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A One Person Company Registration in India can be obtained under the Companies Act, 2013 with just one single member and one Director. An OPC has the features of a Private Limited Company and the perks of a sole proprietorship. Non-resident Indians can register an OPC in India;
Our Team shall obtain the Digital Signature Certificate (DSC) of the proposed Director which shall require documents of the applicant.
Once our team receives the Digital Signature Certificate (DSC), our team shall apply for the Director Identification Number (DIN) of the proposed Director in SPICe+ Form along with the name and the address proof of the director.
The cost of forming an LLP is low compared to the cost of incorporating a public or private limited company. The compliances to be followed by the LLP is also low. The LLP needs to file only two statements annually, i.e. Annual Return and a Statement of Accounts and Solvency.
Our team shall prepare and draft the following documents which are required to be submitted to the ROC: The Memorandum of Association (MoA) shall contain the object to be followed by the Company or stating the scope of business for which the company is going to be incorporated. The Articles of the Association (AoA) shall contain the by-laws on which the company shall operate. Our team shall seek Nominee’s consent in Form INC – 3, Declaration and Consent of the proposed Director of Form INC -9 and DIR – 2 respectively.
On verification, the Registrar of Companies (ROC) will issue a Certificate of Incorporation and you can commence your business.
Our team after gathering all the documents shall attached and upload in the MCA portal the SPICe+ Form, SPICe-MOA and SPICe-AOA, DSC of the Director and the professional.
In case OPC has a separate legal identity, upon the death of the Director the ownership shall be passed on to the nominee director and the entity shall continue to exist.
The directors’ personal property is always safe in a private limited company, no matter the debts of the business. There is no requirement to hold annual or extraordinary general meetings.
An OPC has the features of a Private Limited Company and the perks of a sole proprietorship.
Higher Credit worthiness due to stringent compliances and mandatory requirement with the Registrar of Companies. Therefore banks are more than happy to offer loans etc.
A company is both a legal entity and a juristic person. Therefore, a company has broad legal rights like acquiring property, incurring debts, hiring people, etc.
Features | Proprietorship | OPC | |||
Number of Person | One person | Two or more | Two or more | Two or more | One person and one nominee |
Designation | Proprietor | Partner | Designated Partner | Director | Director |
Name | As it is | As it is | Ends with LLP | Ends with Private Limited | Ends with OPC Private Limited |
Registration | Shops and Establishment | Registrar of Firms | Registrar of Companies | Registrar of Companies | Registrar of Companies |
Capital | No Minimum | No Minimum | No Minimum | No Minimum | No Minimum |
Legal Status | Not a Separate Entity | Not a Separate Entity | Separate Entity | Separate Entity | Separate Entity |
Liability | Unlimited | Unlimited | Limited | Limited | Limited |
Audit | If turnover above 1 crore | If turnover above 1 crore | If contribution above 25 lakhs or turnover above 40 lakhs | Compulsory | Compulsory |
Compliance | Least | More than proprietorship | More than partnership, less than company | Most | Less than Company |
Filing of resolution | No | No | No | Yes | Yes |
Taxability | Less | Less | 30%+surcharge +cess | 30%+surcharge +cess Distribution of profits taxed | Comparatively More |
Meetings | Not mandatory | Not mandatory | Not mandatory | Mandatory | Mandatory |
Credibility | Less | Less | More than Partnership less than company | High | High |
Dissolution | Easy | Easy | Less complex than company | Complex | Complex |
Governance | Not by any law as not a separate entity | Partnership Act, 1932 | LLP Act, 2008 | Companies Act, 2013 | Companies Act, 2013 |
Agency | No | Partners agent of each other | Partners not agent of each other | Members not agent of each other | Members not agent of each other |
Property | Belongs to the Proprietor | Belongs to its partners jointly | Separate from its partners | Separate from its members | Separate from its members |
Transfer of Share | Not possible | Not possible | Possible | Possible | Possible |
Number of Members | One | 2 to 20 | Min- 2 | Min- 2 | One |
Duration | Till death or insolvency or retirement of proprietor | Till death or insolvency or retirement of partner | Perpetual Succession | Perpetual Succession | Perpetual Succession |