Only one person is needed to start an OPC. One person company is suitable for small companies where the turnover is not likely to cross Rs. 2 Crores, and the maximum amount of capital is limited to Rs. 50 Lac. An OPC can have more than one director. However, one of them must be an Indian Resident. The OPC can be registered by Indian Citizen Only, and FDI is not allowed in an OPC.
The Stepwise Process to Start a One Person Company:
- Check eligibility and documents.
- Apply for DSC of the Director.
- File RUN Application for Name Reservation.
- File Spice Plus Form for Company Incorporation.
- Apply PAN and TAN for Your LLP.
- Open Bank Account and Start Operation.