A One Person Company (OPC) is a type of business structure in India that allows a single individual to register and operate a company on their own.
One of the key features of an OPC is that it offers the benefits of both a sole proprietorship and a private limited company, such as limited liability protection for the owner and the ability to raise capital from investors.
Additionally, OPCs are required to comply with fewer compliance and reporting requirements than other types of companies.
In view of name guidelines under the Companies Act, 2013, you must have a new and unique name.
Company Premises can either be owned or rented.
Minimum capital introduction is a necessary perquiste for company incorporation
An OPC may have up to 15 Directors, However one director of the company should be resident in India.
A Pvt Ltd is a separate legal entity. This means that it has assets in its own name and can sue and be sued.
Public access of the companies details on the MCA portal, makes company transparent and reliable for fund raising
Since company is a separate entity, the liabilty of owner is restricted to the subscribed Share Capital.
In India, there is no minimum capital requirement for an One Person Company (OPC). An OPC can be formed with any amount of paid-up capital.
In India, an One Person Company (OPC) can only have one director, who must be a resident Indian individual and should not be disqualified as per the provisions of Section 164 of the Companies Act 2013.
The nominee is appointed by the sole shareholder of the OPC to take over the management of the company in the event of the shareholder's death or incapacity.
The member will have to file the necessary documents with the Registrar of Companies (ROC) to update the records. The member can either appoint a new nominee or remove the existing nominee, by filing the relevant forms with the ROC.
| In case of death of nominee, the member should file the death certificate and appoint a new nominee by filing the relevant forms with the ROC. The member should also intimate the ROC of the change of nominee. |
Yes, an individual who is a member of one One Person Company (OPC) can also become a member of another a Private Limited Company. There is no legal restriction on an individual being a member of multiple companies. However, they may need to disclose their membership in multiple companies as per the requirements of the Companies Act and other laws.
An OPC (One Person Company) is a type of private company in India, and it is mandatorily required to convert into a private limited company if its paid-up share capital exceeds INR 50 Lakhs or its average annual turnover during the relevant period exceeds INR 2 Crores.
An OPC is required to inform the Registrar of Companies (ROC) about the breach of the threshold limit through filing a Form INC-22A, also known as "Active Company Tagging Identities and Verification" within a period of 30 days from the date of such breach. This form must be filed along with the financial statements and a resolution passed by the Board of Directors of the OPC approving the conversion into a private limited company.
Additionally, the OPC must also hold a general meeting of its members and pass a special resolution for the conversion into a private limited company and file the necessary forms and documents with the ROC
Yes, an OPC can convert voluntarily into a private limited or public limited company. The process for conversion is similar to the process for mandatory conversion, as described in my previous answer. The OPC must inform the Registrar of Companies (ROC) about the conversion through filing Form INC-22A within a period of 30 days from the date of such conversion. The OPC must also hold a general meeting of its members and pass a special resolution for the conversion and file necessary forms and documents with the ROC
