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However, if the paid-up share capital of the One Person Company (OPC) exceeds rupees 50 lakhs or if its average turnover exceeds rupees 2 crores then such One Person Company (OPC) could convert itself into a private limited company within two months.
The company shall be having one member and shall appoint one nominee to act as member in case of death or incapacity of the member at the time of conversion into OPC.
The shareholder and director are two different entities, though a shareholder can be a director at the same time.
There is no such minimum capital requirement, hence a business can be founded with capital as little as INR 1.
1. Utility Bill of Registered Office Address;
2. Proof of Ownership of Registered Office Address;
3. Copy of PAN & Aadhar as Identity proof of all Subscribers and Directors;
4. Copy of Utility Bill/Bank Statement as Address proof of all Subscribers and Directors;
5. Copy of Passport size all Subscribers and Directors.
Time taken for registration is considered on the basis of working hours of government officials which is 12 working hours on a single day. Therefore, the approx. time taken for formation of entity would be 4 days.
