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A business entity run by a sole owner with the benefit of limited liability, offering protection to its shareholders is a One Person Company. Only one Director is required to form a One Person Company.
With supporting documents such as DIN, DSC, etc., an OPC can be registered within two weeks.
Director
As the name suggests, a minimum of one Director and one member is required to form a One Person Company. Hence, the sole shareholder can be the Director itself. A maximum number of 15 Directors are possible for a One Person Company.
One Shareholder
A person of Indian origin and an Indian citizen can form a One Person Company.
A shareholder may appoint another person as a shareholder in case of death or incapacity of the original shareholder. The nominee shall give its consent to be appointed as the sole shareholder.
Taxation
As the government has not strictly specified, the tax rates for any Private Limited Company are applicable to a One Person Company.
Compliance
One Person Company has the leverage of not complying with many requirements that are applicable to a Private Limited Company.
Hey there, I'm Dushyant Sharma. With the extensive knowledge I've gained in past 8 years, I have been creating content on various subjects such as banking, insurance, telecom, and all the important registration and licensing processes for various companies. I'm here to help everyone with my expertise in these areas through my articles.