One Person Company

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What Is Meant by OPC Or Why Is OPC Needed?

The concept of One Person Company is quite revolutionary. It gives the individual entrepreneurs all the benefits of a company, which means they will get credit, bank loans, access to the market, limited liability, and legal protection available to companies by acquiring the legal status and perpetuity.

Before the Companies Act, 2013 came into effect, at least two shareholders were required to start a company. But now the concept of One Person Company would provide tremendous opportunities for small businessmen and traders, including those working in areas like handloom, handicrafts, and pottery.

Earlier they were working as artisans and weavers on their own, so they did not have a legal entity of a company. But now an OPC form of organization would help them do business as an enterprise and allow them to start their ventures with a formal business structure.

The shareholder of OPC will appoint a nominee in an OPC, who will become a member of such OPC in case of death or incapacity of the original shareholder. The details of such nominees have to be provided while incorporating an OPC.

One Person Company VS Private Limited Company (Pvt. Ltd.)

The formation of One Person Company (OPC) has recently been established in India to support business enterprises owned and controlled by a sole Entrepreneur. Corporations, such as Private Limited Company, allow two or more individuals to become partners.

What Are the Minimum Requirements for Incorporating An OPC?

  1. A minimum of one shareholder is required who will be the director of OPC as well.
  2. A nominee is required who will act as a shareholder of such OPC in case of death or incapacity of the original shareholder.
  3. Only Indian citizens can become a member or nominees in the case of OPC.
  4. A person cannot be a shareholder or nominee in more than one OPC at any given point in time.
  5. An OPC cannot be converted into a section 8 company.
  6. OPC cannot carry out any non-banking financial activities including investment in securities in any of the body corporates.
  7. The words ‘One person company’ shall be mentioned in brackets below the name of such company.