One Person Company
Now apply for your OPC from your place quickly and easily.
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.
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.
Unique business name
No minimum capital requirement
A nominee must be appointed during incorporation
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.
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.|
|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|
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.