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Home - One Person Company Setup in India
One Person Company Setup in India
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").
INCORPORATIONIn 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
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)]
Note :- The incorporation of OPC-One person Company would commence from 28th April 2014, many practical aspects would clear after MCA rolls out forms.