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Online One Person Company Registration

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).

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One Person Company- An Overview

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.

Privileges of One Person Companies

OPC enjoy the following privileges and exemptions under the Companies Act:

Process of One Person Company Incorporation

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FAQs

Ans.Only a natural person who is an Indian citizen and resident in India shall be eligible to act as a member and nominee of an OPC.

For the above purpose, the term “resident in India” means a person who has stayed in India for a period of not less than one hundred and eighty-two days during the immediately preceding one financial year.

Yes, an OPC can have more than one Director at any point of time. But member can only be one.

Following are the ones who cannot form an OPC

1.   A minor

2. Foreign citizen

3. Non resident

4. Any other person incapacitated by contract

5. A corporate entity (Company,LLP etc)

  1. Basic mandatory compliance are:
  2. Maintenance of proper books of accounts.
  3. Holding Board Meeting in each half of calendar year and time gap between the two Board Meetings should not be less than 90 days.
  4. Statutory Audit of Financial Statements
  5. Filing of Income Tax Return
  6. Filing of ROC Forms i.e AOC-4 and MGT-7 every year

There is no requirement of paid up capital for forming an OPC. However, an authorized capital of Rs. 100000 is required to begin with.

 

No, only one OPC can be formed by an individual at a time. It is same in case of nominee.

Following are the conditions for mandatory conversion of One Person Company (OPC) to Private Limited Company (PLC):

  1. Effective date of increase in the paid-up share capital of a One Person Capital beyond rupees fifty lakhs, AND
  2. Following are the conditions for mandatory conversion of One Person Company (OPC) to Private Limited Company (PLC):

    1. Effective date of increase in the paid-up share capital of a One Person Capital beyond rupees fifty lakhs, AND

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