To implement a one-person company a minimum of two persons (1 Director+ 1 Nominee) are required with minimum age of 18 years and should be an Indian citizen as well as Indian resident.

One Person Company in India was introduced via the Companies Act, 2013 to support entrepreneurs and business individuals who on their own are willing to start a new venture by allowing them to create an individual economic entity. One of the advantages of a One Person Company ie (OPC) is that there can be only a single entity, while a minimum of two entities is essential to continue a Private Limited Company or a Limited Liability Partnership (LLP). Alike to a Company, a One Person Company is a different legal entity from its promoter, providing limited liability protection to its one and only shareholder, while having continuity of business and would be easy to incorporate. OPC or One Person Company allows an individual entrepreneur to operate a corporate entity with limited liability protection, with a few limitations. For example, every OPC must nominate a nominee Director in the company who will become the owner of the OPC in case the sole Director is disabled. Also, an OPC member must turn into a Private Limited Company if it exceeds an annual turnover of Rs. 2 crores and must file audited financial statements with the Ministry of Corporate Affairs at the end of each Financial Year similar to all kinds of Companies. Hence, it is essential for the Entrepreneur to carefully consider the features of a One Person Company prior to incorporation. Plan Taxation is the market leader in company registration services in India, offering a variety of company registration like private limited company registration, one person company registration. The approximate time taken to complete a one-person company registration (OPC) is about 10 – 15 working days, respective to a government processing time of the documents and client document submission. Get a free consultation for one person company registration and business setup in India by scheduling an appointment with Plan Taxation Experts.

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