One person company is a type of business, where one person can run business with the status of the corporate entity. It has been introduced under Companies Act 2013. It has certain limitations such as Company needs a director to be appointed, for the purpose of MOA & AOA. Companies hold separate legal identity from its promoter. It is mandatory to file financial statements every financial year. It should be converted into a private company if the annual turnover crosses 2, 00, 00,000/-. In one Person Company, one member will be required for incorporating and maintaining. It is easy to incorporate one person company registration with proper documentation. one person company comes with a policy of uninterrupted existence until it is legally dissolved. As it comes under separate legal entity it continues its existence irrespective of change in ownership Ownership of the business can be easily transferred by transferring shares. Those share certificates are sufficient to transfer the ownership to another person. In financial and banking sector they were fond of one person company to provide proper funding rather than partnership or proprietor firms
Required Documents for One person Company Registration
PAN card of director and nominee director
Passport, driving license, aadhar card bank statement or electricity bill director and nominee director(all the documents must be valid)
Documents proof of registered office (rental agreement, sale deed, electricity bill, property tax receipt)
Application documents with digital signature in hard copy