The One Person Company (commonly known as OPC) is the type of entity that is owned by a single person. It allows a sole person to own and also manage the entire business operations. The OPC as a business structure is recently introduced in India through the Companies Act, 2013 to administer the proprietorship businesses and promote them in an organized way. This is the structure which provides the benefits of corporate structure to those who want no partition to business ownership can go ahead with OPC registration in kerala.
COST OF OPC Registration in Kerala
The cost for OPC registration in kerala is lower than the cost of registration of a Private Limited Company.
NUMBER OF Individuals REQUIRED TO INCORPORATE OPC
To incorporate One Person Company, two-person are required. The Director of the One Person Company and Nominee Director. The Nominee Director is responsible for the management of the Company in case the Director is not able to execute his functions.
BOARD OF DIRECTORS
There is no concept of the Board of Directors in a One-Person Company as the entity can be managed by a single person. The concept of Annual General Meeting and Board Meetings is also not applicable for a One-Person Company.
SHAREHOLDING
The 100% shares of a Person Company can be held by a single person.
NRI OR FOREIGN NATIONALS
Only Indian Citizens and Indian Nationals are allowed to start a Person Company.
COMPLIANCE REQUIREMENTS
OPC registration is required to file their annual returns with the Ministry of Corporate Affairs and their Income Tax Returns with the Income Tax Department. One Person is also required to get their account audited each year.
LIMITATIONS
A-One Person Company must be mandatorily converted into a Private Limited Company if the annual sales turnover exceeds Rs.2.00 crores or the paid-up capital of the One Person Company exceeds Rs.50 lakhs.
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