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Sole Proprietorship To One Person Company

A sole proprietorship can be smoothly transformed into a Private Limited Company to unlock numerous advantages such as limited liability, perpetual existence, a distinct legal entity, and the ability to attract additional investors. Private Limited Companies are among the most preferred business structures for startups and growing enterprises due to these benefits.

Sole Proprietorship To One Person Company

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Why Should I Use Auriga Accounting For Sole Proprietorship To One Person Company ?

Auriga Accounting has a team of registration experts who can provide complete guidance to register your Sole Proprietorship To One Person Company.

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Our team of experts will get in touch with you and collect all necessary documents and details

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Complete Your Sole Proprietorship To One Person Company

Why Should I Use Auriga Accounting For Sole Proprietorship Sole Proprietorship To One Person Company ?

Auriga Accounting has a team of registration experts who can provide complete guidance to register your Sole Proprietorship To One Person Company.

book appointment

Our team of experts will get in touch with you and collect all necessary documents and details

Resolve all your queries

We fill out and file your application for Registration

Complete your Registration

Complete Sole Proprietorship To One Person Company

Overview
Eligibility
Advantages
Documents
Procedure

Overview - Sole Proprietorship To One Person Company

Converting a sole proprietorship into a One Person Company (OPC) offers a strategic opportunity for a business owner to benefit from the advantages of a corporate structure while retaining the simplicity of a single owner setup. An OPC is recognized as a distinct legal entity under the Companies Act, 2013, which means that the company’s liabilities are separate from those of the individual owner. This separation provides the owner with limited liability protection, ensuring that personal assets are safeguarded in case of business debts or legal issues. Additionally, an OPC enjoys perpetual succession, meaning that the company’s existence is not affected by the owner’s personal circumstances or life, leading to greater stability and continuity.

Compared to a sole proprietorship, an OPC makes it easier to access funding and credit from financial institutions, as it is viewed as a formal corporate entity with compliance standards. Transitioning from a sole proprietorship to an OPC not only enhances the credibility and professional image of the business but also opens up new avenues for growth, investment, and expansion, all while maintaining the benefit of a single owner’s control. This transformation involves registering the business as a company under MCA regulations, fulfilling compliance requirements, and obtaining necessary documentation, thereby providing a more structured and protected framework for future business endeavors.

Eligibility for Sole Proprietorship To One Person Company

Sole Proprietor Status: The business must currently operate as a sole proprietorship, meaning it is owned and managed by a single individual who holds all the shares and decision-making authority.

Age of the Proprietor: The person intending to establish the OPC should be at least 18 years old or older, in accordance with the legal requirements for company formation.

Existing Business Name: The proposed name for the OPC must not be identical or similar to any existing company or trademark. It should also adhere to the naming guidelines set by the Ministry of Corporate Affairs (MCA).

Legal Restrictions: The individual must not be disqualified under the provisions of the Companies Act, 2013. This includes not being of unsound mind, not having been convicted of certain offenses, and not being disqualified from acting as a director.

Business Nature: The type of business should be suitable for OPC registration. Activities that are prohibited for OPCs, such as banking, insurance, or non-banking financial activities (NBFCs), are not eligible.

Ownership Structure: The business should be owned and managed exclusively by a single individual, as OPCs are designed to be single-member entities.

Residency Requirements: The individual must be an Indian citizen and a resident of India, fulfilling the residency criteria necessary for registering an OPC.

Advantages of Sole Proprietorship To One Person Company

  • Limited Liability: Owner’s personal assets protected from business debts.
  • Legal Recognition: Recognized as a separate legal entity, boosting credibility.
  • Perpetual Succession: Business continues despite owner’s absence or changes.
  • Simpler Compliance: Fewer statutory filings and audit requirements.
  • Tax Benefits: Eligible for tax exemptions and incentives.
  • Growth Opportunities: Easier access to finance and investments.
  • Separate Legal Identity: Can own property, enter contracts, sue or be sued.
  • Enhanced Brand Image: Improves market reputation and trust.
  • Simplified Management: Quick decision-making with a single owner.
  • Easy Transfer: Ownership transfer is straightforward.

Documents Required for Sole Proprietorship To One Person Company

  1. PAN Card of the Owner: Valid PAN card of the individual owner.

  2. Proof of Identity: Aadhar Card, Passport, Voter ID, or Driving License.

  3. Proof of Address: Aadhar Card, Passport, Voter ID, Utility bills (electricity, water, etc.), or rental agreement.

  4. Digital Signature Certificate (DSC): Required for e-filing and online registration of the OPC.

  5. Director Identification Number (DIN): To be obtained during the registration process.

  6. Registered Office Proof: Documents such as rent agreement, utility bill, or ownership proof of the office address.

  7. Memorandum of Association (MOA) and Articles of Association (AOA): Drafted during the registration process.

  8. Declaration by the Owner: A declaration expressing the intent to form an OPC and providing consent for registration.

  9. Bank Statement or Cancelled Cheque: To verify bank details and facilitate account opening.

  10. Additional Documents: Any other documents as may be required by the Registrar of Companies (ROC) or relevant authorities.

Procedure to Convert Sole Proprietorship To One Person Company

  1. Obtain Digital Signature Certificate (DSC): Apply for DSC for the proposed director (owner) to enable online document filing.

  2. Obtain Director Identification Number (DIN): Apply for DIN for the proposed director using the SPICe+ form on the MCA portal.

  3. Reserve Name for the OPC: Reserve the company name via RUN (Reserve Unique Name) or SPICe+ form on MCA portal.

  4. Prepare Required Documents: Gather necessary documents such as ID proof, address proof, and registered office proof.

  5. Draft MOA and AOA: Prepare the Memorandum of Association and Articles of Association as per the Companies Act, 2013.

  6. File Incorporation Application: Submit the application through the SPICe+ form along with all required documents on MCA portal.

  7. Pay Registration Fees: Pay the applicable registration fees online.

  8. Receive Certificate of Incorporation (COI): Upon approval, MCA issues the COI, confirming the OPC’s formation.

  9. Open Bank Account: Use the COI to open a bank account in the name of the OPC.

  10. Apply for PAN and TAN: Obtain PAN and TAN for the OPC through MCA or relevant authorities.

  11. Register Additional Licenses: Register for GST, Shops & Establishment License, or other applicable licenses as needed.

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Our Happy Clients!

Excellent
Based on 12 reviews
MD SAHIL
MD SAHIL
2023-06-10
Auriga Accounting is right CA firm is crucial for the financial health of our business. Auriga Accounting is reputable firm with experienced professionals, strong technology infrastructure, good communication, and transparent pricing.
Prince Kushwaha
Prince Kushwaha
2023-06-10
Workplace must be peaceful and be active during work , the Auriga Accounting Private Limited provides relevant and necessary things so employees save their time and complete their task before time period effectively and efficiently
Prince Singh
Prince Singh
2023-06-10
Auriga accouting private limited and it's team provide best service at affordable price. I have done my previous year GSTR and ITR they did it before the time
Priyanka Kumari
Priyanka Kumari
2023-04-07
They are best coordination with me. Time to time inform me how to work and what work is my pending. Time to time updated me about my company profile work like ROC Filling last date, GST filling last date, ITR etc... I have no paid any penalty since I started working with Auriga..
Vishal Singh
Vishal Singh
2023-04-07
Best company for providing services, I recommended to all. They give me the best rate of price and finished work before the time.
Sameer khan
Sameer khan
2023-04-07
The auriga accounting private limited is a reliable and a customer support company the team has give Clear answer towards the customer by which the customer cannot get confused and get necessary detail to solve their queries and auriga provided me good service and delivered my work on time very well coordinate with me and talk very well I suggest if you have any work then call auriga they will definitely finish your work on time
Vivek Shakya
Vivek Shakya
2023-04-07
Great Services , within affordable rate and give full satisfaction on works. Easy to Cordinate, I have done My Previous year ITR , Startup Registration. I am very happy with their services and their first priority is their Customer.
find way
find way
2023-04-06
I'll give a five-star rating, I had doubts about how to start my work in the field of business and they guide me and instruct me on how to start a business. They have a great team.
623 Anjali
623 Anjali
2023-04-06
The Auriga has great services. Efficient communication and really easy way to get help and support.
Anjali Sharma
Anjali Sharma
2023-04-06
Auriga Accounting team represents the highest level of customer services I have experienced.The team gives accurate information and responses to queries very fast, which are customer is facing.

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Auriga provide expert services which can get your new business off to a flying start. We are Compliance  for your business. Here you get simple and affordable online company registration and range of essential services. A world class technology – driven platform, offering end to end service from startup to well established firm.

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