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GUIDE TO ONE PERSON COMPANY REGISTRATION IN INDIA
In India, the One Person Company (OPC) has emerged as a popular choice for entrepreneurs looking to start their ventures with limited liability and ease of compliance. This unique business structure allows a single individual to operate a company, offering benefits similar to that of a private limited company while requiring lesser formalities. In this comprehensive guide, we’ll look into the OPC registration process, fees, benefits, and documents required for.
ONE PERSON COMPANY REGISTRATION PROCESS
The process of online OPC registration in India involves a different legal steps that are as follows:
- Fill and Submit: the above .
- Watch a detailed Video on OPC Incorporation
- Submit a one page OPC formation questionnaire
- Startupwala expert will clear all your queries
- Arrange for Founders Id and address proofs
- Sign incorporation documents
- Drafting main object and Name application
- Filing of Incorporation forms with MCA
- Getting the Incorporation Certificate
- Your OPC company will also be allotted a PAN and TAN/TDS number
- Startupwala will provide bank account opening documentation support
DIFFERENCE BETWEEN OPC & PVT. LTD. IN INDIA
While both OPCs and private limited companies offer limited liability protection, they differ in various aspects:
- Number of Members: OPC can have only one member, whereas a private limited company must have a minimum of two members and maximum of 200 members
- Nominee of Shareholder: OPCs are required to nominate a natural person as a nominee, while Pvt. Ltd. companies do not have such a requirement.
- Conversion: OPCs have stricter conversion criteria compared to private limited companies, which can convert into other business structures more easily. Speak with Startupwala OPC registration consultant for more details
DIFFERENCE BETWEEN OPC & LLP IN INDIA
OPCs and Limited Liability Partnerships (LLPs) are distinct business structures with their own advantages:
- Ownership Structure: OPCs are owned by a single individual, whereas LLPs have multiple partners.
- Limited Liability: Both OPCs and LLPs offer limited liability protection to their members, shielding personal assets.
- Taxation: OPCs are taxed at the corporate tax rate, while LLPs can be taxed at firm level as well be taxed as pass-through entities, with partners being taxed individually.
- Compliance Requirements: OPCs have higher compliance requirements compared to LLPs, which enjoy greater flexibility in governance and operations.
BENEFITS OF OPC REGISTRATION
Limited Liability Protection to Directors personal assets
Many times startups need to borrow money and take things on credit. In case of normal Partnerships, Partners personal savings and property would be at risk incase business is not able to repay its loans. In a one person private limited company, only investment in business is lost, personal assets of the directors are safe.
Better image and credibility in Market
In India, OPC is a Private limited company, which is a popular and well known business structure. Corporate Customers, Vendors and Govt. Agencies prefer to deal with Private Limited Company instead of proprietorship firms.
Easy to raise funds and loans
OPC is one of the easiest forms of corporate entities to manage. Very few ROC filing is to be filed with the Registrar of Companies (ROC). No need to conduct Annual General Meeting (AGM) and other regular compliances.
Helps for Testing of Business Model and Enables Funding
The OPC business helps Startup Entrepreneurs to easily test their business model, and upon building a marketable product, they can approach Angel investors, Venture capitalists for funding and easily convert their OPC into multi shareholder Private Limited company.
Complete Control of the Company with a Single Owner
This leads to fast decision making and execution. Yet OPC can appoint as many as 15 directors for administrative functions, without giving any share to them.
Easy to Sell OPC
OPC Company is easy to sell, very less documentation and cost is involved in selling a One Person company.
MINIMUM REQUIREMENTS FOR OPC INCORPORATION
WHY STARTUPWALA
1,20,000+ STARTUPS TRUST US
Mr. Bapon Ghosh
Founder, Bethuadahari, Nadia, W.B
"
There was a little bit of anxiety and doubt when I contacted them as I was from one side of the country and they were from other side and I was new to online filing and legal process. But the service I got from them was marvelous. These guys are so professional, that I never felt to be new to them. The execution of legal and processing was first class. They finished the assignment before committed time and pricing is absolutely affordable and value for money.
FAQ ON ONE PERSON COMPANY REGISTRATION
A One Person Company (OPC) is a type of business entity in India where a single person can establish a company with limited liability. It provides a unique opportunity for solo entrepreneurs to operate as a corporate entity.
Any Indian citizen residing in India can form an OPC. However, a person cannot incorporate more than one OPC or become a nominee in more than one OPC.
The nominee in an OPC is appointed by the sole member to take over the management of the company in case of the member’s death or incapacity. The nominee ensures the continuity of the business and protects the interests of stakeholders.
Yes, the nominee in an OPC can withdraw his/her consent by giving a written notice to the sole member of the company. Upon receipt of such notice, the sole member must appoint another person as the nominee within 15 days.
As the name suggests, an OPC can have only one member. It cannot have more than one member at any point in time.
There is no minimum capital requirement for OPC registration in India. You can start an OPC with any amount of capital, as per your business needs. However, we suggest to keep minimal capital of Rs.20,000 to take care of the formation expenses.
No, there is no maximum limit for the paid-up capital in an OPC. You can infuse as much capital as required for your business operations and growth.
No, a minor cannot become a member or nominee in an OPC. Only individuals who have attained the age of majority can form or be associated with an OPC.
No, a nominee in an OPC must be an Indian citizen and resident in India. Foreign nationals or non-resident Indians (NRIs) are not eligible to be nominees in OPCs.
The key benefits of forming an OPC include limited liability protection, separate legal entity status, ease of formation and compliance, opportunities for disciplined growth, and enhanced credibility in the market.
The process of OPC registration involves obtaining a Digital Signature Certificate (DSC), Director Identification Number (DIN), filing of documents with the Registrar of Companies (ROC), and obtaining the Certificate of Incorporation.
No, only Indian citizens residing in India can form an OPC. Foreign nationals or non-resident Indians (NRIs) are not eligible to incorporate an OPC in India nor become a nominee of an OPC.
Yes, an OPC can be converted into a private or public limited company by following the prescribed procedures and fulfilling the eligibility criteria as specified under the Companies Act, 2013.
No, OPCs are not required to hold AGMs. They have relaxed compliance requirements compared to other types of companies, making them suitable for small businesses and solo entrepreneurs.
The documents required for OPC registration include identity proof, address proof, PAN card, passport-sized photographs, and a No Objection Certificate (NOC) from the property owner (if the registered office is a rented premises).
Yes, an OPC can have more than one director. The sole member of the OPC can appoint up to 15 directors in the company.
Yes, an OPC must have a registered office address in India. It can be a residential or commercial property, but it must be capable of receiving official communications and notices.
The time taken to register an OPC in India depends on various factors such as the availability of documents, accuracy of filings, and processing time at the Registrar of Companies (RoC). Generally, it takes around 15 to 20 days to complete the registration process.
Yes, an OPC can voluntarily convert itself into a private or public limited company by passing a special resolution and complying with the prescribed procedures under the Companies Act, 2013.
DIN can be obtained by filing an application online on the MCA portal along with identity and address proof.
A DSC is a secure digital key token for signing documents electronically, required for filing company registration forms.
Yes, a Pvt Ltd company can be converted to a public company by fulfilling certain requirements and procedures.
Directors are responsible for the company’s operations, compliance with laws, and fiduciary duties to shareholders.
Yes, a salaried person can become a director, but they should check their employment contract for any restrictions.
A company name can be reserved through the RUN (Reserve Unique Name) service on the MCA portal.
MoA is a legal document outlining the company’s objectives, and scope of operations. These are standard legal documents prepared by Company Secretaries during registration of the Company.
AoA defines the company’s internal management rules and procedures. These are the byelaws or rules based on which important matters of the company or meetings is decided
Modification requires passing a special resolution in the shareholder’s meeting and filing the appropriate forms with the MCA.
Yes, a Pvt Ltd company can own property in its name, separate from its directors.