One Person Company is basically an amalgamation of Company form of business and Sole-Proprietor which is equipped with better advantages followed by concessional requirements under The Companies Act, 2013 (No.18 of 2013).
It’s a new type of business that is based upon a simple yet unique concept. Founded under The Companies Act, 2013 (No.18 of 2013), it allows Entrepreneurs who run their business in the form of Sole-Proprietor to do more by entering into the Corporate Framework.
Main Features
- Director: Minimum 1 & Maximum 15 Directors at a time
- Shareholder: Only One OPC create by one Indian Resident Individual only
- Annual General Meeting (AGM): Not required
- Annual Financials: Submit within 180 days after the end of the financial year.
Registration Process
- Get Digital Signature (DSC) of proposed director.
- Director Identification Number (DIN) of proposed director.
- Application for Name Approval is Filed in form INC-1 – Name Reservation
- Draft MOA & AOA and signed.
- Form INC-2 to be filed online. INC-22 also will be filed online, if applicable.
- Get Incorporation Certificate.
Conversion
Mandatory Conversion: If Paid up Capital exceeds 50 Lacs or Turnover exceeds 2 Crore, mandatory apply for conversion into private or public limited company
Voluntary Conversion: If company running more than 2 years, OPC can be converted without reaching its mandatory ceilings.
