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OPC Company Vs Proprietorship

One Person Company:

The concept of One Person Company was introduced in the Companies Act, 2013 with an intetion to provide limited liability to the individual enterpenuers with an innovative technology business ideas. One Person Private Limited Company will enjoy the same benefits of a normal Private Limited Company. An individual who does not have the co-founder to start his business venture may incorporate One Person Private Limited Company and enjoy the benefits available under Companies Act, 2013. An individual who wants test his business idea may start OPC Company and once the project is viable, he can approach the Venture Capitalists and get the investment into equity sharecapital and convert into a normal Private Limited Company.

Who shall register OPC Company: An Individual with an innovative business idea who is looking for venture capital fundings, external investment, long term expansion and growth. An individual who wants to enjoy the limited liability.

Proprietorship:

The Proprietorship or Sole Proprietorship is a small individual business entity. Registration of Sole Proprietorship is not mandatory but to open a Current Banking Account, the Banker may insists the registraton and hence the Proprietorship business will be registered. The sole Proprietorship can be registered in a Labour Department of the State Government, this regitration is called Shops and Commercial Establishments Registration and in Maharastra it is called GUMASTA License. Unlike a One Person Private Limited Company, the liability of the Proprietor is unlimited.

Most of the Traditional, Street side businesses are established as Proprietorships in India. Establishing a Sole Proprietorship is easy and much cheaper than One Person Company.

Who shall register Proprietorship: Those who are looking for traditional, small street side businesses may register Sole Proprietorship.

Business Registration - India vs Abroad:

In India, the businesses are registered as Private Limited Company (PVT LTD), Limited Company (LTD) and Limited Liability Partnership (LLP) and whereas in western countries, the LLC, Inc, PJSC, GMBC companies are registered. The concept of limited liability is same but the entity is named differently.

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Why Should I register a One Person Company

Below are the main reasons to register a One Person Company.

Limited Liability

The liability of the member of the Company is limited. The Director or Shareholder is not personally liable for the debts of the Company. For example, when Company is in default of repayment of debt or loan, there is a protection to the personal assets of the Director or Shareholder. They can recover the loan amount only by selling the assets of the Company.

Control of Ownership

In One Person Company, only one member is there and hence the control of the ownership is fully vested in the hands of the member. Infact, it is a one man show Company, whatever the decisions he or she takes thore are ultimate. He or she need not required to discuss with other shareholders as only one shareholder will be there in this Company.

Employee Attraction

Talented employees show interest in Company type of businesses instead of Partnership or Proprietorship firm. Company can retain talented employees by issuing Employee Stock Options. Employees of reputed companies can get loans from Banks easily at less rate of interest.

Director Dual Role

The Director of the Company can be the employee of the Company. He can give his own premises on rent/lease to Company and Collect rent from it, he can give loan to the Company and can take loan from Company, he can supply goods or services to the Company and get consideration for that.

Separate Entity-Perpectual Succession

The member of the Company may come and may go but Company may not go that means the member is different and the Company is different. Company can own assets on it own name and can sell. It can sue and can be sued in a court of law.

Easy Exit Option

The member of the Company may easily exit the Company by simply signing a Share Transfer Form. In Listed Companies, the members may sell their shares through Stock Market easily. In Private Limited Companies, the ownership change is simply done through transfer of shares by signing the Share Tranfer forms.

How to Register One Person Company

To register a One Person Private Limited Company (OPC), there should be one director cum shareholder and one nominee. No body corporate can create OPC, only an Individual who is Indian resident can register a One Person Private Limited Company (OPC). One Individual can register only one OPC. Now NRI or Foreign citizen can also register One Person Company in India provided he or she has to met the criteria of residential status in India (ie. He or She has to be there in India for a period of 120 days during the previsous year). You can find below the Documents required and Step by Step Company Registration Process.


Documents Required

  • A

    Director & Nominee Documents

    1. Director & Nominee PAN
    2. Director & Nominee ID Proofs
      Aadhaar Card or Voter ID or Passport or Driver's License
    3. Director & Nominee Address Proofs:
      Latest one month Savings Bank statement or
      Latest Telephone Bill on his own name or
      Latest Moblie Bill on his name or
      Latest Power Bill on his own name.
    4. Directors latest passport size photograph
    5. Directors Email ids
    6. Directors Mobile Numbers linked with their Aadhar
    7. Incase of Foreign direcrtors, International Passport is mandatory
  • B

    Company Documents

    1. Registered Office Address Proof: Latest Power Bill
    2. No-objection letter from the Landlord.
    3. Rental Agreement from the landlord if the premises are rented.
    4. Company email id.

3 Step Company Registration Process:

  • 1

    Digital Signature Certificates

    Through eMudhra - One Hour Job

    We will apply Class-III DSCs through eMudhra Portal Online.

  • 2

    Incorporation

    Through MCA Portal - 5 to 7 Days

    We will prepare the eMOA, eAOA, eSpice+ Form, eAGILE+ Form and upload with MCA portal by paying the requisite fee.

  • 3

    Certificate of Registration

    Through eMail - 1 Day

    After scrutiny, the MCA will approve the form and issues you the Certificate of Incorporation through email.


What All You Get

  • Certificate of Incorporation
  • Articles of Association
  • GST Registration
  • Import Export Code
  • Digital Signature Certificates
  • Company PAN
  • MSME Registration
  • Commencement of Business
  • Director Identification Numbers
  • Company TAN
  • PF Registration
  • Company Resolutions
  • Memorandum of Association
  • Company KIT
  • ESI Registration
  • Company Agreements

What Next Once the Company is Registered

Congratulations!! on registering your new business venture. Most of the enterprenuers do not know what next once the Company is registered. You can find below the other mandatory registratons and statutory compliance requirements of a Company.


Other Registrations

  • A

    GST Registration

    GST registration is Mandatory if you are a Taxable dealer in sale of Goods or supply of Services.

  • B

    IEC Registration

    Import Export Code (IEC) is required to be taken if you deal in Import or Export of Goods of Services.

  • C

    FSSAI Registration

    If your business deals in Food, Catering, Hotel & Restaurant, you need to apply for Food License with Food Safety and Standards Authority of India.

  • D

    IPR Registration

    If you want to protect your business name, brand, literary work, invention, you need to apply for Trade Mark, Copyright, Patent respectively with the department of Intellectural Properties of India.

  • E

    Professional Tax Registration

    Professional Tax is Mandatory for the Companies registered in India. For all states it is not mandatory and infact only for 17 states it is mandatory.

  • F

    Shops & Establishments Registration

    Shops & Establishments registration is mandatory to register with the concerned State Labour Department.

  • G

    MSME Registration

    To avail the benefits under The Ministry of Micro, Small & Medium Enterprenuers Act, it is mandatory to get registered under this Act.

  • H

    Local Trade License

    The new company has to apply for Local Trade License with the Local Municipality or Municipal Corporation.

  • I

    DOT License

    BPO companies are required to take DOT license from the Department of Telecom as it is a mandatory requirement. Only Private Limited Companies are eligible to get this License.

  • J

    Mining License

    The company which is into mining business has to take Mining License. This is mandatory requirement for a Mining Company.

  • K

    PF Registration

    If your Company is covered under PF Act, you need to get the PF Registration. Now MCA is giving PF Registration along with Incorporation, you need not required to apply again separately, you need to enrol the employees once the threshold limit crosses.

  • L

    ESI Registration

    If your Company is covered under ESI Act, you need to get the ESI Registration. Now MCA is giving ESI Registration along with Incorporation, you need not required to apply again separately, you need to enrol the employees once the threshold limit crosses.

  • M

    PASARA License

    If your business is into supply of security gaurds, you need to get license under Private Security Agency Regulation Act. This application has to be submitted to the respective State Home Department.

  • N

    ISI Mark

    If your business is into manufacturing of electrical equipments, you need to get ISI Mark.

  • O

    Drug License

    If your business is into manufacturing and dealing in pharmaceuticals, you need to get Drug License from the respective State Drug Controller office.

Company Compliance

  • 1

    Appointment of First Auditor

    You need to appoint a First Auditor of the Company with in 30 days from the date of Incorpration and file Form ADT-1 with MCA with in 15 days of appointment otherwise a maximum penalty of Rs. 3,900/- will be payable.

  • 2

    Commencement of Business

    You need to declare the deposit of Share Capital amount in Form INC-20A with the MCA with in 180 days of Incorporation, otherwise MCA will strikeoff your Company. Few banks also insists you to file this Form otherwise they will not activate your Company's Current Account.

  • 3

    Director KYC

    Every Director who has been allotted DIN on or before the end of the financial year, and whose DIN status is 'Approved', would be mandatorily required to file form DIR-3 KYC before 30th April of the immediately next financial year. Failure to file attracts a penalty of Rs. 5,000/- per Director and his/her DIN will be deactivated by the MCA.

  • 4

    Board Meetings

    Every Company has to hold a meeting of it's Board of Directors once in a Quarter.

  • 6

    Annual Report

    Every OPC Company has to file a report called it's Annual Report in Form AOC-4 with MCA with in 180 days from the closure of it's financial year.

  • 7

    Annual Return

    Every OPC Company has to file it's Annual Return in Form MGT-7 with in 60 days of 6 month from the closure of it's financial year.

  • 8

    Income Tax Return

    Every Company has to file it's Income Tax Return in form ITR-6 on or before 30th September of each year.

  • 9

    TDS Return

    Every Company which is subject to file TDS returns has to file it with in Due date to avoid penalty.

  • 10

    PT Return

    Every Company has to file it's Monthly PT Return with in due date to avoid penalties.

  • 11

    GST Returns

    Any Company which subject to file GST returns on QRMS basis has to file with in due date to avoid penalties.


Let's Clear Your Doubts


What is DIN?

DIN stands for Director Identification Number. Every Director of the company will get this unique Director Identification Number subsequent upon the Company Incorporation. With this DIN, he/she can register any number of companies.

A DIN holder has to file his KYC with MCA every year on or before 30th day of September otherwise a penalty of Rs. 5000/- will be imposed.

What is DSC?

DSC stands for Digital Signature Certificate. Class-III Digital Signature Certificate is required for each Shareholder while registering his/her company.

There are different companies who issue Class-III DSCs. These companies are called DSC Certifying Authorities. We have associated with eMudhra Tamil Nadu. eMudhra is one of the largest Digital Signature Certifying Authority in India.

What is Authorised Share Capital?

An authorized share capital is a share capital amount upto which the shareholders can invest in equity of the company.infact, this the permission limit to invest amount into Equity Sharecapital.

What is Paidup Sharecapital?

Paid up share capital is an amount, which is deposited by the shareholders of the compnay in company's bank account towards share capital.

Now the company can be registed with a minimum amount of share capital of Rs. 2/- ie. Rs.1/- investment by each shareholder.

What is CIN?

A CIN is a company identificaton number, which is generated by the Ministry of Corporate Affairs while generating the Certificate of Incorporation.

We can treat it as the company registration number.

What is the duration for Company Registration?

If we apply direct incorporation without applying for Certificate of Name Availability, it may take 3 to 5 working days. Some times, it may be incorporated even in one day.

But it is advisable to apply first company name and then incorporation and in this case it may take 10 to 15 days.

What is the Government fee for Company Registration?

For one lakh authorised share capital company, the total government fee including Digital Signature Certificates would be approximately Rs. 4,000/-.

CompaniesHouse is authorised by the Ministry of Corporate Affairs to provide company registration service throughout India at an affordable cost of Rs. 1,999/-.

Can I start company from my home address?

Yes, you can start a Company from your home address too.

Can I register my Company on my own?

No, you can not register Company on your own as Professionals like Company Secretary/Chartered Accountant has to sign digitally along with a Director on the application forms, then only your Companay will be registered.

What is minimum amount of Sharecapital with wich I can start my Company?

Now. For a two person private limited company Rs. 2/- is the minimum sharecapital and for one person private limited company Rs. 1 will be the minimum amount of sharecapital is required.

What are the minimum number of Director required to register a One Person Company?

One.

Can a One Person Company have more than One Director?

Yes. It can have.

Can Foreigner or NRI register One Person Company?

Yes, provided he or she had to stay in India for a period of 120 days during the previous financial year.

How many One Person Companies can an individual incorporate in India?

An individual can incorporate only one One Person Company in India.

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