What is a One Person Company ?
One Person Company OPC is stand for (One Person Company) it’s similar to Private Limited.
A One Person Company (OPC) is the latest form of business launched in the year 2013. OPC is for single owner/founder who do not find any organized and safe form of business, OPC can be formed by a single member with least complaisance and maintenance.
- A person is eligible for exactly 1 one person company.
- Minimum 1 Shareholder
- Minimum 1 Directors
- The directors and shareholders can be same person
- Minimum 1 Nominee
- A minor can not be a member or nominee
- Only Indian residents can be Shareholder & Nominee
- Minimum 1 Director must be Indian Resident
- Minimum Authorized Share Capital to be Rs. 1 Lac
- An OPC company cannot carry out Non-Banking Financial Investment activities including investment in securities of any body corporate.
- If paid up capital of an OPC reaches over Rs 50 lakh or average turnover of consecutive 3 years reaches over 2 corers it must be converted into private or public limited company within six months.
- Identity proof of director and nominee(PAN card)
- Address proof of director and nominee(Aadhar card, Driving Licence, Electricity bill, Passport)
- Address proof of office (Rent agreement or sale deed, electricity bill, property tax receipt)
- NOC from landlord
- DSC and DIN of director
- Passport photo of director
- Entity has separate legal
- Easy and quick funding
- Opportunity more exploring business.
- Minimum Requirement like 1 director, 1 Shareholder, and 1 nominee (Shareholder and director may be same)
- Single owner
- Rating in credit
- Benefit in Income Tax
One person company is a company created by an individual through provision in companies act,2013 to enable entrepreneurs to start a venture on their own.
Any Indian citizen residing in India who is not a minor can start an OPC.
Only one shareholder is there.
A Minor, Foreign citizen, Indian Non resident, a person incapacitate to contract are restricted from Forming a One Person Company.
No. It is not compulsory to hold an Annual General Meeting.
One person company can have one or more Directors on the board. No special mention made for number of directors. As per the provisions of the Sec 149 a One person company can have a maximum of 15 directors. It can, appoint more than 15 directors after passing to special resolution.
The basic mandatory compliance are:-
- Atleast one Board Meeting in each half of calendar year and time gap between the two Board Meetings should not be less than 90 days.
- Maintenance of proper books of accounts.
- Statutory audit of Financial Statements.
- Filing of business income tax return every year before 30th September .
- Filing of Financial Statements in Form AOC-4 and ROC Annual return in Form MGT 7.
The process for Company Registration is Online in INDIA so no need to visit personally in any office.
It depends upon Turnover and Industry/Type of your Company, Please call us for more information.