affairs in order to encourage the small traders and entrepreneurs. With passage of time, the OPC mode of business organisation is all set to become the most preferred form of business organization especially for small entrepreneurs. The One Person Company concept holds a bright future for small traders, entrepreneurs with low risk taking capacity, artisans and other service providers.
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.
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.
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.