One Person Company (OPC) is a Private Limited Company having only one person as to its member and one or more than one person as to its Directors. The concept of One Person Company was incorporated under The Companies Act, 2013. Earlier under Companies Act 1956 there was no such concept. This concept was introduced to encourage corporatization in India. It gives corporate entity to small businesses and also encourages the MSME sector to opt for a corporate form of business.
Characteristics of One Person Company:
As per Companies Act, 2013, One Person Company means a company which has only one person as a member. It is a private limited company with the additional benefit of reducing its minimum required membership to 1. It means it enjoys all the benefits of a regular private limited company as well as subject to restrictions applicable to such companies.
Steps to Incorporation of OPC:
Name Availability
Check whether proposed
name(s) do(es) not
match with existing
names of the
companies.
DSC
For incorporation of
Company and its
further compliances
Class 2 DSC
is necessary.
RUN
File web based
Form RUN for the
purpose of reservation
of name for the
company
SPICe+
File web based forms Form SPICe+, Forms SPICe+ MOA, Forms SPICe+ AOA, Form AGILE Pro, and Form INC-9 for completion of incorporation process.
Advantages of One Person Company:
Board Meetings:
Annual Return:
Financial Statement:
Cash Flow Statement:
Annual General Meeting:
Rotation of Auditor:
Documents required for OPC Registration:
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