The right structure for solo entrepreneurs looking beyond the opportunities a sole proprietorship affords.
The director must be registered with the MCA
We will then help you pick a unique name
We will draft your company's constitution
Your company is now incorporated
We will send in a request to the NSDL
The One Person Company (OPC) was recently introduced as a strong improvement over the sole proprietorship. It gives a single promoter full control over the company while limiting his/her liability to contributions to the business. This person will be the only director and shareholder (there is a nominee director, but with no power until the original director is incapable of entering into contract). So there's no chance of raising equity funding or offering employee stock options. Furthermore, if an OPC hits an average three-year turnover of over Rs. 2 crore or has a paid-up capital of over Rs. 50 lakh, it must be turned into a private limited company or public limited company within six months.
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 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.
The director must apply for the Digital Signature Certificate (DSC), which is necessary to file the company registration documents. For this, you will only need to provide a few scanned documents and details; our representatives will fill the form and submit it online.
As soon as we apply for the DSC, we will ask you to pick a name for your company, and send us some scanned documents regarding it. These will be used to file SPICe i.e. INC-32 and the Memorandum of Association (MoA) and Articles of Association (AoA). The Certificate of Incorporation will be approved at the end of this process.
Every company needs a registered Permanent Account Number (PAN) and Tax Account Number (TAN). We will make the application online ourselves, but you will need to courier hard copies of the required documents yourself. The PAN and TAN will be couriered to the your registered office address in 21 working days.
|One Person Company||Limited Liability Partnership||Private Limited Company||Partnership Firm||Sole Proprietorship|
|Solo promoters||Professional services firms||Start-ups and growing companies||Home businesses||Small manufacturers & traders|
Ease of Accommodating Investment
|Possible, but severely unlikely||Possible, but unlikely||Very easy to accommodate||Almost impossible||Impossible|
Limited Liability Protection
|Few benefits||Most efficient||Few benefits||Minimal||Minimal|
|Know More »||Know More »||Know More »||Know More »|
Just tell us a little bit about your business and you'll have the incorporation certificate in 15 working days. It's that simple. In addition to yours, we'll be handling around 400 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.