business registration services

One Person Company Registration

One Person Company Registration (OPC) in India is one of the simplest forms of corporate entities to manage in case you are a single owner to run the business. OPC is a hybrid of Sole-Proprietorship and Corporate forms of business.

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    An Overview

    One Person Company Registration (OPC) in India is one of the simplest forms of corporate entities to manage in case you are a single owner to run the business. OPC is a hybrid of Sole-Proprietorship and Corporate forms of business. It has been equipped with various concessions in compliance requirements under the Companies Act. It is a form of a company where the compliance requirements are lesser than a Private limited company. OPC registration is a very quick, simple and affordable registration. In year 2013, the one-person company (OPC) structure was introduced for the first time as a refinement of the sole proprietorship firm structure. In an OPC, a single promoter gets complete control of the business, limiting his or her accountability for the company’s contributions.

    Procedure

    • Application for Digital signature
    • Application for Director Identification Number (DIN)
    • Application for Name Approval
    • Drafting & Signing of MOA and AOA
    • Filing of Required documents
    • Issue of Certificate of incorporation, Pan Number
    • TAN Card Application
    • Bank A/c Opening

    Benefits

    • Corporate Status
    • Total control on ownership
    • Management and ownership can be separate
    • Best way to expand a family or proprietorship business
    • Limited Liability protection

    Time Period

    • 7-12 Working Days

    N Pro Advantages

    • Pre incorporation advise whether a Put OPC is suitable for your business
    • Advise on mandatory and unnecessary compliances to further reduce your cost of compliance
    • Complete support and guidance for Pre to post incorporation compliances
    • Privilege Support & Guidance by Email, N Pro Help desk & Face to face guidance on Skype
    • Futuristic approach for drafting of AOA & MOA keeping in mind the requirement of future
    • A professional drafting of MOA and AOA deed to ensure no complication in future
    • End to End services from drafting the documents to post incorporation services

    Document Required

    Pan Card of Promoters

    Aadhar card of Promoters

    Registered Address Proof

    Any Utility Bill / Electricity Bill / Mobile Bill

    Six possible Names of Company

    One Person Company Registration

    Frequently Asked Questions

    Why OPC make more sense instead of Proprietorship?

    One Person company or OPC offer a Corporate version of proprietorship with the benefit of Limited Liability Protection for your new business/startup. It given a professional impression and increases your brand value when presented to your costumers, Vendors or Employees. So OPC is corporate version of Proprietorship, Which offers complete control on ownership, Limited Liability on Owner and better market perception.

    Is OPC Suitable for Start-ups or Entrepreneurs?

    Actually One Person Company is best suited for Startups with a single promoter, It is not only giving single promoter complete ownership but also helps to hire best talent due to its corporate status. It also shows seriousness as compared to a proprietorship, and give better professional impression in front of stakeholders.

    Is OPC recognised as entity in other countries?

    This is one of the most shought answers, OPC is proper legal entity duly recognized hence it is valid throughout the world. Although OPC is new concept and hence there may be lack of awareness & hence people can ask this kind of question but it will soon resolved as its number and awareness will increase.

    What about inheritance of OPC in case main owner expires?

    There is mandatory provision to assign a Nominee partner who will be owner in case current owner or sole member of that one person company expires.

    Is there any Limitation in OPC?

    As per Ministry of Company Affairs, If an OPC crosses a turnover of 2 Cr for continues three years or have Paid capital of 50 Lakhs it mandatory to convert into private or Public Limited company.

    What is Minimum capital required to start OPC?

    Rs 1 lakh is minimum paid up capital with which OPC can be started.

    What will be compliance cost for OPC?

    Actually it depends on kind of business an OPC start. However mandatory compliances such as Income Tax return filing, ROC filing, GST and Other will cost at least 15K- 20K. In case there is no transaction or business still some mandatory compliances need to be done, however, we charge just 12k-15k in such cases.

    Is there any tax advantage in OPC?

    OPC is also taxed on same rate as the company, LLP and Partnership i.e. 30% hence there is No upfront tax advantage in OPC.

    Is a Person can form more then one OPC?

    Currently it is not allowed, hence one person can own only one OPC at a time.

    What is process for OPC Registration?

    It is almost same as a company formation process, So it starts from DIN number of director then Name approval and finally Drafting and filing of MOA and AOA.

    Can I convert OPC into Private limited or LLP when required?

    Yes the OPC can be converted to private limited or LLP retaining the same name of company however as PAN number will change you need to again apply for fresh GST number TAN number and other documents. So if you have a plan to change to LLP or private limited in short term better to go for It directly rather then again going for conversion.