Eligibility Criteria for OPC Registration:
Filing financial statements: Companies must file financial statements annually.
Individual as the Owner: Only a natural person who is an Indian citizen and a resident of India can form an OPC.
No Joint Ownership: An individual cannot incorporate more than one OPC or act as a nominee in more than one OPC.
Resident in India: The promoter must be a resident in India, meaning they should have lived in India for at least 182 days during the previous calendar year.
Minimum Authorized Capital: The OPC must have a minimum authorized capital of Rs 1 00,000, the amount stated in the company's capital clause during the OPC Company registration.
Nominee Appointment: The promoter must appoint a nominee during the OPC's incorporation. This nominee would become a member of the OPC in the event of the promoter's death or incapacity.
Restrictions on Certain Businesses: Businesses involved in financial activities such as banking, insurance, or investments are not eligible for OPC company registration.
Conversion to Private Limited Company: If the OPC's paid-up share capital exceeds 50 lakhs or its average annual turnover surpasses 2 Crores, it must be converted into a private limited company to comply with the regulatory requirements for larger companies.
