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OPC Registration in India

What is OPC registration?

One Person Company in India is a new concept that has been introduced with the Company’s Act 2013. One Person Company in India is incorporated by a single person. Before the enforcement of the Companies Act 2013 a single person was not able to establish a company. An OPC has features of a Company and the benefits of the sole proprietorship. Earlier if a person had to establish a business then he or she should only opt for a sole proprietorship.

According to Section 2 (62) of the Company’s Act 2013, a company can be formed with just 1 director and 1 member. One Person Company registration in India is a type of entity where there are lesser compliances requirements than that of a Private Limited Company.

A One Person Company Registration in India can be obtained under the Companies Act 2013 with just one single member and one Director. The Director and member can also be the same person. Here an individual who may be a resident or Non-resident Indian can register an OPC in India.

To register a company in India, the first step is to obtain name approval for the business from the Ministry of Corporate Affairs (MCA). This process takes about 24-48 hours. A private limited company name in India must end with the words private limited. One Person Company ends with (OPC) private limited. LLP end with LLP and Section 8 companies can end with words like foundation, association or institution.

A company name proposed to be registered cannot be identical or similar to an existing company name. Also, every company name must include a word that denotes the activity undertaken. For example, in VERVE Financial Services Private Limited – Financial Services denote the activity undertaken. Know more

Proprietorship vs Limited Liability Partnership (LLP) vs Company

FeaturesProprietorshipPartnershipLLPCompany
DefinitionUnregistered type of business entity managed by one single personA formal agreement between two or more parties to manage and operate a businessA Limited Liability Partnership is a hybrid combination having features similar to a partnership firm and liabilities similar to a company.Registered type of entity with limited liability to the owners and shareholders
Ownership
  • Sole Ownership
  • Min 2 Partners
  • Max 50 Partners

For One Person Company

  • 1 Director
  • 1 Nominee Director
Registration Time7-9 working days
Promoter LiabilityUnlimited LiabilityLimited Liability
Documentation
  • LLP Deed
  • Incorporation Certificate
GovernanceUnder Partnership ActLLP Act, 2008Under Companies Act,2013
TransferabilityNon TransferableTransferable if registered under ROFTransferable
Compliance Requirements
  • Income tax filing if turnover is more than Rs.2.5 lakhs

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