One Person Company is a type of Company which allows one person to operate a corporate entity. It is registered as per the compliance and regulatory guidelines of the Ministry of Corporate Affairs (MCA).
One Person Company is a regularized form of Proprietorship. It can be formed with 1 Director and Member. It is a type of Company which allows one person to operate a corporate entity. However, a nominee must be appointed who will be the Director after incapacity of existing Director. Also, a One Person Company have to be converted into a Private Limited Company if its annual turnover crosses Rs.2 crores.
OPC enjoy the following privileges and exemptions under the Companies Act:
⦁ They do not have to hold annual general meetings.
⦁ Their financial statements need not include cash flow statements.
⦁ A company secretary is not required to sign annual returns; directors can also do so.
⦁ Provisions relating to independent directors do not apply to them.
⦁ Their articles can provide for additional grounds for vacation of a director’s office
⦁ They can pay more remuneration to directors than compared to other companies.
⦁ Several provisions relating to meetings and quorum do not apply to them.
⦁ Copy of PAN – self attested for director and nominee
⦁ Copy of Aadhar – self attested for director and nominee
⦁ Copy of Passport/ Driving License/ Voter ID Card
⦁ Residential Proof – Copy of Bank Statement/ Bank Passbook/ Electricity Bill/ Mobile Bill/ Telephone Bill not older than 2 months for both director and nominee
⦁ Rent Agreement
⦁ Consent of nominee of proposed company in Form INC-3
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