1. What is one person comp How many people required for incorporation of One Person Company?
One Person Company is a new type of business entity. A private limited company can be formed with a minimum of two directors and shareholders. The directors and shareholders can be same individuals. One person company does away with the requirement of minimum two shareholders. It allows a single entrepreneur to get his business registered as a company and get limited liability protection.
3. What are the compliance requirement under OPC?
2. What is minimum Capital required to start one person Company ?
An OPC can be started with a minimum authorised capital of Rs. 1 lakh. There is no mandatory requirement for a minimum paid up capital. Hence, you can start as an OPC with a capital contribution as low as Rs. 2. However when the paid up capital exceeds Rs. 50 lakh, OPC must mandatorily convert to a private limited company( pvt. ltd.). Also, when the average turnover for 3 consecutive years becomes Rs. 2 crore or more, there is a need to convert into a pvt. ltd.
4. What Are The Compliance Exemption Under OPC?
An OPC is exempted from doing the following compliances :