“There is no mandatory minimum paid-up capital requirement for One Person Company. One Person Companies are exempt from compliance under CARO, reducing the auditor's reporting requirements. The financial statements can b

Yes, the above statement is correct as the exemptions available to a One Person Company and the compliance requirements which are not required to be followed by a One Person Company (OPC) are as follows: An OPC has only one director, Secretarial Standard-1 (SS-1), pertaining to Board Meetings, will not apply. An OPC isn't required to hold an Annual General Meeting. Consequently, Secretarial Standard-2 (SS-2), which deals with AGMs, does not apply. Section 98 and Section 100 to Section 111 are not applicable on One Person Company. OPCs are exempt from preparing a Cash Flow Statement as part of their financial statements. OPCs are exempt from the mandatory rotation of auditors. Lesser penalties for OPC under Section 446B of the Companies Act, 2013.