One Person Company
What is an OPC?
One Person Company as the name suggests is a company with only one person.
So then what is the difference between OPC and Proprietorship?
OPC is a legal entity unlike sole proprietorship. So it’s a mix between a partnership and proprietorship. Because OPC has only one member unlike two or more in partnerships all the while also being a separate legal entity.
A major limitation of OPC is that once the turnover crosses Rs 2 crore, it needs to be converted to a Private Limited Company.
What are the advantages of OPC?
Separate Legal Entity
Better borrowing capacity
How does it work? What is the process?
Obtain Digital Signatures (DSC) for the proposed Director
Obtain Director Identification Number (DIN) for the proposed Director
Seek proposed names (maximum 6) from you and get approval of the same from ROC
After Name approval, we will apply for incorporation
How much time will it take?
10-15 Business days subject to ROC Approval
Documents required for Individual
Related to Proprietor:
Bank account details
- Copy of Cancelled cheque
- Bank statement
- First page of Passbook
Proof of Principal Place of business :
- Owned office: copy of utility bill/ Property Paper
- Rented office : Rent agreement copy/ NOC from the Landlord
Import Export Code (IEC Code)
n this age of fierce competition, everyone wants to expand their business from domestic market to international market. Enterprises can enter in global market either with existing product or new product. ” However before going global, you need to follow several procedures and laws place and get different registration and license. IEC (Import Export Code) license is one of such prerequisite when you’re thinking of importing or exporting from India.
Private Limited Company
A minimum of one and a maximum of two proposed names must be submitted for RUN (Reserve Unique Name)to the MCA. Subject to availability, naming guidelines and MCA processing time, Name Approval can be obtained in 2 to 3 business days.
In a developing country like India, MSME industries are the backbone of the economy. The MSME sector contributes to 45% of India’s Total Industrial Employment, 50% of India’s Total Exports and 95% of all industrial units of the country and more than 6000 types of products are manufactured in these industries
One Person Company
After verification, your DSC in USB token will be available with SDM Associates which will be dispatched through courier at your address which may take 2-3 days to reach your address.
Change in name of company may either be compulsion through law or voluntarily by company.