To encourage unorganized proprietorship business to enter into organized corporate world, the concept of “One Person Company” was recommended by JJ Irani Committee. The One Person Company is an advancement of sole proprietorship form of business.
There’s is only one person who acts as a member and a minimum of one director who is having full control over the company. It is registered under the regulations of Ministry of Corporate Affairs (MCA).OPC shall be mentioned in brackets below the name of such company, e.g. XYZ (OPC) Private Limited.
Following documents of the Proposed Director/Nominee is required:
Also some other notable points are :-
Minimum requirements of an OPC
Maximum requirements of an OPC
Following compliances are not required to be done by an OPC related to meetings & other compliances:-
There should be at least one member and one director in an OPC.
There can be a maximum of one member and fifteen directors in an OPC.
The company shall file Form INC – 4with the registrar in case of cessation of member/nominee of OPC on account of death, incapacity to contract or change in ownership within 30 days of receipt of the notice. In the same form, user needs to provide details of new member/nominee and Form INC – 3 as consent of new nominee.
Reservation of name using the SPICE+ (INC-32)and within next 20 days, INC-3 shall be filed for nominee consent Form is attached with INC-32, INC-33 should be prepared stating all the required clauses as e-Memorandum of Association followed by INC-34 e-Articles of Association, INC-35 (AGILE PRO) is multipurpose form which helps in Application for GSTIN, ESI pLusEpf, P.TaxRegistration Opening of Bank a/c. AlsoINC-9 would be required as Declaration shall be submitted by each of the subscribers to the memorandum and each of the first directors named in the articles, DIR-12 and DIR-2 stating particulars of first director of the company and his interest in other firms or body corporate along with his consent to act as a director and INC-22 Filing of Registered Office Address.
In case the paid up share capital (PUSC) of an OPC exceeds Rs. 50 lakh or its average annual turnover during the relevant period exceeds Rs. 2 crore, then the OPC has to mandatorily convert into private or public company.
The OPC shall inform ROC in Form INC – 5, if the threshold limits are exceeded and conversion is required.
Form INC – 6 shall be filed in both the cases. It should be filed within 30 days in case of voluntary conversion and within 6 months of mandatory conversion.
Only a natural person who is an Indian citizen and resident in India shall be eligible to act as a member and nominee of an OPC. 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 1 financial year.
A person can be member in only one OPC and the same person can be nominee in only one OPC.
Where a natural person, being member in OPC becomes a member in another OPC by virtue of his being a nominee in that OPC, then such person shall meet the eligibility criteria of being a member in only one OPC within 180 days, i.e., he/she shall withdraw his membership from either of the OPCs within 180 days.