One Person Company Registration
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What is One Person Company?
To understand one person company definition, we first need to get into the identity it creates. A registration provides corporate status and many benefits to the members and directors. In the case of a Private company, at least two members are required which is not the same in the case of OPC. To eliminate this drawback and allow a single person to reap the advantages of One Person Company, this sort of a company structure is introduced through the Companies Act, 2013. One Person Company registration is simplified with online filing and process.
One Person Company feature is such that it has only one shareholder who owns 100% stake of the company. To maintain the character of perpetuity, the appointment of the nominee is compulsory, who will take place of the owner in case of death or his inability. One person company is a type of Private Limited Company.
Benefits of One Person Company Registration
Separate Legal Existence
Lower Compliance Requirements
Limited Liability of Owners
Separation of Management and Ownership
Documents Required for Online OPC Registration
PAN Card
Identity Proof
Director’s Address Proof
Photograph
Business Address Proof
NOC from owner
Rent Agreement
One Person Company Name Format and Formulation
One Person Company name should be unique as it forms the company brand, preferably a coined word.
The OPC name format shall have the second part of name suggesting the business activity of the company.
Name of the company must end with “(OPC) Private Limited” as a suffix.
One Person Company Registration
1. Answer Quick Questions
- Pick a Package that best fits your requirements
- Nearly 10 minutes to fill in our Questionnaire
- Provide basic details & documents required for registration
- Make payment through secured payment gateways
2. Experts are Here to Help
- Assigned Relationship Manager to help you with OPC registration.
- Procurement of Digital Signatures (DSC)
- Application for OPC Name Reservation under SPICe
- Documents drafting including MOA and AOA
- Certificate of Incorporation
- Application for PAN and TAN
3. Your OPC is Registered
- All it takes is 12 – 15 working days*
*Subject to Government processing time
Process to register OPC online
Day 1 - 2
- Review of documents and information provided
- Application for Digital Signature Certificate
Day 3 - 6
- Checking Name availability
- Drafting of MoA, AoA & other required documents
Day 7 - 9
- Name reservation application under SPICe
- Filing company registration application
- DIN allotment application
- Application for PAN and TAN of company
Day 10 - 12
- Government processing time
Compare different business structures to choose the right entity type
Private Limited Company | One Person Company | Limited Liability Partnership | Partnership Firm | Proprietorship Firm | ||
---|---|---|---|---|---|---|
Act | Companies Act, 2013 | Companies Act, 2013 | Limited Liability Partnership Act, 2008 | Indian Partnership Act, 1932 | No specified Act | |
Registration Requirement | Mandatory | Mandatory | Mandatory | Optional | No | |
Registration under the Act is mandatory to set up business as a Private Limited Company | Registration under the Act is mandatory to set up business as One Person Company | Registration under the Act is mandatory to set up business as a Limited Liability Partnership | Both registered and unregistered partnerships are legal, but registered entity is preferred | There is no registration criteria prescribed. But, registration to establish a legal identity is recommended | ||
Number of members | 2 – 200 | Only 1 | 2 – Unlimited | 2 – 50 | Only 1 | |
Requires minimum 2 and not more than 200 shareholders | Only an individual,and an Indian resident can be the shareholder | No bar on maximum number of partners, but minimum 2 Designated Partners are required | It is formed with minimum 2 partners, but not exceeding 50 | The proprietor is the only owner of the firm | ||
Separate Legal Entity | Yes | Yes | Yes | No | No | |
Private Company is separate entity and can own assets in its name | OPC is separate entity and can own assets in its name | LLP is separate entity from partners and can own assets in its name | Partnership firm does not have any separate identity from its partners | Proprietor and business are the same and not different | ||
Liability Protection | Limited | Limited | Limited | Unlimited | Unlimited | |
Liability of members is limited to the extent of unpaid value of shares subscribed | Liability of member is limited to the extent of unpaid value of shares subscribed | Liability of partners is limited to the capital amount agreed to introduce | Partners are jointly and severally liable to pay the debts of the Partnership Firm | Proprietor’s liability is to pay-off all the debts and obligation of a firm | ||
Statutory Audit | Mandatory | Mandatory | Dependent | Not mandatory | Not mandatory | |
Auditor must be appointed within the 30 days of incorporation | Auditor must be appointed within the 30 days of incorporation | Applicable when turnover exceeds INR 40 Lakh or contribution exceeds INR 25 Lakh | Statutory audit not applicable. Tax audit may be applicable based on turnover | Statutory audit not applicable. Tax audit may be applicable based on turnover | ||
Ownership Transferability | Restricted | No | Yes | No | No | |
Shares can be transferred with the consent of other Shareholders | Shares are not transferable easily | Ownership can be changed with consent of other partners | Ownership is not transferable easily, clause of partnership deed should be referred | Firm is no different from proprietor and so ownership is not transferable | ||
Uninterrupted Existence | Yes | Yes | Yes | No | No | |
Change in members or director does not affect the existence of Private Company | Change in members or director does not affect the existence of OPC. The nominee will take place of member | Change in Partners or Designated Partners does not affect the existence of LLP | Change in partner leads to dissolution or formation of another partnership firm | Death or insolvency of proprietor directly affects the firm | ||
Foreign Participation | Allowed | Not Allowed | Allowed | Not Allowed | Not Allowed | |
Foreign national are allowed to invest under the Automatic Route | Member, nominee and director must be an Indian resident | Foreign nationals are allowed, subject to FDI Guidelines | Foreign nationals are not allowed to be a partner | Foreign Nationals cannot commence proprietorship business | ||
Tax Rates | Moderate | Moderate | High | High | Low | |
Tax rate applicable for small companies is reduced to 22% | Tax rate applicable for small companies is reduced to 22% | With tax rate of 30% on business profit, tax benefits to partners is high | With tax rate of 30% on business profit, tax benefits to partners is high | Tax rates of individual applied to Proprietorship Firm | ||
Statutory Compliances | High | Moderate | Moderate | Less | Less | |
Apart from Annual filings, it has to comply with various provision laid down, but less compared to public company | Apart from Annual filing, compliances are less compared to Private Company | Annual filing and few event based filings are necessary | Separate ITR of partnership is filed, else there is no filing requirement | No compliances and no requirement to file a separate ITR | ||
Know More | Get Started | Know More | Know More | Know More |
Explore One Person Company Registration
Below mentioned are the pre-requisites to register an OPC in India:
1. The shareholder must be individual and Indian resident
2. At least one director is appointed, who shall be an Indian resident
3. A nominee who is above the age of 18 years and Indian resident must be appointed as Nominee on registration
4. A place of business must be provided as the registered office address of OPC.
No. The requirement to provide minimum paid-up capital for OPC registration is now removed. The amount required for starting a business must be subscribed while registering OPC. Further, the subscriber must hold at least one share for registration. It is important to note that the minimum amount of INR 1 Lakh must be kept as Authorized Capital.
Only an individual can become a member of OPC. One needs to be an Indian resident above the age of 18 years to be eligible to form One Person Company. To refer one as an Indian resident, he/she must have spent at least 182 days in India in the immediate previous calendar. An additional condition is that a person can become member of only 1 OPC at any time during or after registration.
A person who is a minimum of 18 years i.e.; major, and is an Indian resident. Additionally, the nominee must provide his consent to the company for his/ her appointment.
Daily transactions of the business are recorded in the Books of Accounts of the Company by the Accountant/s. The Accounts hence recorded are verified by an Independent Auditor to make sure that no statutory compliance are missed and provide an Audit Report for the same.
(Note: LegalWiz.in shall only take the accountability of the Accounting Service provided by them but however shall help in appointment of Independent Auditor for your business.)
Any natural person above the age of 18 years can become a director in the company after procuring Director Identification Number (DIN). As there are no criteria provided in terms of citizenship or residency, a foreign national can also become a director. The application of DIN Allotment is now merged with the application for the formation of a company, subject to a limit of maximum 3 DIN.
Director Identification Number is a unique number assigned by the Ministry of Corporate Affairs to Individuals on application made. This allows any individual to be a Director in any Company or Designated Partner in LLP.
Digital Signature Certificate is provided in the form of a token issued by Certified Authorities. Any form that is filed for an online OPC registration in India shall be submitted after affixing the DSC of an Applicant. Also, the directors will require a DSC for DIN application and the nominee and shareholder shall possess DSC for submitting e-forms for incorporation.
Authorised capital shows the maximum amount of capital that a company can raise by way of issuing shares at present or in the future. The Paid-up Capital refers to the actual amount raised by the company i.e. amount paid by shareholders upon issuance of shares. One can register One Person Company in India by any amount of paid-up capital, which can be less than authorized capital but not exceeding such.
Yes, an OPC can carry multiple businesses if it is mentioned in the MoA of the company and approved by the registrar. The company can mention more than one business which is related and from the same field. Activities which are unrelated such as fashion designing and event management or construction cannot be registered under the same company.
Yes, a company can be registered at a commercial or a residential place by furnishing necessary proof. A registered office is a place where communication, if any, from MCA and other concerned authorities, will be received. The address will also be displayed at the portal of Ministry.
No, only an individual can obtain membership or become the nominee in OPC. If a body corporate wants a 100% stake of any company, it can register a wholly owned subsidiary.
No, the shareholder must be an Indian resident for OPC company registration.
No, none of the member or director is required to be present as the whole process of OPC registration is online. All the forms are filed on the web portal and are digitally signed. Also, the required documents can be sent through an e-mail or uploaded on our portal for filing.
An OPC can be converted into Private or Public Company upon completing 2 years from the date of Incorporation unless it is a mandatory conversion.
It is required to convert an OPC into a Private or Public Company when the paid-up capital of the OPC exceeds 50 lakh Rupees, or the Average Annual Turnover during the relevant period exceeds 2 Crore Rupees. The mandatory conversion will take effect irrespective of the period of existence of OPC.
Once, the company is registered, it must fulfill below-mentioned requirements on priority:
• Opening a current account of the company
• Appointing of the Statutory auditor
• Depositing the paid-up capital mentioned while registration
• Issuance and allotment of shares
During every financial year, the company must hold board meetings in case of more than 1 director. Furthermore, the accounts and financial statements must be audited by an independent auditor. Subsequently, it shall file form AOC – 4 and MGT – 7 as a part of Annual Compliance within the given time.
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