Only one member (shareholder) can form an OPC.

Select a nominee wisely—someone who can act on your behalf during your absence or illness, preferably a major (adult) among your close relatives or trusted friends, to minimize future disputes.

An OPC requires a minimum of one director and can have up to a maximum of 15 directors.

Prefer directors who will manage the company with utmost trust. Avoid appointing close family members like your spouse or siblings as directors to prevent potential compliance issues.

Consider seeking funding after three years of business operations, when your company’s financials can attract investors, leading to better valuation and share premiums.

Ensure that the paid-up capital does not exceed 50 lakh and the annual turnover does not exceed 2 crore. If these thresholds are crossed, convert the OPC into a private limited company or LLP. Conduct at least one Board meeting every six months, with a minimum gap of 90 days between meetings. Avoid purchasing land in the company’s name to mitigate risks associated with non-compliance or insolvency. Register trademarks in the name of individuals or joint partners, not the company. Adhere to all compliance deadlines to avoid penalties.

If the paid-up capital exceeds 50 lakh or the annual turnover exceeds 2 crore, the OPC must convert into a private or public limited company within six months.

Audit fees start from 25,000 and can increase based on transaction volume and business nature. Appoint an auditor in the first Board meeting, within 30 days of incorporation.

No, physical presence is not required. The incorporation process is conducted online.

Decide on a business name and secure its domain. Choose a brand name for your products or services and register it as a trademark. Then, select the appropriate business entity type (e.g., Pvt Ltd, partnership firm) based on your business nature and proceed with registration.

Open a bank account for the company and transfer the share capital from your personal account. Prepare share certificates. Depending on your business nature, obtain necessary registrations like FSSAI, Drug License, BIS, or Import Export Code (IEC).

Consider applying for a loan after three years of business operations, when your company’s financials can support the application. Explore schemes like PMEGP and CGTSME for favorable loan options.

Obtain GST registration when your turnover exceeds 40 lakh for goods or 20 lakh for services in a financial year. For e-commerce and export businesses, GST registration is mandatory regardless of turnover.

ESI and EPF registrations are now allotted by default during incorporation. If your company is not eligible, inform the respective departments and request to withhold or surrender these registrations until needed.

Register your company in the state where you plan to operate, have the largest customer base, or establish your manufacturing unit.

Yes, you can register your company in one state and obtain GST registration in another.

No, a virtual registered address is not advisable. Use your residential address or a coworking space as the registered address to ensure you receive all official communications.

After opening the company bank account and obtaining GST registration, gradually apply for other necessary registrations based on your business requirements.

Penalties can be 100 per day for each form not filed on time. Annual filings include forms like AOC-4 and MGT-7.

Investors typically prefer private limited companies. Consider converting your OPC into a private limited company to attract investment.

Closing should be a last resort. Alternatively, you can apply for dormant status, allowing you to resume business operations when ready.