A one person company allows a natural person resident in India or a PIO who has spent at least 182 days in India in the previous year to incorporate a company by themselves without needing a co-founder. The one person is the sole member and must appoint a nominee. They can only form one such company and it cannot be converted to other forms within two years or if capital or turnover thresholds are exceeded.

1. No need to have Co-founder to start your
Business-ONE PERSON COMPANY
• Natural person who is resident in India or a PRI who had spent 182 days in India during the
immediately preceding one calendar year can incorporate one person Company.
• Member of OPC need to appoint a nominee
• One person can form only one OPC
• Minor can not be member/nominee/hold shares with beneficial interest.
• OPC can’t be converted into a sec 8 Company.
• It can’t do financial activities.
• It can not be converted into any other form of Company within 2 years of its incorporation except
when its share capital exceeds 50 lacs or turnover exceeds 2 crores.
• Written consent is required to be taken from nominee.
• Nominee can withdraw his consent anytime by giving notice in writing to OPC.
• OPC needs to appoint other nominee within 15 days from receipt of withdrawal notice.
• PENALTY of Rs. 10,000 and Rs. 1000 per day during which the default continues. Default could
be any non compliance related to One Person Company.