7/8/2015

OnePersonCompany(OPC)/OneManCompanyMeaning

OnePersonCompany(OPC)/OneManCompanyMeaning

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WhatisaOnePersonCompanyoraOneManCompany?
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Itisregisteredcompanywhohasonlyoneshareholder.Itisaprivatecompany.

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Provisionsunderthecompaniesact1956
There was no separate provision(s) for oneman /one person companies in the
CompaniesAct,1956.EarlierundertheprovisionsoftheCompaniesAct,1956,
it requires a Public Company to have atleast 7 members(shareholders) and a
Private Company to have atleast 2 members(shareholders) and a Producer
Company to have atleast 5 members(shareholders). And therefore a company
having a single member was not allowed to have the existence of a registered
company.

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Definition
Section 2(62) of the Act, defines a One Person Company as a company
whichhasonlyonepersonasamember.
OPCisaPrivateCompany
AOnePersonCompanyistreatedasaPrivateCompanyonlysec3(1)(c).
Eligibilityofthemember

As per Rule 3 of the Companies (Incorporation) Rules, 2014, all the following
criteriamustbecompliedtobethememberofanOPC
(a)anaturalperson
(b)anIndiancitizen
(c)residentinIndia
(d)notaminor

Audit

of

Directors

Common

Seal

Companies Act 2013 Companies Bill

2012

Company

Secretary

Definitions

Company
Depositories

Directors Dividend Foreign Direct

Investment (FDI) General Meeting
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Memorandum and Articles of

Association Notice formats Prospectus

Resolutions

ROC
Share
Capital ShareCertificates Stamp Duty
Statutory Auditors Statutory

MeetingStockExchange

Jointholdersconsideredassinglemember
Joint Holder of share(s) would not constitute double membership, in case more
than one person is holding some shares jointly as joint holders for that shares
then they will be treated as single member and they can form a one person
company.

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Nameofthecompany
The words One Person Company shall be mentioned in brackets below the
nameofsuchcompany,whereveritsnameisprinted,affixedorengraved.[2nd
ProvisoofSection12(3)]
Director
Aonepersoncompanyshallhaveatleastonedirector.[Sec.149(1)(a)]
FirstDirectorIncaseofaOPCanindividualbeingmembershallbedeemedto
beitsfirstdirector
untilthedirector(s)isdulyappointedbythemember.[Sec.152(1)]
BoardMeeting
EveryonepersoncompanyshallhavetoatleastholdonemeetingoftheBoard
of Directors in each half of a calendar year and the gap between the two
meetingsisnotlessthanninetydays.
In case the one person company has only only one director on its Board, the
aboveprovisionsarenotapplicable.[Sec.173(5)]
AnnualGeneralMeeting
OnePersonCompaniesarenotberequiredtoholdAnnualGeneralMeeting.

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During the incorporation of the OPC, a nominee is selected by the single

memberofthecompany.
Thenameofthenominee,isrequiredtobementionedinthememorandum,who
shall,intheeventofthesubscribersdeathorhisincapacitytocontractbecome
thememberofthecompany.
The nominee must give his written consent in Form No. INC 3 to become the
nominee of the company and such consent shall be filed with the Registrar at
thetimeofincorporationoftheOPCalongwithitsmemorandumandarticles.
Thisnomineemaywithdrawhisconsentatanytime.Likewisetheonlymember
of OPC may also at any time change the name of such nominee by giving
notice,andthenameofthenewpersonhastobeindicatedinthememorandum.
The company has to intimate in Form No. INC 4 the change to ROC within
30days from receipt of withdrawal notice. Such change in the name of the
personshallnotbedeemedtobeanalterationofthememorandum.

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As per Rule 3 of the Companies (Incorporation) Rules, 2014, all the following
criteriamustbecompliedtobethenomineeofthesolememberofanOPC:
(a)anaturalperson
(b)anIndiancitizen
(c)residentinIndia
(d)notaminor

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Not more than 1 OPC per person / Not to be nominee in more

than1OPC
A person is allowed to incorporate only one OPC and also allowed to become
nomineeinoneOPC.Rule3(2)oftheCompanies(Incorporation)Rules,2014
Comment

SigningofAnnualReturn

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IncaseofOPC,theannualreturnshallbesignedbythecompanysecretary,or
where there is no company secretary, by the director of the company. [Proviso
toSection92(1)]
SigningofFinancialStatements
The financial statement, including consolidated financial statement, if any, as
approved by the Board of Directors shall be signed on behalf of the Board by
onlybyonedirector,forsubmissiontotheauditorforhisreportthereon.
Restrictionincarryingoncertainactivities
AnOPCcannotcarryoutNonBankingFinancialInvestmentactivitiesincluding
investmentinsecuritiesofanybodycorporates.
CeasetobeOnePersonCompanyCases
In case the paid up share capital of an OPC exceeds INR 50 lacs or its average
annualturnoverduringtherelevantperiodexceedsINR2crores,itshallceasetobe
entitledtocontinueasanOPC.[Rule6ofthecompanies(Incorporation)Rules,2014]

This concept of one person company is great initiative from Ministry of

Corporate Affairs and is a welcoming approach for various businessmen as it
would give them to establish a company without requiring any other person in
theboardofthecompanyandasashareholderofthecompany.
FirstOnePersonCompany(OPC)inIndia
ThefirstOnePersonCompanyinIndiawasincorporatedon28thApril2014atDelhi
under RoCDelhi jurisdiction. The company name is "VIJAY CORPORATE
SOLUTIONS OPC PRIVATE LIMITED" having CIN: U93000DL2014OPC267546.
Mr.VIJAYKUMARSHARMAistheonlyDirectorandShareholderoftheCompany.

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Addacomment...

Commentusing...

SanjeevSaxenaAssociateDirectoratMenthaAndAlliedProducts
PrivateLimited
ReallyagreatinitiativebyMCA.appreciableefforttotoimpart
knowledgeaboutOPC.
ReplyLikeJune10at4:29am
LakshminarayananKrishnamurthyA.M.Jaincollege
WhyshouldanybodypreferOPCtoPvt.Ltd.Co.
ReplyLikeMay7at4:26am
JitendraPSahooICAIKOLKATA
wow
ReplyLikeMarch14at8:45am
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2 comments

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Top comments

raghwendra kumar 5 months ago - Shared publicly

this
concept of opc is really fantastic approach for the
proprietorship concern as well as professional
1 Reply

joe j 4 months ago (edited) - Shared publicly

one
person company registration available in India.
Vakilsearch.com is providing online based on registration
service - visit for more info - vakilsearch.com/one-personcompany-opc-in-india
1 Reply

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