The structure of the one person company (OPC) was launched as an improvement over the sole proprietorship firm. In an OPC, a single promoter or director gains full authority over the company, thereby limiting their liability towards their contributions to the company. Therefore, the said person will be the sole shareholder, director and member. A director nominee is also present but has zero power until the real director proves incapable of carrying on. Also, there can be no opportunity for contributing to employee stock options or equity funding. Additionally, if an OPC has an average turnover of ₹2 crores thrice in a row and over or acquires a paid-up fund of ₹50 lakh and over, it must be converted to a private limited company or public limited company within 6 (six) months.
Once we receive your request to assist you with your OPC’s registration through the form on this page, Takelegal.in’s representative will contact you directly to understand your business better and run you through the registration process in greater detail.
Our representative will supply you with a document checklist To enable us to begin your OPC’s registration process. Moreover, it is imperative that you comply with the law before you seek registration. With respect to an OPC, the director must possess the Digital Signature Certificate (DSC) and Director Identification Number (DIN) – in case your OPC director does not possess the two, Takelegal.in will assist you in the application of DSC-DIN as well.
Once the director’s DSC and DIN have been assigned, Takelegal.in will help you choose a name that is best for your OPC as well as in compliance with the naming regulations. We will also file the requisite forms with the Ministry of Corporate Affairs for your OPC’s incorporation.
Your OPC must have a PAN and TAN. Should you require our assistance, Takelegal.in can apply for TAN and PAN registrations on your company’s behalf.
Once the Registrar of Companies issues a certificate of incorporation, you will be able to access the same, and your company will be officially registered.
Documents play an important role in the registration of OPCs. To allow us to facilitate smooth registration, Takelegal.in advises you to submit to us the following documents at the earliest:
OPC is suitable for small business structures. The particular advantage OPC has over other types of companies is that there can be one person to start an OPC, while a minimum of two members is required to start a private limited company or limited liability partnership.
No. While your registered office space should be a commercial premise, it can be the sole
director’s place of residence as well.
Yes. The maximum number of members the OPC can have is one. More members or shareholders cannot be added to OPC to raise additional capital. Thus, with the expansion and growth of the business, more members cannot be added.
The DSC and DIN of the proposed directors can be obtained in one (01) day. The Certificate of Incorporation of an OPC is obtained in 3 to 5 days. Overall, the whole incorporation process of an OPC takes approximately ten (10) days, subject to departmental approval and revert from the respective department.
An OPC must maintain books of accounts, file income tax returns, comply with the auditing
requirements and annual filings before the Registrar of Companies.
Yes, OPC is similar to a private limited company, and it can also be a company limited by
shares, limited by guarantee or an unlimited company.
Yes. There are very few filings to be done with the Registrar. Moreover, annual general meetings need not be conducted, which saves the compliance cost.