Companies Act introduced the concept of One Person Company (OPC) in India was introduced in 2013 to support proprietors who were inclined to start an enterprise on their own with limited liability. The most basic difference between a sole proprietor and a One Person Company is that in case of a One Person Company (OPC), owner liability in worst case scenario is limited to only the business assets however in case of a proprietorship, thereâ€™s unlimited liability.OPC is a separate legal entity, and offers continuity of business and is easy to incorporate the only catch being your turnover not exceeding 2 crores annually
OPC Incorporation WeÂ incorporate a One Person Company in 7 to 10Â days, subject to ROC processing time.
Step 1-Obtaining DSC & DIN Digital Signature Certificate (DSC) and Director Identification Number (DIN) is required for the proposed Director of the OPC. DIN and DSC can be obtained for the proposed Director within 2 to 3 days.
Step 2-Name Approval A minimum of one and a maximum of six proposed names must be submitted to the MCA. Subject to availability, naming guidelines and MCA processing time, Name Approval can be obtained in 2 to 3 working days.
Step 3-OPC IncorporationÂ Documents can be submitted to the MCA along with an application for incorporation. MCA will usually approve the application for incorporation in 2 to 3 days, subject to their processing time.
After satisfying with the documents submitted ROC approves the forms and Incorporation certificate has been issued.
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