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One Person Company

One Person Company is a separate legal entity having perpetual succession, which is required to be registered as per the provisions of the Companies Act, 2013. It is a company formed with only a single person as a member, unlike the traditional manner of having at least two members. It is essential for the member and nominee of the One Person Company to be a resident of India.

 

Document Required

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  • KYC- Aadhar/ Voter’s ID/ Passport/ Driver’s License
  •  Passport- sized photographs
  •  PAN Card
  •  Address Proof -Latest Bank Statement/ Telephone or Mobile Bill
  •  Registered Address Proof- Electricity Bill along with Rental Agreement or Sale Deed or any other ownership proof of proposed registered office.

Process

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  •  Obtain Digital Signature Certificate (DSC)*
  •  Obtain Director Identification Number
  •  Check for Name Availability
  •  Certificate of Incorporation
  •  MOA and AOA
  •  PAN and TAN Application

What’s included?

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  • Filing of e-forms.
  •  Drafting MoA and AoA.
  • Company Incorporation Certificate.
  •  Stamp Duty and its Notarisation.
  •  Government Fees up to Rs. 1 Lakh Capital Contribution

Benefits

  • Lesser Compliances
  • More organized form of partnership
  • Minimum Requirement
  • Legal Status

Difference

Difference between One Person Companies and Limited Liability Partnership?

Point of Difference One Person Company Limited Liability Partnership

Transferability of Shares

Can be made by altering MOA

Can be transferred by executing agreement before a notary public

Minimum and Maximum Members

Minimum - 1

Maximum - 1

Minimum - 2

Maximum - unlimited

Minimum Directors

Minimum - 1

Maximum - 15

Minimum - 2

Maximum - unlimited

Registration Act

Registered under Companies Act 2013

Registered under LLP Act 2008

Minimum Subscription

Can allot shares without completing minimum subscription.

Cannot allot shares without completing minimum subscription.

Term used at the end of the name

Should end with (OPC) Pvt. Ltd./ (OPC) Ltd.

Should end with LLP

Statutory meeting

Not Mandatory

Mandatory

Board Meeting

Necessary

Not Necessary

Statutory Audit

Mandatory.

Not compulsory unless partner’s contribution exceeds 25 lakhs or annual turnover exceeds 40 lakhs

 

 

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