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Formation
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Website Link:
Formation: In India, a One Person Company (OPC) can be formed by a single individual who meets the following criteria:
Resident of India: The individual formation the OPC must be a resident of India. This means that they should have stayed in India for a minimum period as prescribed by the government, typically 182 days or more in the preceding financial year.
Indian Citizenship: The person forming the OPC must be an Indian citizen. Only Indian nationals are eligible to establish an OPC.
Sole Member: The OPC must have only one member or shareholder. No other individual or entity can join as a member or shareholder.
One Director: The OPC must have a minimum of one director. The sole member of the company can also act as the director, fulfilling the requirement of having at least one director on the board.
Nominee Director: The OPC must appoint a nominee director who will take over the management and ownership in the event of the sole member’s death or incapacity. The nominee director must be an Indian resident and a natural person.
It’s important to note that non-residents and foreign nationals are not eligible to form an OPC in India. The OPC structure is specifically designed for single individuals who are Indian residents and citizens, providing them with a separate legal entity for conducting business while maintaining limited liability.
For further details access our website: https://vibrantfinserv.com
To visit: https://www.mca.gov.in/
