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One Person Company

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One Person Company

These Companies have only one member and a nominee (to act as a member when the sole member is becomes incompetent to act); it is a mandate that an OPC at all times should have a nominee. It is essential that both the persons must be individuals and Indian citizen (body corporate can neither become a member nor a nominee). Moreover, both the member and the nominee must have stayed in India for a period of atleast 182 days in the immediately preceding one calendar year. In terms of legal and procedural compliances an OPC is exactly similar to a private company except that a private company needs to have minimum two members and two directors while OPC needs to have minimum one director but maximum one member.

Salient Features of OPC:

Single person cannot incorporate more than one OPC or become nominee in more than one OPC but one single person can validly become a member in one OPC and a nominee in another OPC. A minor is not eligible to become a member or nominee of the One Person Company or hold shares in the capacity of a beneficiary.
An OPC cannot be converted voluntarily into any other kind of company unless 2 years have expired from the date of incorporation, except in cases where capital or turnover threshold limits of   50 lakhs or   2 Crore respectively reached
as regards to the number of directors is concerned, an OPC shall have minimum one Director but the member may if needed for management of the business of the company propose to have more directors

Company’s Act