Why Convert to OPC from Proprietorship?
Convert Proprietorship to OPC
One Person Company (OPC) is improved and better business structure of Proprietorship. By registering a One Person Company, the single promoter of the company gets a full control over the company and at the same time limiting his liabilities to safeguard his personal assets. The owner of the company is considered as the shareholder. As of a Private Limited Company, OPC may also appoint a distinct individual as director for its management. There it is necessary in the case of OPC to appointment of a nominee.
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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.Show Less
Better Business Opportunities
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.Show Less
Easy to Manage
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.Show Less
Organized Business Structure
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.Show Less
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
Convert Proprietorship in to OPC in 3 Easy Steps
Step 01
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. Step 02
BookMyTM is Here to Help
Your queries will be answered quickly and effectively · 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 Step 03
Your OPC is registered
All these takes 12 – 15 Days**Subjected to Government Processing Time
The Process of Converting Proprietorship to OPC
- 1
Day 1
Collection of Information · Discussion and Collection of required documents
- 2
Day 2 - 3
Verification of information and documents provided · Application for Digital Signature Certificate
- 3
Day 4 - 6
Checking the availability of Name · Application for name reservation under ‘RUN’ · Reservation of Name
- 4
Day 7 - 9
Drafting of documents including MOA & AOA · Payment of Stamp Duty · Notarization of required documents
- 5
Day 10 - 12
Filing of application for OPC registration · Application for DIN allotment · Application for PAN and TAN for OPC
- 6
Day 13 - 15
Government Processing Time · Incorporation Certificate of OPC · *Subjected to Government Processing Time
FAQ
Below mentioned are the pre-requisites to register an OPC in India:The shareholder must be a citizen of India and a permanent residentAt least one director is appointed, who shall be an Indian residentA nominee who is above the age of 18 years and Indian resident must be appointed as Nominee on registrationA place of business must be provided as the registered office address of OPC.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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