Why Choose OPC?
The concept of One Person Company (OPC) was introduced with the Companies Act, 2013. It is a suitable alternative to a sole proprietorship model, offering limited liability and eligibility for Startup India Recognition.
Why is One Person Company a Better Choice?
When you do not have any partners, A SINGLE person can form a Private Limited Company with One Nominee. OPC is fit for small businesses running independently. It offers:
- Limited Liability: Personal assets are protected from debts and liabilities.
- Legal Entity: OPC is a separate corporate body from its owner.
- Startup Recognition: Eligible to apply for Startup India Recognition and Tax Exemptions.
- Credibility: Better bank credit facilities compared to informal sole proprietorship.
Pre-requisites for OPC Incorporation
- Proposed Name: Must be unique and not identical to existing companies.
- Director: 1 Director (Indian Resident) and 1 Nominee.
- Digital Signature: Required for the Director.
- Capital: Decide Authorized and Paid-up Share Capital.
Registration Procedure
Our process:
Step 1: Documentation
We collect documents and send papers for your signature via email. We finalize 2 proposed names for the company.
Step 2: Digital Signature (DSC)
We apply for the Digital Signatures of the director/shareholder (Day 1).
Step 3: Incorporation Filing
We file the Incorporation form with ROC. All forms are certified by a CA/CS/CMA (Day 2).
Step 4: Approval
ROC typically approves the application in 1-2 days. You receive the Certificate, PAN, and TAN.
Post-Incorporation Compliances
An OPC is also a Private Limited company. Apart from GST and Income Tax, it must comply with:
- File Commencement of Business (Form INC 20A) within 180 days.
- Appointment of Statutory Auditor.
- Filing of ROC Annual Forms and Director KYC.
Discuss your requirement
Tell us about your business and we will explain the process, documents and timelines.