EazyBahi Solutions

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One Person Company

Get your One Person Company registered along with name approval, PAN, TAN, GST, PF and ESI registration, MOA, AOA.

    one person company

    One Person Company

    One Person company(OPC) is a kind of private limited company which is incorporated by a single person i.e the minimum requirement of having at least 2 members for forming a private limited company is waived off in this case. An OPC enjoys its own share of freedom when it comes to the list of tax and law compliance to be done. It does not require to hold at least 4 board meetings in a year rather just 1 meeting in each half of the calendar year with gap between both meeting to be a minimum of 90 days.

    Advantages of One Person Company:

    • Separate legal entity
    • Limited liability
    • Complete control and ownership over the company in single hands
    • Legal status and more credibility than a Proprietorship business
    • Ease of management
    • No conflicts as there is a single person taking major decisions
    • Required to hold only 1 board meeting in both half of the calendar year with gap between both meeting to be a minimum of 90 days
    • No need to maintain quorum as it is only the one and only person attending the meeting
    • Rotation of auditor not applicable for OPC
    • More ways of tax flexibility and Tax Savings

    Disadvantages of One Person Company:

    • Non transferability of shares
    • It cannot have more than one member
    • Maximum paid up share capital of OPC can be Rs.50 lakhs and Turnover Rs.2 crores, thus making it suitable only for small business
    • Only Resident Indians can form One person companies
    • An individual cannot form more than 1 One Person Company or be a nominee in more than 1 such company
    • One Person Company cannot carry out Non – Banking Financial Investment activities including investment in securities of any body-corporate.
    • One Person Company cannot be incorporated or converted into a company under Section 8 of the Act.

    Steps for Registration of a One Person Company:

    1. Aquire Digital Signature Certificate for every Director
    2. Apply for DIN
    3. Reserve a suitable name for the proposed company
    4. File e-MOA and e-AOA at the mca portal to register a new company with the approved name
    5. Apply for a PAN and TAN of the company
    6. After incorporation Certificate is issued, open a current bank account in the name of the company and also apply for Certificate of Commencement of business.

    Documents required for registration:

    1. PAN Card of Director.
    2. Identity proof of Director.
    3. Director’s Address Proof.
    4. Passport size photograph of Director.
    5. Business’ Address Proof.
    6. NOC from owner of property.
    7. Rent agreement between the owner and the company to be formed.