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One Person Company (OPC) is a new concept in India, and it enjoys all the benefits of a Pvt. Ltd. Company. With this a single person can also start a Pvt. Ltd. company, earlier minimum of 2 people were required to form a Pvt. Ltd. company

Advantages of a One Person Company

  • Limited Liability
  • Lesser compliance
  • Perpetual Status
  • The exit route is easy by the transfer of the shares.

Who can form a One Person Company

  • Only an individual can form an OPC
  • He/she should not be a minor
  • He should be an Indian citizen.
  • He should be an India resident; an NRI cannot create an OPC

Limitations of an OPC

  • One Nominee has to be appointed; legal heirs don't get the nominee status by default.
  • The Nominee can also be changed in the due process.
  • One person can be a member or Nominee of anyone OPC only.
  • Paid-up share capital needs to be less than or equal to 50 lacs.
  • The average annual turnover should be less than or equal to 200 lac(2 Cr.) in the last three consecutive years.
  • If any of the above two conditions exceed their limit, one needs to change it into a Pvt. Ltd. Company within six months.
  • At any point in time, if your wish to change an OPC to a Pvt. Ltd. company voluntarily, then you need to wait at least two years from the date of incorporation.
  • A maximum of 15 directors can be added to an OPC
  • A nominee has no role in the company until the death of the member or member being incapable of executing a contract.
  • Investors are now allowed to in an OPC.

The requirement to form an OPC

  • Digital Signature
  • Director Identification Number (DIN)
  • Name approval
  • Memorandum and Articles of Association
  • KYC documents
  • Ownership proof of Registered Office(Rent Agreement, Electricity Bill, Phone Bill)

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