Under section 2(62) of companies act 2013 a new concept was introduced and that was one person company which has only one person as a member. One Person Company is a separate legal entity from its promoter, offering limited liability protection to its sole shareholder, while having continuity of business and being easy to incorporate. One Person Company must be converted into a Private Limited Company if it crosses an annual turnover of Rs.2 crores and must file audited financial statements with the Ministry of Corporate Affairs at the end of each Financial Year like all types of Companies. But, OPC cannot be incorporated or converted into Section 8 Company (i.e. company with charitable objects, etc.) or carry out non-banking financial activities, including investment in securities of any body corporate. An Indian resident (i.e. have stayed in India for at least 182 days during the immediately preceding FY) can incorporate OPC. However, one of such person cannot form more than one OPC.

DOCUMENTS REQUIRED FOR PRIVATE LIMITED COMPANY INCORPORATION

• Copy of PAN Card of directors
• Passport size photograph of directors
• Copy of Aadhaar Card/ Voter identity card of directors
• Electricity/ Water bill (Business Place)
• Copy of Property papers(If owned property)
• Landlord NOC (Format will be provided)
• Copy of Rent agreement (If rented property)
• Bank Statement

CHECKLIST /MINIMUM REQUIREMENT FOR PRIVATE LIMITED COMPANY INCORPORATION

• Minimum 2 Shareholders
• Minimum 2 Directors
• The directors and shareholders can be same person
• One of the Directors must be Indian Resident
• Minimum Authorised Share Capital 100,000 (INR One Lac)
• DIN (Director Identification Number) for all Directors
• DSC (Digital Signature Certificate) for 2 Promoters & 1 witness