A forward-thinking idea that promotes the incorporation of micro-businesses and persons with entrepreneurial ideas and gives a boost to entrepreneurs who have high potential to begin their venture by permitting them to build a single-person company.
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Frequently asked questions.
The minimum number of Directors required to form an OPC is one. However, there can be more than one up to 15 Directors. Please note that the restriction is on number of members and not Directors.
The nominee appointed by the member shall become the member then.
What if the nominee of the OPC die or the member wants to change the name of nominee at any given point of time?
The OPC and the member can at any time can change the name of the nominee of the OPC by following the procedure laid down in provisions of Rule 4 of the Companies (Incorporation) Rules, 2014. However, it is important to note that even the nominee can withdraw his consent at any time.
On interpretation of the law, it is stated that a single person can hold the position of member and nominee of a single OPC only. What if a situation arises when the nominee becomes member of the OPC when the member dies and along with it he is also the member of his own OPC?
In the given situation, the single person becomes member of two OPCs at the same time by virtue of circumstances and not voluntarily. In such a case, he shall meet the criteria as specified in the law within a period of 180 days.