Do we need to inform MCA about the change in the membership of ROC?

Yes. We need to inform the MCA about the change in membership of OPC. Form INC-4 of cessation of member of on account of death or change in the ownership.

What are the mandatory OPC compliances?

Although both the private company and the OPC govern under there are major differences between the OPC and the private company for a number of reasons. Moreover, its compliance is also somewhat different.

Stationary compliances like rubber stamp for the company, name board and letterhead.

Application, OPC bank account, appointment of legal auditor, Meetings, filing financial statements, final annual return and income tax return.

What if a member of OPC becomes a member of another OPC because he is a nominee in another OPC?

Where a natural person, a person being a member of a company becomes a member of another OPC registration in bangalore due to being nominate in OPC, such person will meet the eligibility criteria to become a member of only one OPC within a period of 180 days. , I.e., he / she will withdraw his / her membership from any OPC within 180 days.

Who is eligible to act as a member of OPC?

Only a natural person who is an Indian citizen and a resident of India will be eligible to act as a member and nominee of an OPC. The term “resident in India” means a person who has immediately stayed in India for a period of less than 182 days during the previous financial year.

Can an individual company be convert into a private limited company?

Yes, if a one person company has exceeded the threshold limit by filing the required forms, it can be converted into a private limited company.

How to inform ROC about conversion to private limited company or public limited company?

Fill in the INC-Form form to provide information on conversions required by a private or public limited company.

What happens if a person becomes a member or nominee of two or more OPCs?

If a person becomes a member or nominee of more than 2 or 2 OPCs, he / she has to withdraw his / her membership from OPC within 182 days.

Is OPC a new idea?

No. Such an idea as of now exists in numerous nations.  In India, the idea was present in the Companies Act of 2013. Its presentation depended on the ideas of the J.J. Irani Committee Report on Company Law, which presented its suggestions in 2005.

Bringing up that there was a requirement for a structure for little undertakings, the council said little organizations would contribute fundamentally to the Indian economy, but since of their size, they couldn’t be trouble with similar degree of consistence prerequisites as huge public-record organizations. 

The report, while looking at giving innovative senses of individuals an outlet in the period of data innovation, said, “It would not be sensible to expect that each business visionary who is fit for building up his thoughts and taking part in the commercial center ought to get it done through a relationship of people.” 

While putting forth a defense for one-individual organizations, the board of trustees likewise said, “Such a substance might be furnish with a less difficult system through exclusions so the single business person isn’t constrain to squander his time, energy and assets on procedural issue.”

Who can frame or consolidate an OPC? 

According to Rule 3(1) of the Companies (Incorporation) Rules 2014, just a characteristic individual who is an Indian Citizen and occupant in India will be qualified to consolidate/structure an OPC.

Who can turn into a nominee of an OPC? 

According to Rule 3(1) of the Companies (Incorporation) Rules 2014, just a characteristic individual who is an Indian Citizen and occupant in India will be a nominee for the sole individual from an OPC.

What is the idea of chosen one if there should arise an occurrence of OPC? 

According to the primary stipulation to Section 3(1) of the Companies Act 2013, at the hour of consolidate of OPC, the sole individual from OPC is need to name someone else as his chose one and his name will must be included in the Memorandum of Association of the OPC. 

The chosen one so named will: 

• in case of the sole part’s passing; or 

• in case of the sole part getting debilitate to contract; 

• Become the individual from OPC registration

A chosen one so name is need to give his compose assent for something very similar. The said compose assent will likewise must be record with the ROC at the hour of fuse of the OPC registration in Bangalore alongside its MoA and AoA. 

• A candidate may likewise pull out his assent on the off chance that he so wants. 

• To re-emphasize, just a characteristic individual who is an Indian Citizen and inhabitant in India is qualified to be a candidate as previously mention

What is the strategy to be follow for Nomination by a Member or Subscriber of OPC? 

According to Rule 4 of the Companies (Incorporation) Rules 2014: 

• Update to show the name of candidate. 
• The above designation sign will be document by the endorser with the Registrar in Form No. INC.2 alongside charges recommended 
• endorser additionally need to document the assent of his chosen one in Form No. INC.3 alongside charges recommend.
• In the event that the support/part bites the dust or become debilitate to get, his candidate will turn into the new individual.
• The new part as previously mention thus is need to name his candidate inside 15 days of his turning into the new individual from
• Document with the Registrar inside 30 days of progress in participation: 
• Form No INC.4 alongside charges recommended, the insinuation of such discontinuance and designation and 
• Form No INC.3 alongside the charges recommended, the assent of the new chosen one.