TOPIC 14: QUICK REFERENCE TO “ONE PERSON COMPANY”

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Quick Reference to " One Person Company " :-

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Legal Provision:-

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

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

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

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

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

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

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

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6. OPC cannot be converted into Section 8 Company.

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7. OPC cannot be registered as NBFC.

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

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

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10. OPC can be incorporated through SPICe Mode.

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11. Body Corporate cannot become member of an OPC.

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

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

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

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

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

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Regards
ACA SOURAV BAGARIA