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Concept of one person company

OPC- Section 2(62) of Companies Act, 2013 provides that “One Person Company” means a Company which has only one person as a Member.

CHARACTERISTICS OF OPC-

1) Natural Person + Indian Citizen + Resident in India = Incorporate an OPC/ Nominee of an OPC.

2) OPC = Private Company.

3) 1 Person shall be incorporate only 1 OPC & Nominee of 1 OPC.

4) When a person being member in 2 OPC by virtue of nominee, such person shall convert any one company into Private/Public Company within 180 days.

5) Minor shall not become member or nominee in the OPC.

6) OPC cannot be converted into Section 8 Company.

7) OPC cannot carry NBFC Business.

8) OPC can covert into any kind of Company after 2 years of its Incorporation unless Paid-up Share Capital increased beyond 50 Lacs or Average Turnover beyond 2 Crore during relevant period.

MINIMUM & MAXIMUM CRITERIA OF OPCS.

S.No. Particulars Minimum Maximum
1
MEMBERS

1 1
2 NOMINEE 1 1
3 DIRECTORS 1 15
4
PAID-UP CAPITAL

Rs. 10
Rs. 50,00,000/-

FORMS RELATING TO OPC

SHORT CUT

File the E-Form INC-29 with Concerned ROC with Following Attachments-

1) INC-3

2) INC-8

3) INC-9

4) INC-10

5) DIR-2

6) MOA/AOA

7) Affidavit of Deposits

8) Utility Bill for Registered Office

9) NOC of Concerned Person for Registered Office

10) ID of Proposed Member, Nominee & Directors

11) Address Proof of Proposed Member, Nominee & Directors

12) Pan Copy of Proposed Member, Nominee & Directors

After Satisfy by ROC, give Certificate of Incorporation by ROC in Form INC-11.

LONG CUT

a) File the E-Form INC-1 with ROC with maximum 6 names.

b) After Availability of Name by ROC, file E-Form INC-2, INC-22 & DIR-12 to ROC within 60 days from the date of filling the E-Form INC-1.

c) After Satisfy by ROC, give Certificate of Incorporation by ROC in Form INC-11.

ATTACHMENTS

INC-2

INC-22

DIR-12

INC-3

Utility Bill

DIR-2

INC-8

NOC by Concerned Person

Affidavit of Deposits

INC-9

– –
INC-10

– –
MOA/AOA

– –
Identity Proof of Subscribers

– –
Address Proof of Subscribers

– –
PAN Copy of Subscribers

– –
OPC TO PRIVATE/ PUBLIC COMPANY

File the E-Form INC-5 with ROC within 60 days from the date of crossing Threshold Limit.

PRIVATE COMPANY TO OPC-

1) Check the Threshold Limit.

2) Pass Special Resolution in EGM.

3) File E-Form MGT-14 to ROC within 30 days from passing Special Resolution.

4) File E-Form INC-6 with ROC with following Attachment-

1. Affidavit by Directors

2. List of Members & Creditors

3. Latest Audited Financial Statements

4. NOC from Creditors

NOTE- Threshold limit for the purpose of OPC means Paid-up Share Capital up to Rs. 50 Lacs or Average Turnover up to 2 Crore (Preceding 3 Years).

PENALTY

Fine up to Rs. 5,000/- on OPC or any officer of such OPC. [Rule 7A of Companies (Incorporation) Rules, 2014.

The post Concept of one person company appeared first on India Tax Hub.


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