As the name suggests One Person Company is a company that has only one shareholder and the same can be a director. So OPC is a company form of sole Proprietor.

• Following are some benefits of OPC:
• Business can be continued in case of the death of the owner by his successor.
• Creditor feels more secure in the case of OPC compare to the sole proprietor.
• The personal property of the owner is safe is only liable till shared with of company.
• As compared to other forms of companies there are the least formalities required in the case of OPC.

• There are no tax slabs for OPC, only slandered 30% or 25% tax slab which is higher in comparison to the sole proprietor.
• If turnover increase from 2 Crore then OPC need to convert into a private company or LLP.
• A person can not open multiple OPC only single is allowed.
• There is a certain restriction on the type of business which OPC can not do like NBFC, Section 8 company.

Any person who is a major and Indian citizen can be open an OPC.

Minimum authorised capital of 1 lacs and there are no minimum paid-up capital criteria for OPC.

Yes, after 2 years of the date of incorporation OPC can voluntarily change into a private or public company and if the paid-up capital of the company increase more than 50 lakhs or turnover exceeds 2 crores for more than 3 consecutive years then the company ceases to continue as OPC and has to be applied for a private or public company.

Approx. 15-20 days after all proper documents receiving.

Following are the major forms for the OPC to be filled:

• INC 3 – Consent of nominee
• INC 4 – Change in member or Nominee
• INC 5 – Intimation to ROC on exceeding threshold limit
• INC 6 – Application to ROC for Conversion
• AOC 4 – Annual Filling
• MGT 7 – Financial statement
• DIR KYC 3 – Directors KYC