About One Person Company
In a nation which has an immense number of entrepreneurs striving to set up their business empire, one of the best ways to start is by starting alone. The One Person Company or the OPC is a type of firm which allows only one single person to make decisions for his Company. A business venture which costs less and has the is easy to establish is also less risky and is different from the sole proprietorships.
In this OPC the founder is the key person who is the director of the Company and drives the Company. In general, One person Company registration cost in India is about 1 lakhs but can be varied from region to region. Also, this was made in order to eradicate the practice of Sole Proprietorships.
Filing of One Person Company
The Annual filing is a yearly return that is a necessity according to the adherence to the laws, regulations, as stated by the ComPANies Act, 2013. Every OPC which is registered under the Ministry of Corporate Affairs in ROC sector has to file respective forms before the deadlines.
All about the meeting pROCedure of OPC
There has to be a minimum of 1 meeting of the board of directors which is to be conducted in the tenure of each half of a calendar year.
Moreover, for a newly Incorporated Company, the Annual General Meeting has to be held within the next 18 months from the date of registration or 9 months from the date of closing of the financial year, whichever is earlier. After this, the meeting has to be held every 6 months prior to the ending of the financial year.