• Minimum 1 shareholder
• Minimum 1 director
• Minimum 1 nominee
• Minimum Authorised Share capital to be Rs. 1 Lakh

*Director and Shareholder can be the same person

Also, businesses are expected to maintain books of accounts, comply with statutory audit requirements and submit income tax returns along with annual filings with the RoC.

Certificate of Incorporation will be considered the final registration proof of one person company.

The following are the OPC restrictions:

• A minor can neither become an OPC member or nominee, nor may he or she own a share with a beneficial interest.
• An OPC cannot be established or transformed into a Not-for-Profit Organisation.
• An OPC cannot engage in Non-Banking Financial Investment activities, such as investing in securities of any type of body corporate; and
• An OPC cannot voluntarily convert into any form of company till two years have passed since the date of incorporation of the Company.

• Income Tax Returns are required to be filed.
• TDS must be filled out every quarter and include the TAN. If the company employs people, it should deduct taxes at the source.
• If the OPC employs more than ten people, an ESI registration is required by law.
• OPC with valid certification must enrol in VAT and service tax returns.

*OPC’s income is taxed at 30% of its total income in the fiscal year under the tax rate slab. This is somewhat higher than the tax slab rate for individuals, which ranges from 10% to 30% of income depending on the individual’s income.

Well, it isn’t possible. So, the answer is no. Companies Act 2013 limits the number of OPCs that can exist only against a director’s name.

1) Form AOC-4 for financial statement

2) MGT-7 for an annual return

3) Meeting of board at least twice in a year