1. How many persons are required to start a One Person Company (OPC)
As the name suggests, OPC shall be set up by an Individual person. No company or a firm can start OPC
2. Where to register OPC?
OPC is governed under the regulations of Ministry of Corporate Affairs (MCA). It has to be registered with Registrar of Companies (ROC)
3. Can I keep the name of OPC as per my wish?
NO, name of OPC has to be approved by ROC.
4. Can a foreigner start OPC?
No. Only a natural person, who is an Indian citizen and resident in India (who stayed more than 182 days in the previous year), shall be eligible to incorporate a One Person Company.
5. Will OPC have a director?
Yes. The sole shareholder himself will act as the director of OPC.
6. Can one individual have 2 or more OPC?
A person shall not be eligible to incorporate more than a One OPC.
7. Can a minor start an OPC?
No. A minor is not allowed to start an OPC
8. How to convert OPC into a company?
An OPC cannot convert voluntarily into any kind of company unless two years have expired from the date of incorporation of One Person Company. However, in case the paid up share capital of an OPC exceeds fifty lakh rupees or its average annual turnover during the relevant period exceeds two crore rupees, then the OPC has to mandatorily convert into private or public company.
9. How much time and cost is required to start an OPC?
One can incorporate an OPC within 20 days and approximately it will cost around Rs.20000.
10. How much tax is to be paid by OPC?
OPC is taxed on par with private companies, 30.9% on profits.
11. Does the nominee need to have DIN?
Yes. Nominee need to have a DIN.