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One Person Company (OPC) was first recommended by the expert committee of Dr. J.J. Irani in 2005 and has been introduced by the Companies Act, 2013. OPC require only one person as its member or the director. OPC can enjoy some lot of exemption which are not available in other business formation like private limited company.
Why you have to Choose One Person Company ?
One Person Company(OPC) is for those entrepreneurs who want to register their business as company in india but they are only single founder in the company. OPC will give lot of the benefits and advantages same as private limited company like
You can access to credits, loans,Legal Protection as separate legal entity.
Its allow absolute control over all the business affairs with the limited liability that is the main advantage in the OPC.
In simple words we may say that One Person Company is a hybrid of Sole proprietor and Company form of business, and has been provided with concessional / relaxed requirements under the Act. so as a Startup when you are sole founder of the company, you want to register as company legal entity then instead of private limited company you can choose OPC and can enjoy all the company features.
How to Register a Private Limited Company in India
Features of the One Person Company in India :-
A OPC can be incorporated as private limited company so procedure is the same as pvt ltd company.
OPC need just only one person that may be director and shareholder as same.
One Person Company (OPC) Require minimum 1 lac Rupees Authorised Share Capital.
The word one person company must be mentioned at the end of company name to distinguish it from other forms of companies.
Its not require hold a Annual General Meeting in every year.
Provision regarding the Extraordinary general meeting not apply on OPC.
Provision regarding the AGM in respect of Notice,Explanatory Statement not apply on OPC.
OPC just require financial statements as Profit & Loss Account, Balance Sheet,Notes to Accounts. Its not require Cash Flow Statement like other companies.
OPC have to file its FS Statement with the registrar in a period of 180 days from the closure of Financial Year.
Annual Returns of the company should be sign by the director of the company.
A Minor can not be become a member or Nominee in the One Person Company but can hold shares with beneficial interest.
OPC can not be incorporated for carrying NBFC Activities.
One Person Company cannot voluntarily converted into any kind of company unless two years have been expired from the date of incorporation except in case its paid up share capital exceeds 50 Lakhs or its average turnover during the relevant period exceeds 2 Crores
So Hope you got all the information regarding the ” What is One Person Company in India.OPC gives you all the benefits that come with a private limited company. However, if legal compliances don’t go well with you, your business still has the option of being run as a sole proprietorship.