One Person Company Registration - Fiwin Legal Consultancy & Certification LLP

One Person Company

  • No Hidden Charges
  • APEDA
  • Ideal for entrepreneur who have alone started a venture

Now apply for your OPC from your place quickly and easily.

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    What is OPC ?

    An OPC is the most modern form of business in India proposed by the Companies Act, 2013 and understand for a-One Person Company.

    A forward-thinking idea was launched which promotes the incorporation of micro-businesses and persons with entrepreneurial ideas and to give a boost to entrepreneurs who have high potential to begin their venture by permitting them to build a single person company.

    You can easily register one person company under the outlines of the companies Act 2013 and the laws thereto, where it was made viable for a single person company to work as a company without the complexity of having partners. This encourages more people to come forward to commence a business. The OPC is fit for small businesses where the turnover is not likely to cross Rs. 2 Crores. IN OPC it’s important to note that the nominee or the director should be Indian Resident.

    One Person Companies are benefiting largely in developing the overall economy of India. More and more Entrepreneurs are coming up and commencing their business. By incorporation of OPC, the company can enjoy the benefits in banking point and are eligible for Banking loans, credits. So, if you want to start up your own business, you don’t have to worry about all the network and slow processes.

    Choose OPC Because

    The following is the eligibility guidelines for OPC in India.

    • Can have more than 1 directors, but the shareholder cannot be more than 1.
    • Not affected by the death of a member or shift in ownership.
    • Effortless to set up and maintain comparatively.
    • Restricts the liabilities of its members
    • Minimum Paperwork is needed.
    • Can work as Stockbroker or Sub-broker
    • Not multiple compliances
    • No interference from any third party is seen
    • Even no person is permitted to incorporate more than 1 one-person company.

    Minimum requirements for OPC

    As per the Companies Act 2013, there are minimum requirements that need to be met for one person company incorporation online.

    1.svg

    Unique business name

    2

    No minimum capital requirement

    3

    A nominee must be appointed during incorporation

    4

    Address proof of office

    Documents required for One Person Company

    For incorporating your business as a One Person Company, you need to provide proper identity and address proof. The documents are required to be submitted to the Registrar of Companies.

    • Passport size photographs
    • Copy of Aadhar Card or Voter ID
    • Copy of PAN Card
    • Copy of Bank Statement (not older than two months)
    • Valid address proof of office which can be the latest electricity or any other utility bill.
    • If it is a rented office, then No Objection Certificate is required from the owner of the property.

    How is the OPC Company different from other companies?

    S. No Particulars OPC Company Private Company LLP
    1 Eligibility Only an individual who is an Indian citizen and resident in India is eligible to incorporate an OPC Any individual be it NRI or Indian citizen can form a Private limited company. Any person and group of corporate can be a partner in LLP
    2 Minimum Requirement Member – 1,
    Director – 1,
    Nominee of Sole Member – 1    		 Members – 2,
    Directors – 2    		 Designated Partners – 2
    3 Procedure Get DSC, DIN, MoA & AoA along with INC-32 Incorporation Filing, PAN, TAN Applications Acquire DSC, MoA & AoA along with INC-32 Incorporation Filing, PAN, TAN Applications Collect DSC, DPIN, Name Approval, Filing for Incorporation, File LLP Agreement, PAN and TAN Applications
    4 Existence Existence of an OPC is never dependent on the Nominee or Director. Can be dissolved by Regulatory Authorities. A private limited company is not dependent on the directors or shareholder. Can be dissolved only intentionally or by Governing Authorities. LLP can sustain its survival irrespective of changes in partners.
    5 Credibility Medium High Medium
    6 Time Taken in 15 – 20 Days 10 – 15 Days 15 – 20 Days
    7 Conversion System Cannot be converted before 2 years Can be converted into LLP Not directly converted into a Private Limited Company
    8 Compliance Requirements Annual Return Filing
    No Board Meetings, if only one director
    No General Meetings    		 Annual Return Filing
    Board Meetings & General Meetings    		 Annual Return Filing
    9 Statutory Audit Compulsory Compulsory Only in case contribution is more than 25 lakhs and less than 40 Lakhs
    10 Fund Raising Options Low High Low
    11 Recommended For Sole promoters Start-ups and growing Professional services firms
    12 Foreign Investment Not Allowed Allowed Allowed

    F.A.Q.

    You can either register a Proprietorship Firm or a One Person Company. After choosing the entity type, you’ll need to provide proper documents and proofs along with professional certifications to MCA portal.

    Yes, a single person can form a company by registering a one person company or sole proprietorship. The type of business entity will depend on the business requirements.

    As per the Companies Act, 2013, you need to provide proper identity proof and address proof of director and business office. You also require a nominee director in case of any mishappening with the existing director and shareholder of the company.

    A single person can form a private limited company and enjoy all the benefits of Pvt Ltd Company. Some of the main benefits are limited liability, separate legal entity, credibility and tax benefits.

    Yes, an OPC can be easily converted into Pvt Ltd company.