One Person Company (OPC) allows a single Entrepreneur to operate a corporate entity with limited liability protection. The concept of One Person Company in India was introduced through the Companies Act, 2013 to support entrepreneurs who on their own are capable of starting a venture by allowing them to create a single person economic entity.
One Person Company feature is such that it has only one shareholder who owns 100% stake of the company. To maintain the character of perpetuity, the appointment of the nominee is compulsory, who will take place of the owner in case of death or his inability. One person company is a type of Private Limited Company.
Once a name for the company is decided, the following steps have to be taken by the applicant
At least one nominee is required to start an OPC who can act as a shareholder as well as a director.
Once a Company is incorporated, it will be active and in-existence as long as the annual compliances are met with regularly. In case, annual compliances are not complied with, the Company will become a Dormant Company and maybe struck off from the register after a period of time. A struck-off Company can be revived for a period of upto 20 years.
An address in India where the registered office of the One Person Company will be situated is required. The premises can be a commercial / industrial / residential where communication from the MCA will be received.
Since only one person is the shareholder of the OPC hence, hence at the time of incorporation of a one-person company, any other person is nominated as the nominee with their consent.
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