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VJM & Associates LLP

One Person Company (OPC)

Business by a single person is possible by way of Proprietorship firm. However, it was a grossly unorganised form of business. To overcome this shortcoming, Companies Act, 2013 provided for a totally new business incorporation way that not only offers the flexibility of a company but also limits the liability that Partnerships or Sole Proprietorships lack. The concept of One Person Company is quite old in countries like the USA, Australia, China, and Singapore.

As a reputable firm of Chartered Accountants in Delhi, we have years of experience in helping our clients in OPC registration. Since the time of enquiry to arranging documents till submitting these online, we get in touch with you in the entire journey and guide you properly at every step until you can complete all.

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One Person Company

Know More about One Person Company

Section 2(62) of the Companies Act, 2013 states, One Person Company is a small-scaled company that has only a single person as to its member. Furthermore, a member of a company is nothing but a subscriber to its shares. An OPC has a sole shareholder. These types of companies are usually created when the business is the brain-child of a single person. Entrepreneurs having businesses in the early stages opt for the OPC model in place of the sole proprietorship. Please note that in the case of OPC, a company can have more than one director. However, shareholder can’t be more than one.
  • First, you have to apply for a Digital Signature Certificate (DSC) of the proposed director.
  • Then the next step is to get a Director Identification Number.
  • After that, you’ll have to submit the name approval application.
  • Then you’ll have to prepare a couple of documents like the Memorandum of Association and the Articles of the Association.
  • Once done, you can now fill forms to obtain the certificate of incorporation from the Ministry of Corporate Affairs.
  • When your every document is verified by the Registrar, you’ll receive the certificate of incorporation marking the start of your business.
  1. Limited Liability: In sole proprietorship business, proprietor has unlimited liability toward business. However, in case of a company, liability of the shareholder is limited to its share capital.
  2. Separate legal entity: Sole Proprietorship firm and it’s proprietor are one and the same person for the purpose of business. PAN of the proprietor is used for proprietorship firm also. Further, in case of death of the proprietor, the firm comes to an end. On the contrary, OPC has a separate legal entity, i.e., death of its share holder will not result in discontinuation of the company.
  3. Some other features are:
    • Uninterrupted existence
    • Better borrowing capacity
    • Holding Annual General Meetings are not required
    • Financial Statements doesn’t need to include cash flow statements
    • Hiring a company secretary is not compulsory
    • Director’s office can stay vacated providing additional reasons
    • They can pay extra remuneration to the director
    • Several provisions of quorum and meetings don’t apply here
A. Documents of Company:
  • Proof of Address: Copy of utility bills such as electricity, not earlier than 2 months. In case of rented premises, Copy of rent agreement alongwith No Objection Certificate from landlord.
B. Documents of Directors:
  • Digital Signature: Passport size photograph, copy of PAN Card and Aadhar Card, email id and Phone number.
  • Identity proof: Voter’s ID Card, Passport, Driving Licence, PAN (Any one)
  • Address Proof: Copy of Bank statement, Electricity Bill, Telephone bills, not earlier than 2 months. In case of rented premises, Copy of rent agreement alongwith No Objection Certificate from landlord.
  1. Limited Liability: In case of proprietorship firm, liability of proprietor is unlimited, i.e., his personal property can also be utilised for discharging liability of business. However, through formation of OPC, liability of shareholder shall restrict to its share capital. The owner’s personal property will remain safe no matter what happens with the company.
  2. Continuous Existence/Separate Legal Entity: A proprietorship concern comes to an end in case of death of proprietor. However, An OPC will continue to exist in an event like the director’s or shareholder’s death. Being a separate legal entity, it will move on to nominee directors.
  3. Greater Credibility: OPCs are required to conduct yearly audits on its book. That’s why it possesses higher credibility than a sole partnership firm.
  4. Easy to Sell: To sell an OPC, a limited amount of documentation work is required. This makes an OPC easy to sell to a third party
  5. Easy Fundraising opportunities: Setting up an OPC is a pretty simple process. You can secure funds in the form of a loan by setting up your own OPC.
  • Getting a Digital Signature Certificate usually takes 2 days
  • Director Identification Number can take 1-2 days
  • 5 days for registering the name
  • Another 5 days to obtain the incorporation certificate.
We have assisted many clients in setting up their own One Person Company in the past. Here are the steps where we can assist you
  • Getting a Digital Signature Certificate
  • Obtaining Director Identification Number
  • Guiding you to choose a well-suited name
  • Helping you to register the name in CRC (Central Registration Centre)
  • Lending a hand to prepare necessary documents required in incorporation filing

6 step Company Registration

Instituting an OPC is one of the most modern forms of doing business in India. It was launched to boost the country’s micro-businesses as well as people with entrepreneurial ideas. That’s why OPC presents a lucrative proposition to small-sized startup owners. Here is the complete process of registering an OPC in India.

Digital signature certificate of the personnel is needed in Private Company Incorporation in India. The digital signature certificate is required for filling of e-forms online on the portal of MCA (the Ministry provided portal for online registration). Digital Signature Certificate is issued by the Certifying Authority in token form. It is valid for 1 or 2 years. List of documents required for digital signature certificate:
  • Passport size photograph of the applicant or applicants
  • Self-attested Address proof of the applicant or applicants
  • Self-attested PAN card of the applicant or applicants
Director Identification Number or DIN is a unique identification number given by the Ministry of Corporate Affairs to the individual or in duals applying for the allotment of DIN. The number is assigned for a lifetime by the Ministry unless the holder or holders surrender or withdraw it. The director or directors of a company shall receive and intimate the DIN during the time of Private Ltd company incorporation. Getting DIN is mandatory for getting an appointment as Director in any Company. The director or directors can use the DIN number for other company formation. He/she/they can get an appointment as Designated Partner in the LLP. List of documents required for digital signature certificate:
  1. Passport size photograph of the applicant or applicants
  2. Self-attested address proof of the applicant or applicants
  3. Self-attested PAN card of the applicant or applicants
Deciding on a name that is catchy enough to attack attention, is one of the most vital aspects of setting an OPC up. The name will be in this format – XYZ (OPC) Private Limited. There are two options to get your name approved. Either make an application through Form SPICe 32, or you can use the RUN service provided by MCA. When the name gets approved by the Corporate Ministry, we can move forward to the next step.
The following documents have to be submitted to ROC.
  • The Memorandum of Association
  • The Article of Association
  • Form INC-3 containing nominee director’s details along with his documents
  • Proof of registered office address along with a NOC from owner
  • Consent and NOC of the direction in form DIR-2 and INC-9 respectively
  • A declaration by the director certifying that every compliance is done
These documents have to be attached with SPICe-MOA Form, SPICe and SPICe-AOA and the DSC form of the director and will have to upload the bunch in the MCA site for Corporate Ministry’s approval. After uploading, the site will generate the 49A & 49B form for the company’s PAN & TAN generation. And, after the application is verified by the Registrar, you’ll have the much-awaited Certificate of Incorporation marking the beginning of your OPC.

The process to register a one person company can seem to be a bit complex and time-consuming. This is why to help you do the job successfully VJM & Associates LLP keeps an expert pool of professionals specialized in registration of company. We are committed to helping startups, proprietors and entrepreneurs to register a One Person company.

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Very professional approach from VJM Team, they got associated with us late in the financial year but were able to conduct an in depth audit and highlight the areas to be addressed within a short span of time. What gives us confidence is that they are available for consultation on any financial matter and are quick to find and implement the resolution
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ROC Compliances

As per The Companies Act, ROC compliances mainly include Annual filing. Apart from Annual filing, disclosure by directors, annual return draft, and updating the Statutory Register undergo ROC compliances. ROC compliances are mandatory. Any slack or negligence can lead to penalties, fines and other legal issues pertaining to the Company.

At VJM & Associates LLP we have the team of experts having expertise and experience in Company Law Matters.

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We offer a wide range of services on Companies Act, 2013 under one roof to serve different types of companies including PSUs, MNCs, listed and unlisted companies.

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VJM & Associates LLP specializes in offering company audit services, creating value for your time, money, labor, and business management. Our internal and management audits help companies grow faster and find out the weak areas that need improvements to reduce cost and increase profit margin.

In an efficient IT environment, we create the Risk Management framework to offer you Risk Based Audit’ (RBA) that minimizes upcoming risk and maximizes revenues.

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GST Registration is an online process involving submission of several business details along with certain supporting documents. Prior to the GST registration, a critical analysis of various business and transaction aspects like – nature of business, types of supplies/ services, category of registration etc. are required to be undertaken.

We, at V J M Associates LLP are equipped to provide qualitative value added services through the entire process of GST registration.

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With a dedicated team of Chartered Accountants in Delhi, offer a wide range of services on how to maintain your companies and manage corporate income taxes including bookkeeping, accounting, financial statement preparation, electronic data transfer, corporate tax return preparation and paralegal services like preparation of annual shareholder report, tax refund, director resolutions, and annual filings.

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