Introduction
A candidate Is a crucial component of an OPC. An individual director must designate a candidate for the particular entity to register a one-person corporation. An elected or designated person will join the company if the subscriber passes away or becomes incapable of managing their affairs since it has a single director in a one-person business. According to the circumstances, the Ministry of Corporate Affairs chooses a few companies and then releases a nominee permission form. A one-person firm is created during this procedure.
What is the relevance of a Nominee In OPC?
When a company's sole promoter passes away or becomes incapable of running it, he or she names an individual in the one-person corporation to take over the duties of the members. The OPC nominee cannot be a citizen or permanent resident of another nation. His age should be more than 18 and must be an Indian citizen as well as a resident of India.
In addition to any other required paperwork, anyone wishing to be nominated for the position of nominee must submit a copy of their PAN card, a copy of their address proof, and a copy of their residence proof. The applicant's documentation must be up to date with every relevant detail and not older than two months.
The following documents are also acceptable as proof of address: a candidate's passport, driver's license, voter ID card, ration card, and Aadhar card. The prospective candidate may provide documents as proof of residency in the form of bank statements, recent electricity bills, and telephone bills, for instance.
FORM INC – 3 or a nominee consent form
If a one-person business has become or is in the process of becoming a legal corporation, someone must fill out and post the consent form electronically to the MCA portal.
He has to agree to provide certain declarations before he can get permission. Consent is crucially important.
A request for membership in a one-person corporation must be signed and approved. If a condition arises that the member dies or turns incapable of contracting, their contractual rights are forfeited. India is the country of citizenship and residence for the Nominee in OPC.
The nominee should also be free of any criminal or case histories, as well as any convictions for any crimes. This ought to be connected to a business setting up, administration, and advertising.
According to the Companies Act, candidates cannot have any criminal, fraudulent, contract, or obligation-related convictions. Additionally, it could vary based on prior company legislation or LLP in the past five years.
The applicant cannot be a nominee of another Person Company at the time of application.
The requirements for turning into the nominee of a one-person business must be satisfied, along with any questions.
Anyone applying to be a nominee should be conscious that the nomination may be revoked without the applicant's consent.
Filling out the nominee consent form:
The following procedures must be followed to submit the Nominee In OPC permission form correctly:
Step 1:- Downloading the INC- 3 form is the first requirement.
The website or MCA portal must be used to download the INC - 3 form.
Step 2:-Fill out the INC- 3 forms in pdf format.
The INC-3 FORM must have all requested information completed and delivered electronically using Adobe Acrobat.
Step 3:-The following documents must be added after the INC- 3 registration has been completed:
A person must present a photocopy of their PAN card.
A person is required to submit address verification.
A person must present proof of residency.
The INC-3 form must have all self-attested copies of documents included in Adobe Acrobat format.
Step 4:- At this point, the INC-3 form has been printed.
The INC-3 form, which has a total of three pages, must be printed after being filled out and with any pertinent documents attached.
Step 5:- Posting the INC-3 form and further incorporation paperwork to the MCA portal is now required.
How are nominees modified?
To be nominated as a new nominee, the conditions listed below must be satisfied.
1. If the nominee refuses to give his consent:-
If a member declines to be nominated, another nominee must be proposed within 15 days of the firm receiving notification of the withdrawal.
Before 30 days have passed after obtaining notice of the withdrawal of permission, the company must submit Form INC 4 (notice of withdrawal of consent) and Form INC 3 (consent of new nominee) to the Registrar.
2. If one member unilaterally changes their nominee:-
A solitary member may nominate someone at any time and modify the nominee's name at any time by notifying the business. An Only member may, at any time by providing notice to the company, alter the name of the person he nominated (the nominee), and may, with his previous approval, nominate a new nominee in Form INC 3.
Before 30 days have passed since obtaining information about the change, the company must submit Form INC 4 to the Registrar along with Form INC 3 with the new nominee's authorization.
3. If a member is incapable of signing a contract or passes away:-
A new hire must choose a new candidate in Form INC 3 with his previous permission in less than 15 days to join a member, who will take on the role of an employee of such company in the case of his death or failure to enter into a contract if a sole member passes away or becomes incapable of entering into a contract for any reason.
The company must provide a notification of such discontinuing and designating in Form INC 4, as well as the new nominee's consent in Form INC 4, to the Registrar before 30 days have passed from the change in participation.
Conclusion
One-person companies (OPCs) are ideal for those who want to work for themselves. Surprisingly, sole proprietorships provide the same advantage. A one-person corporation, however, offers restricted liability, the situation of a separate entity, and greater market standing (more trust and respect) in contrast to sole proprietorships.
Look out for the list of services we offer if you're only searching for data on startups, government registrations, taxes, or legal documentation. At eStartIndia, we handle all the legal documentation so that your interactions with the government run as smoothly as possible.
Author:
Leave a Comment
Previous Comments