Only one shareholder is allowed in an OPC. Additionally, you need to have a nominee
Voluntary conversion
When a One Person Company gets incorporated, it cannot convert itself to Private or Public company for a period of not less than two years from the date of incorporation. Means if you want to get converted voluntarily you have to wait for two years to over
Compulsory Conversion
When a One Person Company has a paid-up capital more or equal to Rs. 50 lakhs or, the Annual turnover for the relevant financial year exceeds Rs. 2 crores, then in such conditions, the company has to compulsorily convert itself into Private Limited Company or Public Limited Company.
The minimum authorized capital to start should be Rs. 100,000(US $2250 approx) and it can be increased to any amount(no upper limit). This money is deposited in your company bank account at your disposal.
With New form INC 29 the total time to register an OPC is 10-20 working days.
Yes, the company incorporation process is online. You can email / upload us the required documents.
No, an NRI or Foreign National cannot be a shareholder for an OPC
The documents requirements are as follows
Yes, a salaried person become the director in an OPC, there are no legal bondages in this, but you have to go through with your employment agreement if it contains any restrictions on doing so.
Once a Company is incorporated, it will be active and in-existence as long as the annual compliances are met with regularly. In case, annual compliances are not complied with, the Company will become a Dormant Company and maybe struck off from the register after a period of time. A struck-off Company can be revived for a period of upto 20 years.
No You can open a company to your residential address there is no requirement to have a commercial place to open up a company
For Registered Office Address
First ensure that company name is not similar to any other Private Limited,OPC, LLP or Public limited company. Also, do check If your first is not a registered trademark taken by anybody under the IP Act.
Also, make sure the name is not too generic to be accepted by the ROC land also, try not to use abbreviations, adjectives.
While choosing the name make sure that name should contain the objective of the business like if the objective is I then word is Technology, Technosoft, IT consultancy.