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One Person Company

Akin to proprietorship OPC is a company owned by a single owner. It allows the owner to take benefits of limited liability as a corporate. The company can own assets and liabilities in its own name making them distinct from its members. There has to be minimum 1 director who may or may not be the owner of the company and OPC has low compliance requirements as compared to private and public companies. However, if an OPC has an average turnover more than Rs. 2 crores or acquires a paid-up capital of more than Rs. 50 lakh, it has to be converted to a Private Limited Company or Public Limited Company within six months

Advantages for One Person Company

  • Separate Legal Entity

  • Less Compliance requirements

  • One Owner with full Control

  • Legally recognised business

  • Greater credibility among vendors and lending institutions

Document required for Incorporation of Private Limited Company

  • PAN card (Mandatory) of the directors and shareholders

  • Address Proof: of Shareholders and Directors, Any of the following:

  1.  Voter Identity Card/Election Card

  2. Ration Card

  3. Aadhaar Card

  4. Passport

  5. Driving license

  6. Telephone Bill

  7. Electricity Bill

  8. Bank statement not older than 2 months.

  • Rent agreement of the proposed office of the company.

  • No objection certificate from the Owner of the Property.

  • Business address proof like electricity bill, any other utility bill or municipal Tax payment Receipts.

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