Question 1

Who can form a One Person Company?

Accepted Answer

Only a natural person who is an Indian citizen and resident in India can form an OPC. The person must have stayed in India for at least 182 days in the preceding calendar year.

Question 2

What is the role of nominee in OPC?

Accepted Answer

A nominee is a person who will become the member of OPC in case of death or incapacity of the original member. The nominee must also be an Indian citizen and resident.

Question 3

Can OPC be converted to Private Limited Company?

Accepted Answer

Yes, OPC can be voluntarily converted to Private Limited Company at any time. Mandatory conversion is required when paid-up capital exceeds Rs. 50 lakhs or turnover exceeds Rs. 2 crores.

Question 4

What are the compliance requirements for OPC?

Accepted Answer

OPC has relatively fewer compliances. It needs to file annual returns (AOC-4 and MGT-7A), maintain minutes of meetings, and conduct at least one board meeting every half year.

Question 5

Is there any minimum capital requirement for OPC?

Accepted Answer

No, there is no minimum capital requirement. You can start with any amount as authorized capital.

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