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As per Section 2(62) of the Companies Act, a One Person Company (OPC) is a type of company that has a single individual as its sole member. In an OPC, the individual promoter has complete control and authority over the company, acting as both the shareholder and director. However, a nominee director is also appointed, who has no authority unless the actual director is unable to perform his duties.
Furthermore, OPCs are required to follow specific regulations and guidelines outlined in the Memorandum of Association (MoA) and Articles of Association (AoA). These documents lay out the rights and responsibilities of both the company and its member, providing a framework for the operation of the Company. Compliance with these rules is essential to ensure that the OPC functions smoothly and effectively.
An OPC, or One Person Company, represents a unique blend of two business structures: the independence of a sole proprietorship and the advantages of a company. This innovative structure eliminates the challenges associated with finding suitable co-partners when establishing a registered entity.
By transforming unstructured proprietorship businesses into organized private companies, OPCs pave the way for sole proprietors and startups to thrive. Governed by Section 3(1)(c) of the Companies Act, 2013, OPCs can be established for any lawful purpose by an individual. As per Section 2(62), an OPC is defined as a company with only one person as its member.
OPCs are classified as private companies, comprising a single director and shareholder. This setup allows individuals to benefit from limited liability while operating as sole proprietors. The rise of One Person Companies exemplifies significant growth within India’s corporate sector.
An OPC must undergo conversion into either a private limited company or a public limited company in the following circumstances:
Contact us to convert your One Person Company (OPC) into Private Limited or Public Limited Company.
Follow the steps below to Register you One Person Company with CertificationsBay experts support.
Our Team will help you prepare the required documents. Documents requirements varies depending on business model. Contact our team for guidance.
Before proceeding with One Person Company (OPC) registration, it’s essential to meet the following eligibility criteria:
CertificatonsBay has a team of legal professionals who deal with these issues, give our clients the right advice without distorting the truth, and deliver the certificate and license within a reasonable time. Connect with CertificationsBay today to avail our quality services.
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