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A One Person Company (OPC) is a unique business structure introduced in India under the Companies Act, 2013. Here are some key features:
Single Member: An OPC can have only one person as its member, who is the sole shareholder and director.
Separate Legal Entity: Like other companies, an OPC has a separate legal entity status, meaning it can own property, enter into contracts, and sue or be sued in its own name.
Limited Liability: The sole member’s liability is limited to the amount of their investment in the company.
Nominee Requirement: The sole member must appoint a nominee who will take over the company in case of their death or incapacity.
Simplified Compliance: OPCs have fewer compliance requirements compared to private limited companies, making them easier to manage.
Conversion: An OPC can be converted into a private limited company or a public limited company if it meets certain criteria, such as exceeding a specified turnover or paid-up capital.
An OPC is a type of company that can be formed with just one director and one member, providing the benefits of limited liability and separate legal entity status.
Only a natural person who is an Indian citizen and resident in India is eligible to incorporate an OPC. Non-resident Indians (NRIs) and foreign citizens cannot form an OPC.
A person can incorporate only one OPC at a time.
The sole member of the OPC must nominate a person who will become the member of the company in case of their death or incapacity.
Yes, the nominee can withdraw their consent by giving a notice in writing to the sole member and the OPC.
Yes, the subscriber can change the nominee at any time by giving notice to the OPC.
The nominee will become the member of the OPC and will be responsible for running the company.
We are Young and Experienced team of Legal Professional, Advisor and Business Consultants Willing to help you.