What is One Person Company ? ( OPC )
The unique concept is introduced by The Companies Act, 2013 [ Notification No.: 18 of 2013 ], wherein Sole Proprietor / Owner of business can enter into market with Corporate Framework along with lesser compliance.
STRUCTURE OF ONE PERSON COMPANY
Only a natural person, who is an Indian Citizen and resident in India shall be eligible to incorporate a One Person Company. The term “Resident” means the same as mentioned in Section 2 of Income Tax Act, 1961.
Nominee for the Shareholder
The only shareholder shall nominate one person who shall become the shareholder in case of death / incability of being an original shareholder.
Such nominee shall have to give their consent of being appointed as nominee of the original share holder.
Only a natural person who is Indian Citizen and Resident Indian can be a nominee of Original Shareholder.