Initial stage one person company

What i OPC? - Full form, Definition and Benefits

The most prevalent types of corporate legal entity for small business at an initial stage which is started, managed and executed by a single individual is One Person (Private Limited) Company - OPC. 

Government of India promotes the entrepreneurs of the country and thus it has brought in new and more beneficial schemes for their growth and advantage. OPC is a product of that idea. It is said that “A One Person Company is a paradigm shift in the Indian corporate regime, bringing it at par with global standards.” As per section 3(1)(c) of the Companies Act, 2013, an OPC may be formed for any lawful purpose by one person being a citizen of India. 

Commonly known as OPC, One Person Company is also an old school concept, similar to that of a proprietorship business, where just one person is whole and sole of the business. But the new thing here is that instead of small scale Proprietorship business now we can Incorporate a Company which in other words is a large scale Proprietorship REGISTERED with Central Government. Here there is just one human being who is whole and sole of the Incorporated Company. This person is both Manager as well as Owner i.e. Direct and Shareholder and no one else has any major role in this entity, as far as decision making and ownership is concerned.

If we talk technically i.e. in legal language, One Person can be introduced as follows - 

As per provision of section 2(62) of the Companies Act, 2013 defined (62) “one person company” means a company which has only one person as a member.

For the formation of OPC - Only a natural person who is an Indian citizen and resident in India­­-

• shall be eligible to incorporate a One Person Company;

• shall be a nominee for the sole member of a One Person Company.

The term “resident in India” means a person who has stayed in India for a period of not less than 182 days immediately preceding one calendar year.

To every businessman, who is at an initial stage, the question appears - 

What is the Registration of Business..?

Why should I register a COMPANY instead of the PROPRIETORY business..?

So, to answer the WHATs - technically, when any Proprietorship entity is registered with Government of India (namely, Ministry of Corporate Affairs), it is called as One Person Company (OPC) 

and then only you can avail the benefits that any OPC is offered by the Central Government i.e Limited Liability, Existence beyond life of founders, Tax concessions, etc.

And to answer the WHYs - well, let’s discuss the benefits in detail...

When a business is INCORPORATED, it gives numerous benefits, which you are deprived of while being a Sole Proprietor entity. 

The most beneficial advantage of an OPC is that a person can start a business, however risky, without the fear of unlimited liability threatening his very existence and he can independently carry out business under the company structure i.e. as One Person (Private Limited) Company.

Benefits that a Registered One Person Company reaps are as shown below

# It is considered as a Separate Legal entity which means that it becomes its own legal business structure, separate from the individuals who had found the business;

# It gives you Protected Liability. Let’s put it this way - when you start a business as a proprietorship, you put extreme efforts and most importantly you invest a lot of money, from every source possible. As the founder and owner, you are responsible not only for the benefits, assets and profits but also for all the debts, liabilities and losses; here, responsible means, personally liable for debts and liabilities.

However, when your business entity is an Incorporated Company i.e registered as a One Person Company, you are responsible only for that amount of money which you personally invested. Your personal assets cannot be used to satisfy the debts and liabilities of the incorporated business entity.

# It separates Management from Ownership so eventually, Directors are the managers of the business and its day to day activities. Whereas, Shareholders who are the actual owners,  reaps the benefits of the investment they made into the business.

# Also, when your entity is registered with Central Government, namely MCA, an Incorporate Company i.e registered as a One Person Company, it has more credibility with potential customers, vendors and employees which is helpful for efficient operations.

# Most importantly, it helps you in expansion. This credibility helps you expand your business both organically and inorganically.

# There’s a unique provision in OPC which will ensure continuity of the life of the Company. The memorandum of association, popularly known as MOA of an OPC shall indicate the name of another person who is mentioned as NOMINEE (with his/her prior written consent), who shall, in the event of the Director’s death or his incapacity to contract become the member of the company. 

Exemptions provided to One Person Company : 

As said earlier, the Government of India promotes the entrepreneurs of the country and thus it has brought in new and more beneficial schemes for their growth and advantage of the proprietors of One Person Company. 

OPCs have been provided with a number of exemptions and therefore have lesser compliance related burden - 

• OPC is not required to prepare cash flow statement as a part of financial statement. 

• If an OPC does not have a company secretary, the annual return can be signed by the director of the company. 

• An OPC is not required to hold an annual general meeting.

So now as you have understood the concept of One Person Company, let's move onto deciding the following factors - 

1. Decide which business type is best for your business and goals - Proprietary Business or Business having multiple minds & ideas.

2. Decide how many persons shall be in the business as Directors (Managers) and as Shareholders (Investors/Members) or shall there be just One person who is whole and sole of business (Director) 

3. Decide where you would like to start your business from - it could even be your home..!

4. Decide how much investment (capital) will be required to start this business and how much could you bring in out of your own pocket..? (investment taken from external sources shall be kept aside)

5. Decide when would you like to execute the business ideas you have.

Once you get answers to all these questions, and if they match with the criteria of a One Person Company i.e 

• a Proprietary business 

• where there is One Director who is both manager and shareholder of the company and 

• could have One Nominee who could take care of this business if this Director person is incapacitated (due to death, physical incapacity or mental incapacity or any such reason) and 

• has enough funds to start the business and 

• does not need any Investor to start this business, then 

Be a good businessman, recognise your strength and complete your dream

How to start an online business

There is a proven sequence of steps you can follow to guarantee your success when you're starting a small business online. I've seen thousands of people start and grow successful businesses by doing the following:

1. Find a need and fill it.
2. Write copy that sells.
3. Design and build an easy-to-use website.
4. Use search engines to drive traffic to your site.
5. Establish an expert reputation for yourself.
6. Follow up with your customers and subscribers with email.
7. Increase your income through back-end sales and upselling.

Anyone, from newbie to seasoned online entrepreneur, can benefit from this process in learning how to start a business online.

Step 1: Start a business that fills a need.

Most people who are just starting out make the mistake of looking for a product first, and a market second.

To boost your chances of success, start with a market. The trick is to find a group of people who are searching for a solution to a problem, but not finding many results. The internet makes this kind of market research easy:

• Visit online forums to see what questions people ask and what problems they're trying to solve.
• Do keyword research to find keywords that a lot of people are searching, but don't have a ton of competition with other sites.
• Check out your potential competitors by visiting their sites and taking note of what they're doing to fill the demand. Then you can use what you've learned and create a product for a market that already exists -- and do it better than the competition.

Step 2: Write copy that sells.

There's a proven sales copy formula that takes visitors through the selling process from the moment they arrive to the moment they make a purchase:

1. Arouse interest with a compelling headline.
2. Describe the problem your product solves.
3. Establish your credibility as a solver of this problem.
4. Add testimonials from people who have used your product.
5. Talk about the product and how it benefits the user.
6. Make an offer.
7. Make a strong guarantee.
8. Create urgency.
9. Ask for the sale.

Throughout your copy, you need to focus on how your product or service is uniquely able to solve people's problems or make their lives better. Think like a customer and ask "What's in it for me?"

Step 3: Design and build your website.

Once you've got your market and product, and you've nailed down your selling process, now you're ready for your small-business web design. Remember to keep it simple. You have fewer than five seconds to grab someone's attention -- otherwise, they're gone, never to be seen again. Some important tips to keep in mind:

• Choose one or two plain fonts on a white background.
• Make your navigation clear and simple, and the same on every page.
• Only use graphics, audio or video if they enhance your message.
• Include an opt-in offer so you can collect e-mail addresses.
• Make it easy to buy -- no more than two clicks between potential customer and checkout.
• Your website is your online storefront, so make it customer-friendly.

Step 4: Use search engines to drive targeted buyers to your site.

Pay-per-click advertising is the easiest way to get traffic to a brand-new site. It has two advantages over waiting for the traffic to come to you organically. First, PPC ads show up on the search pages immediately, and second, PPC ads allow you to test different keywords, as well as headlines, prices and selling approaches. Not only do you get immediate traffic, but you can also use PPC ads to discover your best, highest-converting keywords. Then you can distribute the keywords throughout your site in your copy and code, which will help your rankings in the organic search results.

Step 5: Establish an expert reputation for yourself.

People use the internet to find information. Provide that information for free to other sites, and you'll see more traffic and better search engine rankings. The secret is to always include a link to your site with each tidbit of information.

• Give away free, expert content. Create articles, videos or any other content that people will find useful. Distribute that content through online article directories or social media sites.
• Include "send to a friend" links on valuable content on your website.
• Become an active expert in industry forums and social networking sites where your target market hangs out.

Step 6: Use the power of email marketing to turn visitors into buyers.

When you build an opt-in list, you're creating one of the most valuable assets of your online business. Your customers and subscribers have given you permission to send them an email. That means:

• You're giving them something they've asked for.
• You're developing lifetime relationships with them.
• The response is 100 percent measurable.
• Email marketing is cheaper and more effective than print, TV or radio because it's highly targeted.

Step 7: Increase your income through back-end sales and upselling.

One of the most important internet marketing strategies is to develop every customer's lifetime value. At least 36 percent of people who have purchased from you once will buy from you again if you follow up with them. Closing that first sale is by far the most difficult part -- not to mention the most expensive. So use back-end selling and upselling to get them to buy again:

• Offer products that complement their original purchase.
• Send out electronic loyalty coupons they can redeem on their next visit.
• Offer related products on your "Thank You" page after they purchase.

Challenges in front of a new startup and business set up

Entrepreneurship: A journey of challenges and self grooming 

Entrepreneurship in Indian Scenario 

 

    --- Dr. Karan Pratap Singh, JJTU and MITWS

A entrepreneurs always faces some challenges in their journey of initiating and stabilizing the new startup company. To overcome from the challenges they should first undergo through analysis their weakness and strengths,  resources available/ can be arrange/ not in our reach. In spite of all challenges and hindrance it is an high time for startup and entrepreneurship development. These startup will facilitate the overall development at very ground state and regional and local levels. It groom a youth personally, boast the confidence level, more self dependency, social uplifting, and contribute in improving local business setups. Now a days, the growth in information and mobile technology make possible a new concept of digital entrepreneurship.  The opportunity to learn new things are never easy as today. A number of online course module has been launched by many new startup companies,  a large number of you tube channels and blogs are available online. govt has made online portals for easy processing of certification / licensing process. Information available for funding opportunities and easy to develop networking with like mind people. Government also facilitate new startup companies. As India has a big population  and possible due to mismanagement of  resources there is a big problem of unemployment among the youth. But, this big population also a wonderful resource and provide a big market and customer pool. So, there are some benefit for opening a new startup  company in India. In the future, there is possible that today startup company can get support of  giant business house, as after this carona epidemic the people realize the importance of these small size companies and startup. people are shifting their business base and most probably these new startup companies will get benefit from it.

There's more funding available than ever before, educational courses and content on how to start your own business are easily accessible, and community-driven coworking and innovation hubs are popping up all over the country. It's a good time to be involved in the startup scene — an industry that's not going anywhere or slowing down anytime soon. Despite the rising popularity of entrepreneurship, startup culture brings its own unique set of challenges and problems that its leaders must commit to addressing. Listed below are several challenges that real entrepreneurs are facing today, and advice on how they should be tackled. By working together to overcome these obstacles, we'll collectively foster a startup culture that's inclusive, efficient, and valuable for everyone.

For a successful startup a person should

• A good team
• Start with a solid plan. Every good company starts with a good plan. 
• Begin networking as soon as possible. 
• Surround yourself with the right people. 
• Stay ahead of everyone else. 
• Maintain a balance between work and life.
• Good mentor and guidance
• Information about recent rule and regulation
• Hard working, commitment and believe on self dreams
• Recruit well. Needless to say, no matter how great your business idea may be, you won't get very far if you don't have the right people to turn your idea into reality.
• Financial issues: proper consideration on liquidity, running capital and funding opportunity.
• Develop a friendly and systematic company culture. 
• Make yourself known. 
• Nourish customer loyalty.
• Risk assessment to reduce the anxious about the uncertainty about the future.
• Financial management. the fund in hand and in the market should be managed properly in such a manner that the growth of he startup company should be long term sustainable.
• Monitoring performance: The performance of each team member and staff should be monitored .
• Regulation and compliance: All the necessary license and certificate should applied in time, this not only stabilize the startup but also grow the confidence level recognition and rust level among our clients.  
• Competencies and recruiting the right talent. 
• have good technology: accepted by the customers.
• Exploding data and information so that he vision and approach should right. 
• Best customer service.

Diversity in India

India has unity in is diversity, across India we observe follows various traditional and coustoms. Since from last few century  business activity directly link with the belief and tradition of the local people. Many traditional products has been developed and produced based on the natural resources available, food habit, life style of the people, expectation of the youth of the society and seasonal/ festivals requirements.  in this way we have develop an understanding that a general rule and methodology  may not adopt for all type of incoming aspirant having different background and coming from the different part of India. Other than that Indian society is subdivided into various class of casts and sub casts. For business establishment it does not mater from which class/section of the society a person belong. A perfect system is one which provide equal opportunities to all incoming aspirant without considering its race, gender, cast, financial status and religion. We understand well their are much diversity in our life style but we all have a common vision and objectives.    The diversification in the society should needs to be addressed on a systemic level. 

Entrepreneurs mind set and preparation from early stage



Startup culture aims to be inclusive but it remains mostly the domain of white males. It starts with kids — getting kids of all backgrounds to see entrepreneurship as a viable career path. They need to have hands on experience, learning through failure and success. I believe every kid should start a business in high school, if not sooner. It starts with kids — getting kids of all backgrounds to see entrepreneurship as a viable career path. They need to have hands on experience, learning through failure and success. I believe every kid should start a business in high school, if not sooner.

Product Validation

I've seen many startups rush into development of an idea before truly understanding the requirements for a successful product and before validating the financial viability of the opportunity. Whenever someone approaches me for tips or advice on how to start a new company, I always ask them three things:

• How well do they know the problem or industry?
• Why would anyone trust them to deliver a solution for the problem?
• How will they monetize, and if there's a valid monetization plan, will it be enough to cover the expense of developing and operating the solution?

-Brandon Hoe, Helium

3. Thriving on Limited Resources

Because of limited resources, I think it's critical to make sure you have a culture of focused, deliberate work. With so many potential things you could be doing, and with everyone wearing multiple hats, it's easy for everyone to be reactive and bounce between competing priorities. When that happens, you might find yourselves going weeks or months without really moving your business forward in a material way.

-Ade Olonoh, Jell

4. Focus Is The Ticket (But It's Not Easy)

In the early days, you can be opportunistic with new-client acquisition, as that approach will help you learn what works and what doesn’t. But there comes a time in every company’s journey when you have to start saying “no” to clients you simply can't serve.

Define your ideal client profiles, and target them relentlessly. If a prospect comes your way that does not fit in your ideal profile, help your sales team understand what questions to ask to disqualify the prospect. If the prospect will not allow themselves to be disqualified, you can let them come aboard, but not before setting clear expectations to which they explicitly agree.

-Max Yoder, Lesson.ly, a Team Learning Tool

5. Lack of Structure

Established companies typically have well-defined cultures, clear goals, measurable performance expectations, and refined training processes that maximize employee skills and optimize performance. Unless the company is lucky enough to have experienced leadership, startups often begin their journey without a definitive culture, which often leads to internal challenges, conflicts, disappointments, and employee turnover.

A lack of historical marketing and sales data makes it difficult to determine and define reasonable goals and expectations. And a shortage of manpower, combined with the need for "all hands on deck," often means training happens on-the-job and on the fly. A great product, service or business can easily fail without a strong culture, clear business goals, and a proven method for teaching employees how to do the best job possible.

-Robin Salter, Kwipped

6. Collaborating With The Competition

Startup culture is competitive, but it's highly important to collaborate. We have to build a strong support network to learn from each other and share lessons learned for positive growth. Another challenge in the startup community is how to address failure in a competitive environment. Failure is a journey to growth. There is a greater chance for innovation if failure is discussed in an open environment.

-Sophia Hyder, Papilia

7. Constant Change

Everything can change in an instant for a startup, especially one in the tech industry, and conflicting directions can make it hard to know if your company is on the right path. A relative once told me: you do well by doing right. Dig deep to determine your values and the principles you want to ingrain in your company and then refuse to compromise on them. As long as you and those within the business hold true to these beliefs, you'll maintain the right course.

-Devon McKenney, AthloTech

8. Lean Startups Aren't Glamorous

The fact that there is even a term, "startup culture," means that it's been glamorized! People forget that there is a ton of hard work, sacrifice, patience, and emotional stress that comes with the territory of building a new company. Also, with the accessibility of investment money, the lean and scrappy mindset is hard to hold onto, but being focused on where every dollar is spent will only allow a startup to achieve success faster.

-Lauren Koenig, TwipTrips

9. Managing Disparate Visions of the Future

There are general challenges that affect all startups centering around time management and proper allocation of resources. These daily challenges can be addressed with better organization, effective communication, process evaluation, and hiring experienced advisors.

Although, while these challenges are ubiquitous, what degree they affect a startup is unique to that organization. In my experience, I think the biggest challenge of any startup organization is to manage the individual visions and expectations of those who contribute to the company as the venture grows. Entrepreneurial energy must be directed and controlled, but entrepreneurs don't like being told what to do. The stronger the alignment of the vision among the contributors, the further it goes before outside help is required.

-Chris Doerfler, 3DFS

10. Open Communication

Communication is frequently overlooked as a key component of successful startups. Often in the Startup Culture, everyone is working at breakneck speed, absorbing more work for fewer team members. However, this heads-down, knocking out code and generating sales daily grind can lead to silos within your small startup.

On the other end of the spectrum, in an established organization, there can be a sense of forced or too much corporate communication, from top-down only. There's a balance out there for the savvy startups: share critical info up and down and sideways -- good or bad -- to ensure your team members are informed and on the right track.

Land a big account or solve a major coding roadblock? Make sure your team knows! Stumble and fail in a big investor pitch? Share that, too. As you grow your organization, open communication will help build your trust in each other, and speak volumes as your startup scales.

-Keith Kleinmaier, Tenant Tracker

11. Don't Be Afraid to Do Something Different

Developing a new culture is even harder when the startup is forging a new niche industry or has no direct competitors. It takes confident guidance from leadership to convey the message that the strategies and philosophies that might have worked in previous careers and companies, likely don't apply in this particular niche. This approach will take employees out of their comfort zone and require extra support. Providing guidance and feedback in terms of priority organization, task load, and level of effort are all helpful ways to support team members during times of transition.

-Joe Melton, Box Fox

12. Not Taking Your People Into Account

Several startup cultures obsess what the culture should be like. That's the wrong focus. Startup culture comes organically from the people you hire: the who. If you get the right people on the team, then the culture will go in the right direction and ensure success.

-Grant Glas, AppPress

participate in MIssion Self Dependant India: Announce by PM Shri Narendra Modi

Shri JJT University has been recognised the necessaity for the self dependancy among youth of India. Since its inception, the JJT University has been providing quality education and actively involve in the research activities.  The growing population in india and increase  job less youths needs a system for employment generation and  basic infrastructure support  for  root level innovator, aspirant enterpreuners, pass out students to materialize their new idea or concept or product as a successful new business model. So, we have started an center dedicated to innovation, incubation and invention driven environment in the campus. The university has state of art infrastructure, agricultural facilties, a wonderful eco friend campus and easy channel to place a new idea. We herein have all type of facilities, brilliant and intellectually rich team of professors and researchers. We situated in a location where we can easily connect with the local and rural people. We have develop a enterpreneurs friendly ecosystem where every professor and university management always ready and faciltate the growth of each and every individual by providing wonderful facilities exist in the campus. We are trying to arrange and providing every type of other resources and facilities ( which required for a specifil project) for materialize a new idea and a business concept under appropriate mentorship. So, in the same line , since last one year we have started a drive to collect wonderful idea and concepts and we  regularly circulate the idea inception form at various platform, social network and by personal interaction. We have organize various conferances and work shops in order to facilitate and motivate the development of  mutual interaction and collaborations among scientists students and reserchers. We have open our door not only for our students but also for the common people and  students from other institutes. We have communicate various organization and develop an collaborative partnership for various reserch projects. As we are a research driven university and have connection with other academic and research institutes. We have more than 5000 adjuct and visiting faculties through out the India,  few thousand of research scholars working on various area of research having research tie up and association with various  other research laboratories and academic/industrial institutes. The govt. of India mission for self dependant is a wonderful idea to bring back structural, economic, administrative, acedamic and scientific and technological reforms in this global epidemic. We are very much ready to participate in this mission of Govt of India, and we invite young people, root level innovators, small and local business enterprises, enterpreneus students and youth to participate in the various program start by Incubation Center JJTU. Those student who wish to take admission in various acedamic courses run by JJT University can contact us. Our idealogy is " we are not only prepare student for exam but also for their life"

Contact for admission and availing facility of incubation center JJTU.

Dr.Karan Pratap Singh

08630583793

drkaranmitws@gmail.com

https://incubationjjtu.blogspot.com

One person company

The One Person Company (commonly known as OPC)

It is the type of entity which is owned by a single person. It allows a sole person to own and also manage the entire business operations. ... Therefore, it is compared to sole proprietorship firm due to ownership and control aspects.

One Person Company (OPC): Process of Registration

1. Step 1: Apply for DSC *
2. Step 2: Apply for DIN **
3. Step 3: Name Approval Application.
4. Step 4: Documents Required.
5. Step 5: Filing Forms with MCA.
6. Step 6: Issue of certificate of Incorporation.

What is OPC Registration ?

An OPC is the most modern form of business in India proposed by the Companies Act, 2013 and understand for a-One Person Company.

A forward-thinking idea was launched which promotes the incorporation of micro-businesses and persons with entrepreneurial ideas and to give a boost to entrepreneurs who have high potential to begin their venture by permitting them to build a single person company.

You can easily register one person company under the outlines of the companies Act 2013 and the laws thereto, where it was made viable for a single person company to work as a company without the complexity of having partners. This encourages more people to come forward to commence a business. The OPC is fit for small businesses where the turnover is not likely to cross Rs. 2 Crores. IN OPC Registration it’s important to note that the nominee or the director should be Indian Resident.

One Person Companies are benefiting largely in developing the overall economy of India. More and more Entrepreneurs are coming up and commencing their business. By incorporation of OPC, the company can enjoy the benefits in banking point and are eligible for Banking loans, credits. So, if you want to start up your own business, you don’t have to worry about all the network and slow processes.

Choose OPC because

The following is the eligibility guidelines for OPC Registration in India.

• Can have

  What is OPC Registration ?

  An OPC is the most modern form of business in India proposed by the Companies Act, 2013 and understand for a-One Person Company.

  A forward-thinking idea was launched which promotes the incorporation of micro-businesses and persons with entrepreneurial ideas and to give a boost to entrepreneurs who have high potential to begin their venture by permitting them to build a single person company.

  You can easily register one person company under the outlines of the companies Act 2013 and the laws thereto, where it was made viable for a single person company to work as a company without the complexity of having partners. This encourages more people to come forward to commence a business. The OPC is fit for small businesses where the turnover is not likely to cross Rs. 2 Crores. IN OPC Registration it’s important to note that the nominee or the director should be Indian Resident.
  One Person Companies are benefiting largely in developing the overall economy of India. More and more Entrepreneurs are coming up and commencing their business. By incorporation of OPC, the company can enjoy the benefits in banking point and are eligible for Banking loans, credits. So, if you want to start up your own business, you don’t have to worry about all the network and slow processes.

  Choose OPC because

  The following is the eligibility guidelines for OPC Registration in India.

  • Can have more than 1 directors, but the shareholder cannot be more than 1.
  • Not affected by the death of a member or shift in ownership.
  • Effortless to set up and maintain comparatively.
  • Restricts the liabilities of its members
  • Minimum Paperwork is needed.
  • Can work as Stockbroker or Sub-broker
  • Not multiple compliances
  • No interference from any third party is seen
  • Even no person is permitted to incorporate more than 1 one-person company.

Some online platform for learning training and skill developments