Examples of One Person Company in India

Examples of One Person Company in India are success stories of individual entrepreneurs which is one member acting in the capacity of a director as well as a shareholder. It includes the benefits of sole-proprietor and company form of business.

A person who is a member of an OPC cannot be a member of another OPC. The Companies Act, 2013 has entirely changed business in India by introducing new concepts and ideas. One person and one idea.

A company called an individual company (OPC), is a most modern form of business in India with a forward-thinking idea launched that promotes the incorporation of micro-businesses and persons with an entrepreneurial idea.

What are the Examples of One Person Company in India?

One such successful example of OPC in India incorporated in 2014 of a tour and travels service registered under the name of Delhi-based businessman Ankur Sharma. He looked forward to converting OPC to a private limited company in six-eight months. After registration, OPC becomes a separate legal entity that helps the member to take loans from banks in name of the company.

Another such OPC example is Broombikes OPC private limited which is registered under the name of Aashish Sharma. It was incorporated in 2015 and is classified as a non-government company registered at RoC, Jaipur. This company deals in motor vehicle parts and accessories.

Famous One Person Company Examples

The concept of OPC is running successfully in countries like the USA, Singapore, and also Europe. Some of the famous and largest examples of One Person Company in India and around the world are: –

1. Amazon began being a one-person startup with one tech founder Jeff Bezos.

It was founded in the year 1994. It started as an online bookstore from his garage. Since then, it expanded into the largest online retailer in the world.

2. eBay began as a one-person startup started by Pierre Omidyar in the year 1995. The computer engineer wrote the code for an online auction website called Auction web. The first item he sold was broken laser printer.

One Person Company Examples in World

Many successful businesses started with just one person who had a vision and the technical skill to deliver it to the world. The examples of one person company in India and the World are Techmeme, Newsblur, Instapaper and Duckduckgo started with one person and the costs of operating was much more bearable in the beginning.

1. Techmeme was founded in the year 2005 by software engineer Gabe Rivera. He created automated news curation service tech. memorandum to focus on technology.

2. Newblur was founded in the year 2009 by computer programmer Samuel Clay. It’s a personal news reader that enables subscribers to better read the news on their mobiles.

One Person Company Under Companies Act, 2013

In accordance with the Companies Act, 2013 the “One person company” means a company that has only one person as a member. Examples of one person company in India are successful one-person startups.

Formation of OPC under company law

It is formed only by a natural person who is a citizen and resident of India-

• Is eligible to incorporate One person compan
• Is eligible to be a nominee for the sole member of a One-person company

The term ‘resident of India’ states that a person who has stayed in India for a period not less than 182 days immediately preceding one calendar year.

Features Of OPC

The one person company name list the features as given below:

1. Private Company – As per the act, one person company registration can be done by a single person for any lawful purpose. The examples of one person company in India are converted to a private companies under voluntary or compulsory conversion. It describes OPC as private companies

2. Single member- OPC can be incorporated by one member or shareholders, unlike other private companies.

3. Nominee- This is a unique feature that separates OPC from other kinds of companies in that the sole member of the company has to nominate a nominee while registering the company.

4. No perpetual succession- As per the law, there is only one member of OPC, and the death of the member will result in the nominee choosing or rejecting to become its sole member.

Compulsory Conversion of OPC into a Private or Public Company

The examples of one person company in India shall be compulsory converted into a private company or public company based on two conditions given below: –

• When the paid-up share capital increases beyond fifty lakhs rupees; or
• The average of yearly turnover during the period exceeds two crore rupees.

If such conditions are applicable then within six months the OPC shall be converted into a private company with a minimum of two members and two directors or a public company with at least seven members and three directors in accordance with the Companies Act, 2013

One Person Company Registration Fees

The government fees for registering a one-person company in India depend on the nominal share capital of the company. The examples of one person company in India are registered under the Companies Act, 2013 by paying the government fee is Rs. 2000/- for the share capital between Rs. 10 lakhs to 50 lakhs. Whereas the professional fees for registration including the government fees are Rs. 5,000. It takes around 7-10 days to form an OPC.