A-One Person Company is incorporated as a private limited company.
Only a natural person who is an Indian citizen and resident in India shall be eligible to act as a member and nominee of an OPC.
No minor shall become member or nominee of the One Person Company or hold share with beneficial interest.
One person cannot incorporate more than one OPC or become a nominee in more than one OPC.
No such company can convert voluntarily into any kind of company unless 2 years have expired from the date of incorporation, except in cases where capital or turnover threshold limits are reached.
In case the paid-up share capital of an OPC exceeds fifty lakh rupees or its average annual turnover exceeds during the relevant period exceeds two crore rupees, then the OPC has to mandatorily convert into a private or public company.