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The concept of One Person Company [OPC] is a new vehicle/form of business, which was introduced by The Companies Act, 2013 [No.18 of 2013], thereby enabling the Entrepreneur(s) to carry on the business in the Sole-Proprietor to form of business to enter into a Corporate Framework.
One Person Company is thus a hybrid of a Sole-Proprietor and a Company form of business, and it has been provided with the concessional/relaxed requirements under the Act.
This article will tell about the steps which are to be followed to incorporate a one-person company.
Only one shareholder:
Only a natural person, who is an Indian citizen and a resident in India shall thus be eligible to incorporate a One Person Company.
The Shareholder shall thus nominate another person who would become the shareholders in case of death/incapacity of the original shareholder. Such nominee shall thus give his/her consent and such consent for being appointed as the Nominee for the sole Shareholder. Only a natural person, who is an Indian citizen and a resident in India shall thus be considered to be a nominee for the sole member of a One Person Company.
The company is required to have a minimum of One Director, the Sole Shareholder can thus himself be the Sole Director. The Company may, however, have a maximum number of 15 directors.
Steps to be followed to Incorporate One Person Company (OPC)
Related Article–
What are the advantages of OPC Registration?
Board Reports for OPC and Small Company
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