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Suitable for Startups and Small Businesses
Suitable for Professional Users and Large Businesses
The advantages of an OPC are as follows:
Section 2(62) of Companies Act defines a one-person company as a company that has only one person as to its member. Furthermore, members of a company are nothing but subscribers to its memorandum of association, or its shareholders. So, an OPC is effectively a company that has only one shareholder as its member.
The Companies Act also provides for a person, nominated by the stakeholder, to take over the reins of the company in the event of the death or inability of the said stakeholder. Moreover, this allows the OPC to have a continuous life beyond that of the founding director.
An OPC is registered under the Companies Act and enjoys the same privileges that come with a firm being listed as a private limited company.
The legality of this type of business, and also the perpetual succession clause, makes it popular among banks and financial institutions.
While it is mandatory for an OPC to get its accounts audit and file requisite annual returns, the same can be easy with the signature of the director; the need for a company secretary’s signature is not mandatory.
Documents Required from Directors
Documents Required from Nominee
Documents Required from Proposed Company
Requirements to register a Private Limited Company in India
No of Shareholders
No of Directors
1 individual (min.)
Rs. 1 lakh min.
Procedure for Applying
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A nominee is an individual who becomes a member of the company in case of the promoter’s death or incapacitation.
Authorized Capital of a Company is the number of shares a company can issue to the shareholders. A Company is required to pay the Government an authorized capital fee to issue shares.
Ensure that the name you choose is unique and you have all the required documents before the process of incorporation for speedy incorporation.
If the annual compliances are not met with the becomes a Dormant Company and can be struck off after some time. A Struck company can be revived for a period of up to 20 years.
The DSC establishes the identity of the sender or the signee electronically while filing the document online. The MCA mandates that the Directors sign some of the application documents using their Digital Signature
It is the Unique Identification Number that is assigned to all existing and proposed Directors of a Company. All proposed Directors must have Director Identification Number. The DIN never expires and a person can have only one DIN.
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.