Benefits of OPC Compared to Proprietorship
Separate Legal Existence
A One Person Company (OPC) registered in India obtains the status of a separate legal entity, hence have an own identity rather than of the owner unlike a proprietorship firm. OPC can own assets on its own name and enter in to contract with the parties. The assets and liabilities of the company are independent form the owner which assures the owner of the OPC has limited liability over any situations to the extent of their own share.
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Most of the established businesses prefer to deal with a prominent company structure like OPC rather than with proprietorship. OPC structure is similar to that of private limited company and the private companies are the most trusted form of business, which makes it easy for them to get funding from financial institutions. Investors and even suppliers get a sense of confidence in the business if its formed as a company structure.
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As an OPC is an easy manageable business structure as the same have only one shareholder. As well for an OPC, there is no need of hold an annual or added ordinary general meeting.
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An OPC being a Company structure similar to Private Limited Company makes it organized with the benefit of limited liability while a Proprietorship in the other hand does not provide an organized business structure.
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Documents Required for Convert a Proprietorship to OPC
- Proof of Identity Copy of Aadhar/ Voter ID/ Passport/ Driving License of all Directors, Nominee and Shareholder
- PAN Card PAN Card of all Directors, Nominee and Shareholder
- Address Proof Latest Bank Statement/ Electricity Bill/ Telephone Bill in the name of director/nominee/shareholder, which should not be older than 2 months
- Office Address Proof Electricity Bill/ Telephone Bill/ Any other utility bill (not older than 2 months)
- No Objection Certificate NOC from the building owner
- Rent Agreement Notarized Rent Agreement in case of rented office
- Consent of Nominee Written Consent from the nominee is to be filed with Registrar of Companies
- Photograph Copy of latest passport size photograph of all directors, nominee and shareholder
Register Online
Convert Proprietorship in to OPC in 3 Easy Steps
- Fill up the registration form
Select any package suits your requirement
Fill up the form which will take less than 10 minutes
Make payment through secure payment gateway.
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Provide details & Share documents required conversion of Proprietorship to OPC
Procurement of DSC (Digital Signature Certificate)
Application for Name reservation
Drafting of Documents including MOA and AOA
- Filing of Online Application
Your OPC is registered
All these takes 12 – 15 Days*
*Subjected to Government Processing Time
The Process of Converting Proprietorship to OPC
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Day 1
Collection of Information
Discussion and Collection of required documents
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Day 2 – 3
Verification of information and documents provided
Application for Digital Signature Certificate
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Day 4 – 6
Checking the availability of Name
Application for name reservation under ‘RUN’
Reservation of Name
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Day 7 – 9
Drafting of documents including MOA & AOA
Payment of Stamp Duty
Notarization of required documents
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Day 10 – 12
Filing of application for OPC registration
Application for DIN allotment
Application for PAN and TAN for OPC
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Day 13 -15
Government Processing Time
Incorporation Certificate of OPC
*Subjected to Government Processing Time
Enquiry
FAQ
What are the pre-requisites for One Person Company Registration?
Below mentioned are the pre-requisites to register an OPC in India:
- The shareholder must be a citizen of India and a permanent resident
- At least one director is appointed, who shall be an Indian resident
- A nominee who is above the age of 18 years and Indian resident must be appointed as Nominee on registration
- A place of business must be provided as the registered office address of OPC.
Who can be the member of One Person Company in India?
Only one person can be the member of One Person Company, who should be a citizen, permanent resident of India of age 18 or more. One person can be member at only one OPC at a time.
Is there any minimum capital requirement to register an OPC in India?
No. The requirement to provide minimum paid-up capital for OPC registration is now removed. The amount required for starting a business must be subscribed while registering OPC. Further, the subscriber must hold at least one share for registration. It is important to note that the minimum amount of INR 1 Lakh must be kept as Authorized Capital.
Who can become a nominee in a One Person Company?
A person, who is an Indian Citizen and a permanent resident of India with age 18 or more, can become a nominee in One Person Company. The nominee must provide his consent to the company for his/her appointment.
Who can be a Director in a One Person Company?
Any person above the age of 18 with any Nationality (Indian or Foreign) can become the director of the company after procuring a Director Identification Number (DIN). The application of DIN allotment is now merged with the application for the formation of a company, subjected to a limit of maximum 3 Directors.
What is Director Identification Number (DIN)?
DIN is a unique number assigned by Ministry of Corporate Affairs to the individuals on application made. This allows a person to be a Director in any companies or Designated Partner in LLP.
What is a Digital Signature and who shall procure it?
Digital Signature Certificate is provided in the form of token issued by Certifying Authorities. Any form filled online for OPC registration in India shall be submitted after affixing DSC of an applicant. Also the Directors will require a DSC for applying DIN. The nominee and Shareholder shall posses DSC for submitting E-forms.
What are Authorized Capital and Paid-up Capital?
Authorized capital shows the maximum amount of capital that a company can rise by way of issuing shares at present or in the future. The Paid-up Capital refers to the actual amount raised by the company i.e. amount paid by shareholders upon issuance of shares. One can register One Person Company in India by any amount of paid-up capital, which can be less than authorized capital but not exceeding such.
Can One Person Company be registered for multiple businesses?
Yes, an OPC can carry multiple businesses if it is mentioned in the MoA of the company and approved by the registrar. The company can mention more than one business which is related and from the same field. Activities which are unrelated such as fashion designing and event management or construction cannot be registered under the same company.
Is it possible to obtain One Person Company Registration at a Residential Place?
Yes. A company can be registered at a commercial place or a residential place by providing necessary proofs. A registered office is a place where communication, if any from Ministry of Corporate Affairs and other concerned authorities will be received and the address will also be displayed at the portal of Ministry.