- Limited Liability: Similar to a Pvt Ltd company, your personal assets are protected if the company faces debts.
- Separate Legal Entity: The OPC has a distinct legal identity from its owner.
- Easier Compliance: OPCs have fewer compliance requirements compared to a Pvt Ltd company.
- Fewer Members: Only one member (you) is required to form and manage the OPC.
- Ideal for small businesses and solo entrepreneurs.
- Not suitable for businesses with multiple founders or those aiming for high growth with external funding.
- Obtain Director Identification Number (DIN): Apply for a DIN, a unique ID for company directors.
- Digital Signature Certificate (DSC): Get a DSC for online filing.
- Name Approval: Choose a unique name and get it approved by the Ministry of Corporate Affairs (MCA).
- SPICe+ Form: File the SPICe+ form electronically. This form incorporates company incorporation, name reservation, and allotment of PAN and TAN.
- MoA and AoA: Prepare the Memorandum of Association (MoA) outlining the company’s objectives and the Articles of Association (AoA) defining internal rules.
- Nominee Director: Appoint a nominee who will take over the company in case of your incapacitation or death.
- Incorporation: Upon submitting the application and documents, the MCA will process it and issue a Certificate of Incorporation, formally registering the OPC.
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