OPC is a dream come true for any individual who has the aim to start his/her own company. A single shareholder is the major concept of One Person Company with 100 per cent shareholding. The business head is the decision maker, resulting in quicker and easier decision making. A society or any other corporate entity is not allowed to form a One Person Company.
It need not bother too much about compliances, unlike a public or private limited company. Every OPC must appoint a nominee who will become the owner of the OPC in case the promoter/director is disqualified or insolvent and disable.
The single director does not mean that more than one director is a problem, it is mentioned that up to 15 can be allowed as per the companies act. The concept is the person can nominate a nominee to come forward to take care of the rest of the company’s functioning with his/her written consent if the person is not able to work like death event or any other specific reason.
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