What is One Person Company

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What is One Person Company

What is One Person Company ?
One person company means a company which has only one person as a member.

Incorporation:
• Will be formed as Private limited Company.
• Name of nominee who will continue in event of death to be specified.
• Words “One Person Company” to be mentioned below name.

Meeting:
• No AGM required.
• No Board Meeting required in case of only one director.
• Entering resolution in minute’s book is sufficient.
• Minutes book to be dated and signed.

Director:
• Minimum 1 director required.
• Subscriber of MOA deemed to be first director till director is duly appointed.

Accounts:
• Financial Statement may not include cash flow statement.
• Accounts to be filled within 180 days of F.Y.
• Boards reports to contain only response to auditor’s qualification.
Signing:
• Financial Statement can be signed by one director alone.
• Annual return to be signed by CS if appointed also by a director.

INCORPORATION COMPANY (Forms):
• INC-1 Application for reservation of name 1A.
• INC-2 OPC- Application for Incorporation New form.
• INC-3 OPC- Nominee consent form new form.
• INC-4 OPC- Change in Member/Nominee New form.
• INC-5 OPC- Intimation of cessation new form.
• INC-6 OPC- Application for Conversion New form.

FAQ regarding OPC.

Who can start a One Person Company ?
(1) Only a natural person who is an Indian citizen and resident in India-
(a) shall be eligible to incorporate a One Person Company;
(b) shall be a nominee for the sole member of a One Person Company.

Can anyone Incorporate more than 1 OPC ??
No person shall be eligible to incorporate more than a One Person Company or become nominee in more than one such company.
Note : Where a natural person, being member in One Person Company in accordance with this rule becomes a member in another such Company by virtue of his being a nominee in that One Person Company, such person shall meet the eligibility criteria specified in sub rule (2) within a period of one hundred and eighty days.

Can a Minor be a Member of OPC ?
No.

Can OPC be Converted into Private / Public Limited Company ?
No such company can convert voluntarily into any kind of company unless two years have expired from the date of incorporation of One Person Company, except threshold limit (paid up share capital) is increased beyond fifty lakh rupees or its average annual turnover during the relevant period exceeds two crore rupees.

Can OPC be Converted into Sec. 8 Company ?
No

To Register a OPC for lowest Possible Cost. Consult us Now : 9831013711

By | 2017-05-04T05:16:01+00:00 May 7th, 2014|Article, Companies Act, OPC|7 Comments

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7 Comments

  1. Sudhir Reddy May 7, 2014 at 8:38 am - Reply

    I have got a lot of positive review about you…

    my friend has also registered a company from you and he too recommended about you.

    What will be the lowest rate to register a OPC in India ??

    • onlinesbs May 7, 2014 at 8:42 am - Reply

      Sir, we would be pleased to register your OPC.

      Our Rate for a OPC is just Rs 9999 which includes all fees.

      Along with it you shall be getting a DSC with token valid for 2 years, 2 DIN, PAN, TAN, all government fees and stamp duty

  2. Koodika Social Networks May 11, 2014 at 5:15 am - Reply

    What will be the name of the company? can it be called Pvt.Ltd. Please also enumerate the difference between a private Ltd. with more than one director and OPC with one director . On the positive/gaining side and also on the negative/loosing side, what will be the difference.

    Koodika Social Networks

    • onlinesbs May 11, 2014 at 7:51 am - Reply

      It will be referred as “ABC XYZ PRIVATE LIMITED OPC

      The positive side if you compare it with Private Limited is
      1. Just 1 person to control
      2. Easy to Manage the affairs & decision making
      3. Lesser Compliances
      4. Less Costly to operate

      Negative Side is
      1. If the turnover is higher than 2 Crore, its converted into Pvt Ltd
      2. Not for Higher Capital Company
      3. One person can open just one OPC.

      For more clarification please contact 09831013711

  3. Chintan July 12, 2014 at 3:28 am - Reply

    Hi I want to get ROC done so to protect my company’s name. Can you please give me an exact quote that I would be paying for this? I don’t have DIN as well
    Kindly reply asap
    thanks,

  4. arya January 8, 2015 at 12:38 pm - Reply

    we are contemplating getting our company registered under OPC, since we are small trader can u plz help us with the list of documents that are required and the total charges.

  5. sameer August 20, 2017 at 12:57 am - Reply

    why should we opt OPC over proprietorship ??
    what are the major benefits?

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