To encourage unorganized proprietorship business to enter into organized corporate world, the concept of “one person company” (‘OPC’) was recommended by JJ Irani Committee.
An OPC is exempted from stringent legal compliances of :
- General Meeting
- Only 1 Director is sufficient
- Information to be provided in the Directors’ Report has been significantly reduced
- Annual Return can be signed by a Director in case of no Company Secretary
- The requirement of minimum number of Board Meetings to be convened shall not apply to OPC unless more than 1 Director
However, in case of OPC having more than 1 Director, the OPC shall hold at least 1 Board Meeting in each half of calendar year and the gap between two meetings is not less than ninety days.
Extending the full-range of legal and advisory services to OPCs in India, AUDITING BAZAAR services also cover the statutory compliances by OPC regardless of the sector of its business or service.
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