OPC is mandatorily required to get its books of accounts audited from a Chartered Accountant, as by any other limited company. However, provision relating to rotation of auditor is not applicable to OPC.

OPC is required to hold its annual general meeting as required under section 139 (1) to appoint Statutory Auditor. Such auditor should hold office from conclusion of first AGM to the conclusion of 6th AGM

A One Person Company is incorporated as a private limited company. It must have only one member at any point of time and may have only one director.  One person cannot incorporate more than one OPC or become nominee in more than one OPC.

One Person Company can be converted in to a Private Limited Company according to the provisions of the Companies Act. OPC can be converted in to Private Limited after two years of setup, or even before that if its turnover is more than Rs 2 crore and paid share capital surpasses Rs 50 lakhs in a financial year.

As per Section 152(1) of the Act, an individual being member of OPC is deemed as First Director of the OPC until the director(s) are duly appointed by the member. The minimum and maximum number of directors in an OPC can be one (1)[4] and fifteen (15) respectively

An OPC (One Person Company) allows a single person to incorporate and run a business. OPC was introduced in the Companies Act 2013, to encourage entrepreneurs to create a single person economic entity. As the name suggests under OPC a single member can incorporate and run a business.

Shareholders and shares of the company

Hence, a single person holds the 100% shares of an OPC. Moreover, in OPC, director and shareholder are supposed to be the same individual. In contrast, in a private limited company, there is a requirement of a minimum of 2 shareholders at the time of incorporation