The One Person Company (OPC) was recently introduced as a strong improvement over the sole proprietorship. It gives a single promoter full control over the company while limiting his/her liability to contributions to the business. This person will be the only director and shareholder (there is a nominee director, but with no power until the original director is incapable of entering into contract). So there’s no chance of raising equity funding or offering employee stock options.
Furthermore, if an OPC hits an average three-year turnover of over Rs. 2 crore or has a paid-up capital of over Rs. 50 lakh, it must be turned into a private limited company or public limited company within six months.
Document Required for Company Registration
- Self-attested copy of PAN CARD of Director
- Copy of Aadhaar Card/ Voter identity card of directors
- Electricity/ Water bill
- Copy of Rent agreement (If rented property)
- Passport size photograph of director
- Nominee Detail (PAN, Aadhar)