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The Companies Act of 2013 has brought to India what has long been sought in this land of proprietorships and partnerships – the possibility that a person who is starting alone can start his or her own company.
A One Person Company, as the name suggests, is a Company which is owned and operated by just 1 person. Only individual who is a citizen and resident in Indian can incorporate OPC. There are some restrictions in OPC
Individuals who is a citizen of India and resident in India allowed to form One Person Company.
Maximum Capital allowed in OPC is Rs.5000000 (Fifty Laks)
Maximum turnover in an year is Rs.20000000 (two crore).
OPC cant' be converted into private limited or public limited within a period of 2 years from the date of registration.
Foreign nationals and NRI not allowed to incorporate OPC
DIFFERENCES BETWEEN OPC AND PRIVATE LIMITED
An OPC is open only to naturally born Indians, and people of foreign origin or foreigners cannot open a One Person Company. While this seems unfair, the reason probably is that the antecedents of a naturally born Indian are far easier to track than a foreigner. A foreigner has to still open a normal Private Limited Company
As the name suggests, only 1 Director is necessary in the case of a One Person Company, unlike a Private Limited Company which needs to have atleast 2 Directors. In the case of a One Person Company, it can have a maximum of 15 Directors, while in the case of a Limited Company, it can have upto 50 Directors.
: A One Person Company need not hold any Annual General Meeting or pass any board resolutions. All that the founder needs to do is to record all the proceedings in a minutes book
BENEFITS
Less Compliance compared to private limited and public limited. This is a major relief and OPC not required hold board meeting in every quarter/half year compared to other types of company
One person required to form OPC. As the name suggest, OPC is created by one person, but one more person as nominee also required to create OPC
One Director only required for OPC. in case of private limited minimum 2 directors required and public limited it is three.
PROCEDURE
The procedure to start a One Person Company has not been notified, so watch this space!
One Person Company has to be incorporated with the Registrar of Companies like a Private Limited Company
One Person Company will be subjected to similar checks for getting the name approved and the registered office address like a Private Limited Company
One Person Company incorporation should take anywhere between 1-5 days
RESTRICTIONS ON ONE PERSON COMPANY (OPC)
Only Individuals who is an Indian Citizen and Resident in India shall be eligible to incorporate a One-Person Company
An Individual can incorporate only one (1) OPC or become a nominee in one (1) OPC.
No shareholders can be added to One Person Company (OPC)
OPC can have maximum paid up capital of Rs.50.00 Lakhs only
Average annual turnover of OPC shall not exceed Rs.2 Crores.
