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One Person Company

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Overview

                A One Person Company (OPC) is a type of business structure in India that allows a single individual to own and operate a company with limited liability. Introduced by the Companies Act, 2013, OPC is designed for solo entrepreneurs who want to enjoy the benefits of a corporate structure while having full control over the business. Unlike a sole proprietorship, an OPC is a separate legal entity, meaning it has its own legal identity distinct from the owner.

Key Features

Single Ownership

        The Company is owned by a single individual who is also the sole shareholder and director.

Limited Liability

        The Owner’s Liability is limited to the amount of capital invested in the company. Personal assets are protected from business debts.

Separate Legal Entity

          An OPC is considered a separate legal entity, distinct from its owner, with the ability to enter into contracts, own property, and incur liabilities.

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Ease of Compliance

         Although an OPC is a corporate entity, it has fewer compliance requirements compared to a private limited company.

Continuity of Existence

         The company has a perpetual succession, meaning it continues to exist even if the owner leaves or passes away.

Why Choose One Person Company?

Limited Liability

          OPC provides the benefit of limited liability, protecting the owner’s personal assets from business liabilities.

Full Control

           The proprietor has full control over all aspects of the business, including decision-making, operations, and finances. This autonomy allows for quick decisions and personalized management.

Separate Legal Status

            OPC is a separate legal entity, which can enhance the business’s credibility and facilitate easier access to credit and investment.

Flexibility in Operations

            The Company can operate with a simpler structure and fewer compliance requirements than a private limited company.

Perpetual Succession

           The Company continues to exist independently of the owner’s personal circumstances, ensuring business continuity.

Basic Need

Choose a Business Name

            Select a unique name for your OPC that is not already registered and complies with the naming guidelines set by the Ministry of Corporate Affairs (MCA).

Obtain a Digital Signature

            Acquire a Digital Signature Certificate (DSC) for the proposed director to facilitate electronic filing of documents.

Apply for Director Identification Number (DIN)

           Obtain a DIN for the sole director of the company. This can be applied for through the MCA portal.

Draft the Memorandum and Articles of Association (MOA and AOA)

            Prepare the MOA and AOA, which define the company’s objectives and the rules governing its operations.

Register the Company

$

Submit an application for incorporation to the MCA, including the MOA, AOA, DIN, DSC, and other required documents.

$

Upon approval, the company will receive a Certificate of Incorporation.

Obtain a PAN Card

           Apply for a PAN card in the name of the OPC for tax purposes.

Open a Current Bank Account

           Open a Current Bank Account in the name of the OPC. Banks typically require the Certificate of Incorporation, PAN card, and proof of address.

Register under GST (if applicable)

$

Register for GST if the OPC’s annual turnover exceeds ₹20 lakhs (₹10 lakhs for special category states) or if it engages in inter-state trade.

$

Voluntary GST registration can also be opted for to avail of input tax credit.

Obtain Other Registrations (as required)

$

MSME (Udyam) Registration – Beneficial for small businesses to avail of government schemes and benefits.

$

Trade License – Required for certain types of businesses, issued by the local municipal authority.

$

Shop and Establishment Act License – Needed for Commercial Establishments as per state regulations.

Professional Tax Registration (if applicable)

           Register for Professional Tax if mandated by the state government based on income and employment.

Apply for TAN (if applicable)

          If the OPC is required to deduct tax at source (TDS), obtain a TAN (Tax Deduction and Collection Account Number).

Register with PF/ESI (if applicable)

          Ensure compliance with Provident Fund (PF) and Employee State Insurance (ESI) regulations if the OPC employs staff.

Optional Steps

Trademark Registration

            Consider registering a trademark to protect the company’s name, logo, or brand.

Import-Export Code (IEC)

           Apply for an Import Export Code (IEC) if the OPC is involved in import-export activities.