OPC Registration

Documents Required for OPC Registration

TO BE SUBMITTED BY DIRECTOR

- Scanned copy of PAN Card or Passport (Foreign Nationals & NRIs)
- Scanned copy of Voter's ID/Passport/Driver's License
- Scanned copy of Latest Bank Statement/Telephone or Mobile Bill/
   Electricity or Gas Bill
- Scanned passport-sized photograph
- Specimen signature (blank document with signature
   [directors only])
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FAQs on OPC Registration

An OPC is a good alternative to running a sole proprietorship, largely because it gives limited liability to the business owner. This means that your liability is limited to the amount you’ve invested in the business; business debts cannot be recovered from personal possessions. Also, a sole proprietorship ceases to exist on the death of its promoter. In the case of an OPC, the nominee director takes over and the entity continues to exist. Single entrepreneurs who do not have another partner to start a private limited company may also consider it.

Only Indian residents can register an OPCs, and that, too, only one at a time, as per the specifications of the Ministry of Corporate Affairs.

All such businesses must maintain books of accounts, comply with statutory audit requirements and submit income tax returns and annual filings with the RoC.

There is no difference in capital requirement between an OPC and a private limited company. It needs an authorised capital of Rs. 1 lakh to begin with, but none of this actually needs to be paid-up. This means that you don’t really need to invest any money into the business.

No general advantages; though some industry-specific advantages are available. Tax is to be paid at flat rate of 30% on profits, Dividend Distribution Tax applies, as does Minimum Alternate Tax.

The MCA is skeptical about a single person in charge of a large corporation. Therefore, it requires all OPCs to be converted into private limited or public limited companies on crossing a certain revenue number. Currently, in case of an average turnover of Rs. 2 crore or more for the three consecutive years or a paid-up capital of over Rs. 50 lakh, the OPC must mandatorily be converted into an OPC.

The cost of an OPC is only marginally lower than that of a private limited company. You’ll be shelling out around Rs. 12,000 to incorporate, then paying around Rs. 15,000 a year in compliance fees and an auditor to inspect your books.

An OPC has certain limitations. The person starting the business is its only director and shareholder. There is also a nominee director, but this person has no power whatsoever for raising equity funds or offer employee stock options. The nominee exists only to take over in case of the death or incapacitation of the director. The nominee is chosen by the director, and can be anyone, such as your spouse, parents or siblings. The nominee will need to provide identity proof during registration.

No, an individual can form only one OPC at a time. This rule applies to the nominee in an OPC, too.

Compare Your Options

One Person CompanyPrivate Limited CompanyLimited Liability PartnershipPartnership
Firm
Sole Proprietorship
Ideal For
Sole promotersStart-ups and growing companiesProfessional services firmsHome businessesSmall traders and manufacturers
Investment
MinimalMaximum PossibilityMinimalImpossibleImpossible
Limited Liability
YesYesYesNoNo
Tax Advantages
Few benefitsFew benefitsMost efficientMinimalMinimal
Compulsary Compliances
HighHighLowMinimalMinimal
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