One Persone Company
What is an OPC?
A One Person Company is a company with a single member.It was introduced by the Companies Act, 2013. OPC extends the concept of limited liability to a company run by a single person. It is similar in respects to a private limited company with certain differences like fewer compliances and relaxation of certain restrictions. Thus, an OPC is subject to all the provisions of the Act like a private limited company unless expressly excluded.
Features of One Person Company (OPC)
1. Only One Shareholder:
Only a natural person, who is an Indian citizen and resident in India shall be eligible to incorporate a One Person Company.Explanation: The term “Resident in India” means a person who has stayed in India for a period of not less than 182 days during the immediately preceding one calendar year.
2. Nominee for the Shareholder:
The Shareholder shall nominate another person who shall become the shareholders in case of death/incapacity of the original shareholder. Such nominee shall give his/her consent and such consent for being appointed as the Nominee for the sole Shareholder. Only a natural person, who is an Indian citizen and resident in India shall be a nominee for the sole member of a One Person Company.
Must have a minimum of One Director, the Sole Shareholder can himself be the Sole Director. The Company may have a maximum number of 15 directors.
Documents Required For OPC Registration
Copy of Income Tax PAN (Permanent Account Number) of Main Director and Nominee Director.
. Copy of Address Proof (Voter Id, Passport, Driving License, Aadhar Card) of of Main Director and Nominee Director
Latest passport size Photographs of Main Director and Nominee Director
Registered Office Address Proof – Electricity Bill along with Rent Agreement / ownership proof of proposed registered office.
Copy of Mobile bill, telephone bill, electricity bill or Bank Statement of 1 Promoter and 1 Nominee Director with Present address
Exemptions for an OPC
Sign on annual returns.
Hold Annual General Meetings and Board Meetings.
Sign on Financial Statements.
Option to dispense with the requirement of holding an AGM.
Power of Tribunal to call meetings of members.
Calling of extraordinary general meeting and Notice of meeting.