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One person company is a concept which will be best suitable for the entrepreneurs to start their own small company. The incorporation process is also very simple. The Compliance is very low when we compared with the existing kinds of companies. Such an entity is with simpler regime, so that the single entrepreneurs no need to waste his time and resources on the procedural matters.

• The biggest advantage of forming a one person company is there is no dependency with another person. The name itself indicates that one person is sufficed to incorporate a company. It has only one member or shareholder.
• Minimum paid up capital amount required is Rs.1, 00,000.
• There is no need to conduct annual general meeting.
• Private and public companies need to prepare a cash flow statement at the end of a financial year. But, in the case of OPC, there is no need of preparing cash flow statements.
• Annual Return Filing is required to be signed by the director, the company secretary sign is not a mandatory one.
• The word “One Person Company” is needed to mention in the bracket below the name of the company.
• The name of the nominee must be mentioned in the memorandum, with the prior written consent and also the nominee can withdraw his consent at any time. The written consent must be filed with the registrar at the time of incorporation along with its memorandum and articles of association.
• In case of death of the shareholder/director, the nominee can straight away become the member of the company.
• Shareholder/member can act as the first director until the company appoints a director.

For Director/Shareholder and Nominee:

• Acquire Digital Signature Certificate.
• Acquire Director Identification Number.
• Identity proof needs to be produced. PAN is mandatory if you are an Indian Nationals.
• Address proof (voter id/ passport/ Driving License/Bank statement) needs to be submitted.
• Passport sized photographs.
• NOC from the landlord of the registered office.
• Rental Agreement copy.
• Utility bills that should be the latest one (not older than 3 months).
• In all the documents, the name must be clear and same, if there is any rectification; you need to be corrected before the submission.