Quick Reference to One Person Company OPC

Quick Reference to ” One Person Company ” :-

Legal Provision:-

2(62), 193 of Companies Act, 2013.

Rule 3 (1), Rule 4,  of Companies ( Incorporation ) Rules, 2014.

Points:-

1. One person Company means a Company having only 1 Person as a member.

2. Its basically a Private Company with some unique features.

3. The OPC must have minimum 1 director and maximum limit is 15.

4. A Person should be resident of India, Natural Person and Citizen of India to incorporate a OPC.

5. A Person must not be member of more than 1 OPC and Nominee of More than 1 OPC.

6. OPC cannot be converted into Section 8 Company.

7. OPC cannot be registered as NBFC.

8. OPC can have max. ₹ 50 lakh or Max Avg. Annual T/O of ₹ 2 Cr. 

9. Two Years should have expired from the date of Incorporation OPC in the case of Voluntary Conversion from OPC to another Company.

10. OPC can be incorporated through SPICe Mode.

11. Body Corporate cannot become member of an OPC.

12. Section 98 & Section 100 to Section 110 of Companies Act, 2013 are not applicable to OPC.

13. In case of an OPC, the Board report and Financial Statement will be signed by 1 Director only.

14. The Fixed term of 5 years for appointment of Auditor is not applicable to OPC.

15. Minor shall not become member or Nominee of an OPC.

16. Form INC-5 is not required to filed in case of Voluntary Conversion of OPC.