One Person Company
One Person Company Incorporation starting from Rs. 4999/- Only**
** Other Than Govt. Fees.
One Person Company Registration
As per Section 2(62) of the Company’s Act 2013, a company can be formed with just 1 Director and 1 member. It is a form of a company where the compliance requirements are lesser than that of a private company.
What is the mandatory compliance that an OPC needs to observe?
- Maintenance of proper books of accounts.
- Statutory audit of Financial Statements.
- Filing of business income tax returns every year before 30th September.
- Filing of Financial Statements in Form AOC-4 and ROC Annual Return in Form MGT 7.
- At least one Board Meeting in each half of the calendar year and the time gap between the two Board Meetings should not be less than 90 days.
What are the conditions for voluntary conversion of OPC to Private Limited Company?
- When a One Person Company gets incorporated, it cannot convert itself to a Private or Public company before two years from the date of incorporation.
- The conversion process should be done as per the rules and regulations laid down by the Companies Act, 2013 under Section 18, and Rule 7(4) of the Companies (Incorporation) Rules, 2014.
Features Of OPC
- Private company-Section 3(1)(c) of the Companies Act, 2013 says that a single person can form a company for any lawful purpose. It further describes OPCs as private companies.
- Single member-OPCs can have only one member or shareholder, unlike other private companies.
- Nominee-A unique feature of OPCs that separates it from other kinds of companies is that the sole member of the company has to mention a nominee while registering the company.
- No perpetual succession-Since there is only one member in an OPC, his death will result in the nominee choosing or rejecting to become its sole member. This does not happen in other companies as they follow the concept of perpetual succession.
- Minimum one director-OPCs need to have minimum one person (the member) as director.
- No minimum paid-up share capital-Companies Act, 2013 has not prescribed any amount as minimum paid-up capital for OPCs.
- Special privileges-OPCs enjoy several privileges and exemptions under the Companies Act that other kinds of companies do not possess.
- PAN & Aadhaar card copy
- Copy of Sales Deed/Electricity Bill/Rent or Lease Agreement/Consent Letter.
- Passport Size Photograph