An OPC has its roots in the Companies Act 2013. Unlike a private or public limited company, an OPC does not require multiple members for formation. As the name suggests it can be formed by a sole member.
However not all can opt for this form of organization. OPC can be formed only if the paid up capital is less than fifty lakhs or the turnover is less than two crores during a financial year.
Only an Indian can be the member of OPC. A foreign citizen or non-resident cannot form an OPC. It enjoys same benefits as any private or public limited company but has lesser compliances than them. Once an OPC is incorporated, it cannot be voluntarily converted to a private limited company within two years from its incorporation. However, the two year criterion is not applicable if it crosses the capital/turnover threshold.
In case place is owned by the Member - Latest utility bill clearly showing name of member and NOC from member allowing to use the place for running the business
In case place is rented-Rent agreement, latest utility bill clearly showing name of owner and NOC from owner allowing to use the place for running the business
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