One Person Company Incorporation in Bengaluru

A One Person Company is a private company with a single member, defined in section 2(62) and formed under section 3(1)(c) of the Companies Act, 2013. Under rule 3 of the Companies (Incorporation) Rules, 2014, as amended with effect from 1 April 2021, the member and the nominee must each be a natural person who is an Indian citizen, whether resident in India or otherwise. A minor cannot be a member or a nominee.

The memorandum names a nominee who becomes the member if the sole member dies or becomes incapable of contracting, and the nominee's written consent in Form INC-3 is filed with the incorporation. The OPC is incorporated through SPICe+ on the MCA V3 portal, with PAN, TAN and the other registrations applied for through AGILE-PRO-S, as for a private limited company. An OPC cannot be incorporated as or converted into a section 8 company, and cannot carry on non-banking financial investment activity. Since 1 April 2021 an OPC can convert into a private or public company without the earlier two-year, capital and turnover conditions.

The compliance calendar is lighter than for other private companies. An OPC need not hold an annual general meeting (section 96(1)). It files its financial statements in AOC-4 within 180 days from the close of the financial year (third proviso to section 137(1)) and its annual return in MGT-7A. It meets the board-meeting requirement with at least one meeting in each half of the calendar year, at least 90 days apart (section 173(5)), and an OPC with only one director is outside sections 173 and 174 altogether.