One Person Company (OPC) can be formed with only 1 owner, who acts as both the director as well as a shareholder of the company. There can be more than 1 director, but not more than 1 shareholder. It is registered as per the compliance and regulatory guidelines of the Ministry of Corporate Affairs (MCA).
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Vakilsearch helps you to register One Person Company in India in 3 simple steps.
Step 1
Step 2
Step 3
The One Person Company (OPC) in recent times was launched as a good refinement over the sole proprietorship. In OPC, a single promoter gains full authority over the company thereby restricting his/her liability towards their contributions to the enterprise. Therefore, the said person will be the sole shareholder and director (however, a director nominee is present, but has zero power until the real director proves incapable of getting into the contract). Also, there can be no opportunity for contributing to employee stock options or equity funding. Additionally, if an OPC company has an average hattrick turnover of Rs. 2 crores and over or acquires a paid-up fund of Rs. 50 lakh and over, it has to be converted to a private limited company or public limited company within six months.
Note: The OPC director as a mandate should self-attest the first three documents. If an NRI or a foreign national, all the document sheets should be notarized without fail (if at present in India or a non-Commonwealth nation) or apostilled (that is, living in a Commonwealth country).
Note: Your office space which is registered needs to be a commercial area; however, it can be your house of residence as well
The directors' personal property is always safe in a private limited company, no matter the debts of the business.
Sole Proprietorships come to an end with the death of the proprietor. As an OPC company has a separate legal identity, it would pass on to the nominee director and, therefore, continue to exist.
As an OPC needs to have its books audited annually, it has greater credibility among vendors and lending institutions.
Firstly, the OPC director should petition or apply for the DSC otherwise known as Digital Signature Certificate, which is mandatory to file for the company registration records. For this to come through, one only needs to submit a few scanned documents; after which our agents will file the form by filling it and put it online for submission.
Once the application for the DSC is done, our agents will ask you to choose a name for your business and send us the relevant scanned documents for the same. The sent documents will be used to file for the SPICe i.e. INC-32 and the MoA is otherwise known as the Memorandum of Association and the AoA also known as the Articles of Association. Finally, at the end of this process, the Certificate of Incorporation will be processed and approved.
All companies need a registered PAN or Permanent Account Number and TAN or Tax Account Number. The application will be filed online by our representatives, however, you will be asked to courier the hard copies of the relevant and required documents yourself. Post the processing, the TAN and PAN will be dispatched to you to your registered office address only within 21 business days.
Talk to us and let us know a little bit more about your company and rest assured. You will have the certificate of incorporation within 15 business days. It is very fast and very simple. Additionally to your request, we will be handling in and around 450 requests this month.
We make your interaction with government as smooth as is possible by doing all the paperwork for you. We will also give you absolute clarity on the process to set realistic expectations.
Our team of experienced business advisors are a phone call away, should you have any queries about the process. But we'll try to ensure that your doubts are cleared before they even arise.
| Recommended For Ease of Accommodating Investment Limited Liability Protection Tax Advantages Perpetual Existence Statutory Compliances |
|---|
| One Person Company | Limited Liability Partnership | Private Limited Company | Partnership Firm | Sole Proprietorship |
|---|---|---|---|---|
| Sole promoters Possible, but severely unlikely Yes Few benefits Yes High | Professional services firms Possible, but unlikely Yes Most efficient Yes Low | Start-ups and growing companies Very easy to accommodate Yes Few benefits Yes High | Home businesses Almost impossible No Minimal No Minimal | Small traders and manufacturers Impossible No Minimal No Minimal |
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