•  The OPC must have only one member at any point of time and may have only one director
•  The OPC must have a nominee who must be an individual.
•  Minor shall not become member or nominee of the One Person Company
•  Both the member and nominee must be a natural person (Cannot be a company). Both should be resident in India”. Resident in India means a person who has stayed in India for a period of not less than 182 days during the immediately preceding one calendar year.

Conversion into a private limited

•  If the average turnover in the last 3 financial years is more than Rs. 2 crores or if the capital is more than Rs 50 lakhs, then the OPC must be converted into a private limited. (Mandatory conversion)
•  If you plan to add another shareholder in the OPC, it can be done only after 2 years has elapsed from the date of incorporation. (Voluntary Conversion)