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Home - One Person Company Setup in India

One Person Company Setup in India

INTRODUCTION
With the new Companies Act 2013, the government has introduced the Concept of One Person Company i.e Knows as OPC Company in India. The Individual entrepreneurs Carrying on business as proprietorship firm will now be able to avail the benefits of limited liability without a second person to form a company as the Companies Act, 2013 (hereinafter "2013 Act") proposes the concept of "One Person Company" (hereinafter "OPC").

INCORPORATION

In terms of section 3(1)(c) of the 2013 Act, an OPC may be formed for any lawful purpose by one person.

Salient features in relation to incorporation include
  • The memorandum of an OPC shall indicate the name of another person, with his prior written consent, who shall, in the event of the subscriber's death or his incapacity to contract become the member of the company.
  • The written consent of such person shall also be filed with the registrar of companies at the time of incorporation of the OPC along with its memorandum and articles.
  • The words "One Person Company" must be mentioned in brackets below the name of such company, wherever its name is printed, affixed or engraved. [Second provison to Section 12(3)]
  • A person can incorporate a maximum of 5 OPCs. [Rule 2.1(2)]
  • Only natural persons can incorporate an OPC. Also, the person incorporating an OPC must be an Indian citizen who has stayed in India for at least 182 days during the immediately preceding one financial year. [Rule 2.1(1)]
Nomination by the subscriber or member of OPC

In terms of section 4(1)(f), the memorandum of an OPC should state the name of the person who shall become the member of the company in the event of death of the subscriber. Such nominee may withdraw his consent subsequently. [Section 3(1)]
  • The subscriber to the memorandum of an OPC shall nominate a person, after obtaining his/her prior written consent, who shall, in the event of the subscriber's death or his incapacity to contract, become the member of that OPC. [Rule 2.2(1)]
  • The member of OPC may at any time change the name of such nominee by giving notice as prescribed. [Section 3(1)]
  • The notice by the member of OPC as stated above must be provided by the OPC to the registrar of companies once the same is intimated by the member to the OPC. Any change in the name of nominee shall not be deemed to be an alteration of the memorandum. [Section 3(1)]
  • Only a natural person who has stayed in India for a period of not less than 182 days during the immediately preceding one financial year is entitled to be a nominee for the sole member of an OPC. [Rule 2.1(1)]
  • Ambient Air Quality Report (if available)

Documents Required
  • Application for reservation of name in INC-1
  • Proof of Identity of Member & Nominee
  • Proof of Address of Member & Nominee
  • Copy of PAN Card of Member & Nominee
  • Consent of Nominee in form INC-3
  • Affidavit in form INC 9 for subscriber for shares and Memorandum
  • Application for Incorporation of Company in form INC-7
  • Filling of Registered office address in form INC-22
  • Proof of address for the registered office of Company.

Note :- The incorporation of OPC-One person Company would commence from 28th April 2014, many practical aspects would clear after MCA rolls out forms.


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