{"id":2371,"date":"2023-06-12T09:32:35","date_gmt":"2023-06-12T09:32:35","guid":{"rendered":"https:\/\/vibrantfinserv.com\/kb\/?p=2371"},"modified":"2024-09-27T06:09:35","modified_gmt":"2024-09-27T06:09:35","slug":"statutory-company","status":"publish","type":"post","link":"https:\/\/vibrantfinserv.com\/kb\/statutory-company\/","title":{"rendered":"OPC is a statutory company?"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-18 alignleft\" src=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/05\/Logo-Vibrant-FinServ-300x143.png\" alt=\"\" width=\"134\" height=\"64\" srcset=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/05\/Logo-Vibrant-FinServ-300x143.png 300w, https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/05\/Logo-Vibrant-FinServ.png 482w\" sizes=\"auto, (max-width: 134px) 100vw, 134px\" \/><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/vibrantfinserv.com\/kb\/statutory-company\/#Statutory_company\" >Statutory company<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/vibrantfinserv.com\/kb\/statutory-company\/#Single_Shareholder\" >Single Shareholder:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/vibrantfinserv.com\/kb\/statutory-company\/#Limited_Liability\" >Limited Liability:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/vibrantfinserv.com\/kb\/statutory-company\/#Single_Director\" >Single Director:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/vibrantfinserv.com\/kb\/statutory-company\/#Nominee_Director\" >Nominee Director:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/vibrantfinserv.com\/kb\/statutory-company\/#No_Minimum_Capital_Requirement\" >No Minimum Capital Requirement:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/vibrantfinserv.com\/kb\/statutory-company\/#Conversion\" >Conversion:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/vibrantfinserv.com\/kb\/statutory-company\/#FAQs\" >FAQs<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/vibrantfinserv.com\/kb\/statutory-company\/#1What_is_an_OPC\" >1.What is an OPC?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/vibrantfinserv.com\/kb\/statutory-company\/#2_Is_OPC_a_statutory_company\" >2. Is OPC a statutory company?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/vibrantfinserv.com\/kb\/statutory-company\/#3_What_does_%E2%80%9Cstatutory_company%E2%80%9D_mean\" >3. What does &#8220;statutory company&#8221; mean?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/vibrantfinserv.com\/kb\/statutory-company\/#4_Who_can_form_an_OPC\" >4. Who can form an OPC?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/vibrantfinserv.com\/kb\/statutory-company\/#5_What_are_the_benefits_of_an_OPC\" >5. What are the benefits of an OPC?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/vibrantfinserv.com\/kb\/statutory-company\/#6_Is_an_OPC_required_to_have_a_minimum_capital\" >6. Is an OPC required to have a minimum capital?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/vibrantfinserv.com\/kb\/statutory-company\/#7_Can_an_OPC_have_more_than_one_member\" >7. Can an OPC have more than one member?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/vibrantfinserv.com\/kb\/statutory-company\/#8_Is_there_any_restriction_on_the_turnover_of_an_OPC\" >8. Is there any restriction on the turnover of an OPC?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/vibrantfinserv.com\/kb\/statutory-company\/#9_What_happens_if_an_OPC_exceeds_the_turnover_limit\" >9. What happens if an OPC exceeds the turnover limit?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/vibrantfinserv.com\/kb\/statutory-company\/#10_Are_there_any_filing_requirements_for_OPCs\" >10. Are there any filing requirements for OPCs?<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/vibrantfinserv.com\/kb\/statutory-company\/#For_further_details_access_our_website_https_vibrantfinservcom\" >For further details access our website: https:\/\/vibrantfinserv.com<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"Statutory_company\"><\/span><strong>Statutory company<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-7365 alignright\" src=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/06\/Statutory-company-300x235.png\" alt=\"Statutory company\" width=\"203\" height=\"159\" srcset=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/06\/Statutory-company-300x235.png 300w, https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/06\/Statutory-company.png 643w\" sizes=\"auto, (max-width: 203px) 100vw, 203px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;OPC (One Person Company) is not a statutory company. OPC refers to a type of business structure or legal entity recognized in certain jurisdictions, including India. It is a form of company where a single individual can establish a separate legal entity and enjoy limited liability protection similar to a private limited company.\\n\\nIn India, the concept of OPC was introduced through the Companies Act, 2013. It allows a sole proprietor or entrepreneur to register a company with only one member as its shareholder and director. The key features of OPC in India include:\\n\\nSingle Shareholder: An OPC can have only one shareholder, who is the sole owner of the company's shares.\\n\\nLimited Liability: The liability of the shareholder is limited to the extent of their capital contribution, protecting their personal assets in case of business debts or liabilities.\\n\\nSingle Director: An OPC can have a single director, who can also be the shareholder. However, there can be a maximum of 15 directors in total.\\n\\nNominee Director: An OPC is required to nominate a person as a nominee director who will take over the management of the company in case of the sole director's incapacitation or death.\\n\\nNo Minimum Capital Requirement: There is no minimum capital requirement for an OPC in India. The capital can be as per the business requirements.\\n\\nConversion: An OPC can be converted into a private limited company if certain conditions are met, such as reaching a certain turnover threshold or exceeding the maximum paid-up capital limit.\\n\\nIt's important to note that the regulations and requirements for OPC may vary in different countries. Therefore, it is advisable to consult with a legal professional or company formation expert in your specific jurisdiction to understand the specific rules and regulations governing OPC in your location.&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:515,&quot;3&quot;:{&quot;1&quot;:0},&quot;4&quot;:{&quot;1&quot;:2,&quot;2&quot;:16750848},&quot;12&quot;:0}\">Statutory company: OPC (One Person Company) is not a statutory company. OPC refers to a type of business structure or legal entity recognized in certain jurisdictions, including India. It is a form of company where a single individual can establish a separate legal entity and enjoy limited liability protection similar to a private limited company.<\/span><\/p>\n<p>In India, the concept of OPC was introduce through the Companies Act, 2013. It allows a sole proprietor or entrepreneur to register a company with only one member as its shareholder and director.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>The key features of OPC in India include:<\/strong><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Single_Shareholder\"><\/span>Single Shareholder:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"padding-left: 40px;\">An OPC can have only one shareholder, who is the sole owner of the company&#8217;s shares.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Limited_Liability\"><\/span>Limited Liability:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"padding-left: 40px;\">The liability of the shareholder is limited to the extent of their capital contribution, protecting their personal assets in case of business debts or liabilities.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Single_Director\"><\/span>Single Director:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"padding-left: 40px;\">An OPC can have a single director, who can also be the shareholder. However, there can be a maximum of 15 directors in total.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Nominee_Director\"><\/span>Nominee Director:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"padding-left: 40px;\">An OPC is require to nominate a person as a nominee director who will take over the management of the company in case of the sole director&#8217;s incapacitation or death.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"No_Minimum_Capital_Requirement\"><\/span>No Minimum Capital Requirement:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"padding-left: 40px;\">There is no minimum capital requirement for an OPC in India. The capital can be as per the business requirements.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Conversion\"><\/span>Conversion:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"padding-left: 40px;\">An OPC can be convert into a private limited company if certain conditions are met, such as reaching a certain turnover threshold or exceeding the maximum paid-up capital limit.<\/p>\n<p>&nbsp;<\/p>\n<p>It&#8217;s important to note that the regulations and requirements for OPC may vary in different countries. Therefore, it is advisable to consult with a legal professional or company formation expert in your specific jurisdiction to understand the specific rules and regulations governing OPC in your location.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>To visit:<a href=\"https:\/\/www.mca.gov.in\/\"> https:\/\/www.mca.gov.in\/<\/a><\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"FAQs\"><\/span>FAQs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"1What_is_an_OPC\"><\/span><strong>1.What is an OPC?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Answer:<\/strong> An OPC is a One Person Company, a business structure that allows a single individual to operate a company.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_Is_OPC_a_statutory_company\"><\/span>2. <strong>Is OPC a statutory company?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Answer:<\/strong> Yes, an OPC is considered a statutory company as it is formed under the Companies Act, 2013 in India.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_What_does_%E2%80%9Cstatutory_company%E2%80%9D_mean\"><\/span>3. <strong>What does &#8220;statutory company&#8221; mean?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Answer:<\/strong> A statutory company is a company created by a specific law or statute, which outlines its structure and operations.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_Who_can_form_an_OPC\"><\/span>4. <strong>Who can form an OPC?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Answer:<\/strong> Any Indian citizen who is at least 18 years old can form an OPC, provided they are not disqualified by any law.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"5_What_are_the_benefits_of_an_OPC\"><\/span>5. <strong>What are the benefits of an OPC?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Answer:<\/strong> Benefits include limited liability, complete control by the owner, and easier compliance requirements compared to other company types.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"6_Is_an_OPC_required_to_have_a_minimum_capital\"><\/span>6. <strong>Is an OPC required to have a minimum capital?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Answer:<\/strong> Yes, there is no specified minimum capital requirement for an OPC, but it should have sufficient capital to meet its operational needs.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"7_Can_an_OPC_have_more_than_one_member\"><\/span>7. <strong>Can an OPC have more than one member?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Answer:<\/strong> No, an OPC can only have one member. If the number of members exceeds one, it must convert to a different type of company.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"8_Is_there_any_restriction_on_the_turnover_of_an_OPC\"><\/span>8. <strong>Is there any restriction on the turnover of an OPC?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Answer:<\/strong> Yes, an OPC must have an annual turnover of less than \u20b92 crores to maintain its status as an OPC.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"9_What_happens_if_an_OPC_exceeds_the_turnover_limit\"><\/span>9. <strong>What happens if an OPC exceeds the turnover limit?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Answer:<\/strong> If the turnover exceeds \u20b92 crores, the OPC must convert into a private or public company within six months.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"10_Are_there_any_filing_requirements_for_OPCs\"><\/span>10. <strong>Are there any filing requirements for OPCs?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Answer:<\/strong> Yes, OPCs must file annual returns and financial statements with the Registrar of Companies, just like other types of companies.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/5.imimg.com\/data5\/SELLER\/Default\/2023\/3\/294577202\/VH\/FY\/UT\/35511633\/company-registration-service-250x250.jpg\" alt=\"One Person Company (OPC) Incorporation, Professional Experience: 10 Year\" width=\"201\" height=\"201\" \/><\/p>\n<h4 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"For_further_details_access_our_website_https_vibrantfinservcom\"><\/span>For further details access our website: <a href=\"https:\/\/vibrantfinserv.com\/\">https:\/\/vibrantfinserv.com<\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>Statutory company &nbsp; Statutory company: OPC (One Person Company) is not a statutory company. OPC refers to a type of business structure or legal entity recognized in certain jurisdictions, including India. It is a form of company where a single individual can establish a separate legal entity and enjoy limited liability protection similar to a\u2026 <span class=\"read-more\"><a href=\"https:\/\/vibrantfinserv.com\/kb\/statutory-company\/\">Read More &raquo;<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":7365,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[56],"tags":[4122,4994,4117,4174,3328,12953,6004,4930,6369,5224,4288,4925,168,351,1773,254,4113,2290,5373,8003,6993,193,342,12958,12955,4283,5787,12451,1406,7413,4291,1452,5419,7738,7996,4285,5480,5434,5886,5238,5987,5222,4281,12952,4287,6531,4163,4152,4955,4172,4125,5019,8428,515,318,9092,12959,212,191,336,9091,2370,1652,115,4971,5218,561,5231,7946,256,5993,182,229,181,12536,12533,12430,12876,9520,9526,12426,12397,9535,12954,12446,9525,12956,1650,12957,12404,9528,12855,332,919,4941,5162,12951],"class_list":["post-2371","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opc-pvt-ltd","tag-businessdevelopment","tag-businessentity","tag-businessformation","tag-businessformationprocess","tag-businesslaws","tag-businesslawsinindia","tag-businesslawyers","tag-businesslegalities","tag-businesslegalsupport","tag-businesslegislation","tag-businessowner","tag-businessownership","tag-businessregistration","tag-businessregistrationprocess","tag-businessregulations","tag-businessstructure","tag-companyformation","tag-companyincorporation","tag-companylaw","tag-companylawindia","tag-companylegalities","tag-companyownership","tag-companyregistration","tag-companyrequirements","tag-companyrules","tag-companysetup","tag-companystructure","tag-corporatechallenges","tag-corporatecompliance","tag-corporateculture","tag-corporateformation","tag-corporategovernance","tag-corporateguidelines","tag-corporateidentity","tag-corporateindia","tag-corporatelaw","tag-corporatelawyers","tag-corporatelegalities","tag-corporatemanagement","tag-corporateregulations","tag-corporateresponsibility","tag-corporaterules","tag-corporatesetup","tag-corporatestatute","tag-corporatestructure","tag-corporateworld","tag-entrepreneurialadvice","tag-entrepreneurialjourney","tag-entrepreneuriallife","tag-entrepreneurialmindset","tag-entrepreneurialspirit","tag-entrepreneurialsuccess","tag-entrepreneurialventure","tag-entrepreneurship","tag-legaladvice","tag-legalaspect","tag-legalaspectsofbusiness","tag-legalcompliance","tag-legalconsultation","tag-legalentity","tag-legalentitystatus","tag-legalformalities","tag-legalframework","tag-legalguidance","tag-legalinsights","tag-legalprocedures","tag-legalrequirements","tag-legalstandards","tag-legalstatus","tag-legalstructure","tag-legalunderstanding","tag-limitedliability","tag-onepersoncompany","tag-opc","tag-opcadvantages","tag-opcbenefits","tag-opcbusiness","tag-opcchallenges","tag-opcformation","tag-opcformationprocess","tag-opcinindia","tag-opcinsights","tag-opclaw","tag-opclawyers","tag-opclegal","tag-opclegalities","tag-opcprospects","tag-opcregistration","tag-opcregistrationprocess","tag-opcrules","tag-opcstructure","tag-singleownercompany","tag-soleproprietorship","tag-startupindia","tag-startuplegalities","tag-startups","tag-statutorycompany"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>statutory company\/ Article\/ VibrantFinserv -<\/title>\n<meta name=\"description\" content=\"Statutory company,OPC (One Person Company) is not a statutory company. 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