What is a business license?

A business license is an official document issued by the government that enables your company to conduct lawful business in a specific area. Depending on your industry and the location of your operations, a variety of business licenses and permissions may be needed.

What is the cost of a business license in India?

Depending on the kind of business, the location, and other factors, a business license in India might cost different amounts. There may be associated fees for various licenses, and expenses for document processing and verification may also be included in the total cost. To find out the precise expenses that apply to your firm, it is advised that you speak with a professional or the local regulatory authorities.

Is a business license the same as a permit?

A business license is not the same as a permit. While permits ensure that your business adheres to safety and preventative measures, business licenses attest to your company's compliance with state legislation.

How can I obtain a business license?

To obtain a business license, go to the office or website of the state regulatory body where the enterprise is situated. After you've determined the licenses your company needs, it's time to gather the required paperwork and submit an application for a business license. Most of the time, you can apply for a business license online, but in other situations, you might need to send or fax your application to the appropriate authority.

What happens if you run a business without a license?

If the company doesn't follow the rules, the regulating body has the right to punish it or even ask that it close.

What type of business license do I need?

While business licenses are handled locally in certain states, there are general business licenses in others. Your industry, town, county, or city may need additional licenses and permits. Before opening your firm, make sure you have everything.

Do business licenses expire?

The response is contingent upon your particular business. Certain business licenses are still in effect as long as your company is operating and you fulfil the license conditions. Other business licenses need to be updated periodically or annually. To find out if and when your license may expire, research your state's licensing rules.

How do I renew a business license?

When it's time to update or renew your company license, you must go to your state's revenue agency and complete the required procedures. Remember that the procedure could vary depending on the state where your firm is located.

Can I transfer my business license?

In some situations, a business license can be transferred. Remember, nevertheless, that the legislation of the jurisdiction where your license was submitted as well as your business may have an impact on the transfer of your business license. Depending on whether you're starting a new company or taking over an established one, you could occasionally need to apply for a new business license under your new name. Verify whether it is permissible to transfer your company license by contacting the appropriate state agency.

One-Person Company (OPC) Registration in India

Let Experts Help You Navigate your Growth Journey as an OPC Owner

Start a One-Person Company Seamlessly with MyBizCFO

We simplify and streamline the registration process for one-person companies
Get started with experts providing the fastest turnaround time
Cost-effective services with no hidden fees and a transparent pricing policy
From registration to compliance with the law, we have you covered

Why Choose MyBizCFO for One-Person Company Registration?

A one-person company is a unique concept when it comes to business entities. The characteristic of a one-person corporation is that it has a single shareholder who owns all of the business. It is necessary to appoint a nominee to replace the owner in the event of his incapacity or death in order to preserve the nature of perpetuity. At the same time, an OPC is a type of private limited company. MyBizCFO can help you complete the formalities of OPC registration. Working with us offers various benefits such as:

An easy and quick online OPC registration process

On-call support with dedicated account managers

A team of qualified experts to show you the way

Fast turnaround and cost-effective services

Benefits of Registering a One-Person Company

Independent Legal Existence

The status of a distinct legal entity would be granted to a one-person company. Unlike a proprietorship firm, this type of OPC registration guarantees that the entity is distinct from the owner. OPC is able to enter into a contract with the parties and own the assets under its own name. The owner has no influence over the company's actions. The primary advantage of OPC registration is this.

Limited Liability

One advantage of registering an OPC is that it creates a distinct legal body with obligations and liabilities that are not imposed on the personal assets of the lone member. A member's liability is capped by the remaining balance of the capital they have subscribed for. Except in a few specific circumstances, the member's personal assets are safeguarded even in the event of liquidation.

Reduced Needs for Compliance

Unlike a private limited company, a one-person company enjoys the benefit of exemption from several rules and regulations. OPC is exempt from compliance requirements such as holding board and general meetings. However, if there is more than one director on the board, a board meeting is required.

Ownership and Management Separation

Due to the need to manage a business, the owner of the OPC may designate a director even if the company is owned by a single individual. While the member would be able to generate earnings by directing efforts towards different firms, the director or directors are tasked with the operational responsibilities. The shareholder, however, has total control over their status as a stakeholder in a one-person company.

Begin ITR Filing

Deciding the Name of Your One-Person

Here are a few things you must keep in mind when deciding the name of your small business:

Distinct Name:

Since it creates the firm brand, the name of the business should be distinctive, ideally a newly created term.

Business Objective:

The second half of the OPC name format must indicate the company's business activity.

Company Structure:

The company's name must conclude with the suffix "(OPC) Private Limited.”

Begin ITR Filing

Documents Required to Register a One-Person Company

PAN Cards of directors, nominees, and shareholders

Voter ID, passport, driver's license, and Aadhar card of directors, nominees, and shareholders

Address proof of directors, nominees, and shareholders with the most recent phone bill, electricity bill, or bank account statements

Recent passport-size photos of the directors, nominees, and shareholders

Address for the business with the owner's most recent telephone or electricity bill for the registered office address

Registered office rent agreement is applicable

Our Process: Steps to Register your One-Person Company with MyBizCFO

Step 1: Answer Quick Questions

Pick a package according to your requirements
Take 10 minutes to fill in our questionnaire
Provide basic details and documents needed for registration
Pay our fees through secured payment gateways

Step 2: Get Expert Guidance

Dedicated Relationship Manager
OPC Name Reservation under SPICe
Procurement of Digital Signatures (DSC)
Documents drafting including MOA and AOA
Application for PAN and TAN
Certificate of Incorporation

Step 3: Business Incorporation

Set up in only 12-15 working days

Get on a free assessment call with an expert.

One-Person Company Registration Timeline

Day 1-2

Review of documents and information
Digital Signature Certificate Application

Days 3-6

Name availability check
Drafting of MoA, AoA & other documents

Day 7-9

Name reservation application under SPICe
Application filing for company registration
DIN allotment application
PAN and TAN application

Day 10-12

Standard processing time

Frequently asked questions

What prerequisites must be met to register a one-person company?

The prerequisites for registering an OPC in India are listed below:

The shareholder needs to be an individual who resides in India.
A minimum of one director is appointed, who must reside in India.
The nominee must be an Indian resident who is at least eighteen years old at the time of registration.
The registered office address of OPC must be a place of business.

Who is eligible to join One Person Company?

An individual is the only person who can join OPC. To be eligible to start a one-person company, a person must be an Indian resident who is at least eighteen years old. One must have visited India for at least 182 days in the most recent calendar year in order to be considered an Indian resident. Another requirement is that an individual may only join one OPC at any point during or following registration.

Who is eligible to serve as a director of a one-person company?

After obtaining a Director Identification Number (DIN), any natural person who is at least eighteen years old may serve as a director of the firm. A foreign national may also serve as a director since no residency or citizenship requirements are stated. Subject to a maximum of three DINs, the DIN allocation application is now combined with the company formation application.

Who is eligible to be a nominee in a one-person company?

An individual who resides in India and is at least eighteen years old, or a major. In order to be appointed, the nominee must also give the corporation his or her consent.

Does registering an OPC require a minimum amount of capital?

No. The minimum paid-up capital threshold for OPC registration has been lifted. When registering an OPC, the sum needed to launch a business must be subscribed. Additionally, in order to register, the subscriber needs to own a minimum of one share. It is crucial to remember that authorised capital must be maintained at a minimum of Rs. 1 lakh.

What are Paid-up Capital and Authorised Capital?

The maximum amount of capital that a business can currently or in the future raise through the issuance of shares is known as authorised capital. The actual amount raised by the business, or the sum paid by shareholders upon the issuance of shares, is referred to as paid-up capital. In India, a one-person company may be registered with any paid-up capital, which may be less than or equal to the authorised capital.

Is it possible to register a one-person company for more than one business?

Yes, provided it is specified in the company's memorandum of agreement and authorised by the registrar, an OPC may carry more than one business. A number of related businesses from the same field may be mentioned by the corporation. It is not possible to register unrelated activities under the same firm, such as fashion design and event planning or construction.

Can a one-person company be registered in a residential location?

Yes, if a business provides the required documentation, it can be registered in either a residential or commercial location. Any correspondence from MCA and other relevant authorities would be received at a registered office. Additionally, the address will be shown on the Ministry's portal.

What is a Director Identification Number (DIN)?

When an individual applies, the Ministry of Corporate Affairs assigns them a unique number known as their Director Identification Number. This makes it possible for anyone to be a designated partner in an LLP or a director in any company.

Who is responsible for obtaining a Digital Signature Certificate and what does it entail?

Certified Authorities issue digital signature certificates in the form of tokens. After attaching the applicant's DSC, any form submitted for an online OPC registration in India must be submitted. Additionally, the nominee and shareholder must have a DSC in order to submit electronic documents for incorporation, and the directors will need one for DIN applications.

Can foreigners and NRIs register for an OPC in India?

No, in order to register an OPC company, the shareholder needs to be an Indian resident.

Who is responsible for obtaining a Digital Signature Certificate and what does it entail?

No, since the entire OPC registration procedure is done online, neither a member nor a director must be present. Every form has a digital signature and is stored on the online portal. Additionally, the necessary documents can be submitted to our portal for filing or provided via email.

When must OPC be converted to a private company?

When an OPC's paid-up capital surpasses Rs. 50 lakh or its average annual turnover for the relevant period surpasses Rs. 2 crore, it must be converted into a private or public company. No matter how long OPC has been in operation, the required conversion will go into effect.

What standards must a one-person business meet for annual compliance?

If the corporation has more than one director, board meetings must be held within each fiscal year. Additionally, an independent auditor must audit the financial statements and accounts. Then, within the allotted period, it must submit forms AOC-4 and MGT-7 as part of Annual Compliance.

What function do auditors and accountants serve in a one-person business?

The accountant or accountants document daily business transactions in the company's books of accounts. An independent auditor verifies the resulting accounts to ensure that no statutory compliance is overlooked and provides an audit report for the same.

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What Clients Say About Us

Nisha Raut

Local Guide • 4 days ago

When I decided to establish my OPC, I hardly had any idea about the registration process. MyBizCFO has been a trusted partner for me, right from the registration of my company to showing me the way with compliance guidelines. Thanks a lot!

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5.0

Pooja kamde

Local Guide • 2 hour ago

Setting up my OPC seemed like a daunting challenge, with multiple steps and lengthy documentation. MyBizCFO was my guide and partner, helping with easy and hassle-free online registration.

Google Reviews

5.0

Mangesh Nair

2 days ago

MyBizCFO has constantly been on my side from the day I started my OPC from scratch. I give these experts full credit for my success, and recommend them for their excellent services.

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5.0