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.