As per Section 2(62) of the Companies Act 2013,” One Person Company means a company which has only one person as a member.”
A One Person Company can be incorporated as a private limited company only.
The Key features of One Person Company are -:
Documents Required For One Person Company (OPC)
When an OPC limited by shares or by guarantee enters into a contract with the sole member of the company, who is also the director of the company, the terms of contract or offer must be recorded in writing or contained in a memorandum or recorded in the minutes of the Board meeting held next after entering into the contact.
An OPC must inform the Registrar about every contract entered into by the company with the sole member of the company within a period of fifteen days from the date of approval.
Any individual/organization can become the member of One person company including foreigners NRI’s.
Advantages of OPC
The Steps of incorporate OPC are as follows: