One Person Company (Pvt Ltd)
The Corporate One-Man Army
While we call you, get some insights into what you are getting into.
At BizSetupGlobal, we provide comprehensive accounting and compliance services designed to empower OPC firms like yours to thrive and succeed.
Clear Facts on One Person Private Limited Company
As Per Section 2(62) Of The Company’s Act 2013, the concept of One Person Company empowers single entrepreneurs to create a business entity with limited liability protection.
With OPC, you become the sole shareholder, ensuring complete control over your venture. This unique legal structure offers the following features:
Only Indian citizens and Residents of India are eligible for OPC.
One-Person Companies are restricted to doing business in Non-Banking Financial Investment activities, including investment in securities of any other corporate body.
An OPC must write OPC in brackets after the name of the Company.
OPC cannot be incorporated or converted under Section 8 of the Act.
OPC can only be converted to any form of company after the expiration of two years of incorporation.
The annual general meeting is optional in OPC.
The OPC must conduct at least two board meetings in a calendar year and one meeting in each half of a calendar year.
One Person Company (OPC) must nominate a nominee who will become the owner of OPC in case the sole member is disabled.
If your annual turnover crosses ₹2 crores, OPC must convert into a Private Limited Company.
Benefits of OPC
Key Registration Services: Tailored to Your Needs
MSME or Udyog Aadhaar registration is to be obtained in the business’s name to establish that the partnership firm is registered with the Ministry of Micro, Small and Medium Enterprises.
Import Export Code
Import Export Code or IE code is obtained from the DGFT in case Pvt Ltd firm business do export /import from India.Import Export Code or IE code is obtained from the DGFT in case Pvt Ltd firm business do export /import from India.
TAN registration must be obtained for Pvt Ltd firm from the income tax department if the partnership firm is required to deduct any TDS while making any payments as per Income Tax Act 1961.
In case a partnership firm is involved in selling food products or handling food products, FSSAI registration must be obtained from the Food Safety and Standard Authority of India in the name of Pvt Ltd firm.
GST registration must be obtained if the Pvt Ltd firm sells goods or services that cross the GST turnover threshold limit for registration. In most states, GST registration is required for service providers with annual revenue of more than ₹20 lakhs and traders-annual revenue of more than ₹40 lakhs.
A current account can be opened for a partnership firm in any bank in India. We offer exclusive partnerships through which zero-balance current accounts can be opened.
Shop & Establishment License
We will register for Shop & Establishment license if needed as per the criteria.
Applicable Taxes and Annual Compliance
Income Tax Filing
Companies registered in India must file income tax returns each year in Form ITR-6 by 30th September.
The DIN KYC procedure must be completed each year by the company's directors by 30th April.
Companies registered in India must file MCA annual returns each year in forms AOC-4 and MGT-7 by 31st October.
Statutory Auditor Appointment
Within 30 days of incorporation.
Financial Statement Preparation
GST must be filed if registration taken.
Commencement of Business
The capital mentioned in the MOA [Memorandum of Association] must be deposited in a bank, and a commencement certificate must be obtained from MCA within 180 days of Incorporation.
Documents To Be Uploaded
- PAN Copy
- Aadhaar Copy/Voter’s ID/Passport/Driver’s License
- Latest Bank Statement/Telephone Bills/Mobile Bill/Electricity Bill/Gas Bill
- Passport Size Photograph
- Passport for NRI and Foreign National
For Registered office:
- Electricity bill/Gas bill not older than two months
- Notarised rental agreement in English
- No-objection certificate from the property owner
- Sale deed/property deed in English (in case of owned property).
Indian Business Structure Requirments Comparison
|Criteria||Private Limited Company||One Person Company||Sole Proprietorship||Limited Liability Partnership||Partnership Firm|
|Ideal for Business||Startup & Growing Companies||Single Promoter||Small Traders & Manufacturers||Professionals Service Firms||Small businesses & Home Businesses|
|Requirements||2 Directors/Shareholders||1 Director/Shareholder||1 Proprietor||2 Partners||2 Partners|
|Initial Investment||Not Required||Not Required||Not Required||Not Required||Not Required|
|Tax Advantages||Few benefits||Few benefits||Minimal||Most efficient||Minimal|
|Limited Liability Protection||Yes||Yes||No||Yes||No|
|Investment Options||Very easy to accommodate||Possible but unlikely||Not possible||Possible but unlikely||Not possible|
|Managing Cost||High||High||Very Low||Moderate high||Very Low|
|Paper Work||High||High||Very Less||Moderate high||Less|
|Time Taken||5-10 days||5-10 days||5-7 days||5-10 days||5-10 days|
Pay as You Grow
Flexible Payment Options
Choose the package that aligns with your needs and watch your dream take flight:
Note: Fees are subject to change based on turnover and income tax requirements. For accurate and up-to-date information, please contact our experts.
Getting started is as easy as 1-2-3:
Simply fill out the form to get started.
Make a secure payment. No additional compliance in most cases
Our expert will connect with you & advise on documents.
Frequently Asked Questions
Your Queries, Our Answers
A nominee is an individual who becomes a company member in case of the promoter's death or incapacitation.
OPC is a Company that has a separate existence and is owned by one single member. One person happens to be a mixture of proprietorship and company forms of business.
No, only Indian residents can register an OPC.
Yes, a One-Person Company can be registered at a residential or commercial address. You need to have an electricity bill and the NOC of the owner.
The One Person Company cannot be registered at the virtual address
Yes, anyone can be a director in the company if he meets the following conditions:
- Age should be more than 18 years.
- Not criminally prosecuted
- Of sound mind
- Not bankrupt
The minimum capital can be Rs 1 as well. The authorised capital should be a minimum of ₹1 lakh.
- It should be unique
- There should be no trademark registered for the given name.
- It should have a prefix and activity word.
- It should not have words like finance, minister etc.
- For words like Global, Corporation, and World, the capital should be more than ₹25 lakhs.
The income tax rate of the company is 25% plus cess.
As per the government rules, you can be a director even if you are an employee.
But you need to check your employment agreement to see if your company policy allows you to be a director.