Characteristic of One person Company
The basic Characteristic of One person Company are:
- Director keeps a Nomination in the Company.
- Easy to Set up and Maintain .
- Minimum Paperwork is needed.
- Not multiple compliances.
- Not required to hold Annual General Meeting
- Easy Management and Decision Making for flourishing business.
- Can have more than 1 directors, but the shareholder cannot be more than 1
- Not affected by the death of a member or shift in ownership
- One person can incorporate only one OPC
Benefits of One person Company
Following are the benefits of forming a One person Company
- Sense of Ownership is high.
- Less complexity and confusion in decision making and management.
- More preference for loans from Financial Institutions.
- Easy to Sell Company
- Continuous Existence because An OPC has a separate legal identity.
- Greater Credibility among vendors and financial Institutions.
- Limited documentation work.
- Full Control over the Company with a Single Owner
- OPC is 1 of the easiest forms of corporate entities to operate
Services Offered by Us
Following are the services provided by us at the time of registration.
- DIN for 1 Director
- DSC’s For 1 Director
- Company Name search & approval
- Drafting of MOA and AOA
- Certificate of Incorporation
- Company Pan Card
- Company TAN
- Annual Compliance Guidance
Procedure for Registration
Fill Enquiry
Form
Associate will call
and discuss in length.
Make
Payment
Complete Documentation
& Requirements
Registration
Complete
Why Palankarta?
Experienced Financial
Professionals
Deliver Service
on Time
Cost
Effective
Assured Customer
Satisfaction
No Hidden
Fees / Charges.
Frequently Asked Questions
FAQ
General Questions
The One person Company includes in the definition of “Private Limited Company” given under section 2(68) of the Companies Act, 2013. Thus, an OPC will be required to comply with provisions applicable to private companies. However, OPCs have been provided with a number of exemptions and therefore have lesser compliance related burden.
- To form an OPC, only one Director is needed. Further Section 173 dictates that a limited company should conduct at least four Board meetings every year, however the same is not applicable for OPCs.
- The provisions and regulations given in Section 98 and Sections from 100 to 111, which relate with general meetings, are also not applicable to OPCs.
- An OPC also enjoys relaxations and exceptions from many other legal, governance, ad regulatory compliances.
- The mandatory rotation of auditor after every five-year period, is also not applicable to an OPC.
No, no other persons except an Indian citizen or a Resident in India, can register a one person company anywhere in India. This means, a non-resident Indian (NRI), or a foreign national, cannot set up an OPC in India.
No, FDI into a one person company in India is restricted.
As per the Companies (Incorporation) Rules, 2014, a One Person Company has to change itself compulsorily into a private limited company or a public limited company, if at any point of time, its paid-up capital exceeds INR 50 Lac OR its average annual turnover of three immediately preceding consecutive financial years becomes more than INR 2 Crore.
Under any of these conditions, the OPC is necessarily required to inform the relevant ROC through Form INC-5, within 60 Days of the exceeding threshold limits. Here, it may also be noted that an OPC cannot voluntarily change itself into any type of company, within two years of its incorporation, except under any of these two cases of exceeding the threshold limits.
Yes
OPC is required to hold its annual general meeting as required under section 139 (1) to appoint Statutory Auditor. Such auditor should hold office from conclusion of first AGM to the conclusion of 6th AGM