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OPC Process

Documents
  • Address Proof
  • Aadhaar card
  • PAN Card
  • Photo
  • Email id
  • Phone Number

What is the procedure to Change in Nomination by a Member or Subscriber of OPC?

As per Rule 4(5) of the Companies (Incorporation) Rules 2014, the subscriber or member of OPC can change his nominee at any time or for any reason by giving a notice in writing to the OPC.

OPC needs to be formed for any lawful purpose. Such companies cannot engage in “Non-Banking Financial Investment” activities including “investment” in securities of anybody corporate of the Companies.

As per the proviso to section 92(1) of the Companies Act 2013, the answer is ‘Yes’. The annual return in case of OPC shall be signed by the company secretary or where there is no company secretary, by the director of the OPC.

Is OPC required to hold AGM?

As per section 96(1) of the Companies Act 2013(incorporation), the provision relating to holding of Annual General Meeting or extra- ordinary general meeting is not compulsory for a One Person Company.

As per Rule 3(7) of the Companies Rules 2014(incorporation), the answer is ‘Yes’ OPC can voluntarily convert itself into any other kind of Company, only if it has been in existence for more than two years.

Documents Required

  • Ministry of Corporate Affairs registers the One Person Companies under the ground breaking amendment- Companies Act, 2013.
  • OPC should always be mention with the name of the company and has a sole director who runs the business. OPC is registered as a private company and has a common seal.
  • The credit history of the company is filtered with utmost care while borrowing funds and also corporate taxes are applicable in OPC.
  • Since it is a separate legal entity, the ownership or succession can be transferred perpetually. (i.e) it seems like an artificial person possessed with all constitutional rights.
  • OPC can legally entitled to purchase or disburse and even it can add asset or property in company’s name.
  • There is no need to comply with too many regulations in OPC and also only minimum paperwork and documentation process is required.
  • The nominee director does not have any legal claim in OPC and the management rests with the promoter. OPC can also be an unlimited company but should have a minimum capital of RS. 1 Lakh.
  • Transfer of company is very simple in OPC. There are separate finances for the company and the promoter.
  • Annual general meeting and ordinary general meeting does not applicable to OPC and also a minor cannot be a member or nominee of the OPC.
  • Minimum of 1 Director and maximum of 15 Directors are needed to form an OPC and also a person cannot incorporate more than 5 OPC’s.