The concept of OPC has been introduced by Government under section2(62) of the Company’s Act 2013.The Government has introduce the concept of OPC to support entrepreneurs who on their own are capable of starting a venture by allowing them to create a single person economic entity. the main advantage of Oneperson company (OPC) is that a single person can form a Private limited company. While a minimum of two member are required for formation of Private Limited Company. OPC extends the concept of Limited liability to a company manage by a single person.it is similar to a private Limited only with some differences like compliance are less.
1. Every One person Company (OPC) must appoint a Nominee director -who will become the owner of the OPC in case the sole Director is disable.
2. One person Company (OPC) must be converted into a Private limited company if its annual turnover cross of Rs.2 crores and must be file audited financial statement with the Ministry of corporate affair at the end of each Financial Year.
1. Liability- In OPC Liability of its member is Limited .
2. Entity- OPC is Separate Legal entity from its Member.
3. Borrowing capacity- OPC has its own Borrowing capacity to borrow any loan.
4. Death of Member- OPC is Unaffected by death of its member or change in ownership.
5. Share Transferability- In OPC owner can not be transfer equity freely to Other.
1. In OPC compliances are less as compare to private limited company .
2. Only One person is required for OPC registration.
3. Paper work and compliance are less as compare to Private Limited company.
4. OPC can own Property on company Name .
1. Pan card of Directors (Mandatory)
2. Photo of Directors.
3. Address Proof of directors.
4. Bank statement of Directors.
5. Utility bill for Registered Office address.
6. Rent agreement in b/w Proposed company and owner.
7. Owner NOC
1. Application for Name approval.
2. Application for DSC (Digital Signature) of Director.
3. Preparation of Incorporation documents.
4. Drafting of MOA and AOA.
5. Stamping & Notary of Various affidavit and declarations.
6. Filling of incorporation Form
1. Name Approval Certificate
2. Digital Signature Certificate (DSC) of Director.
3. DIN of Director (Director Identification Number)
4. Certificate of Incorporation (COI).
5. MOA and AOA.
6. Company Pan card and TAN Card