WHAT IS ONE PERSON COMPANY REGISTRATION?

A new approach has been introduced in the Company’s Act 2013, about the One Person Company (OPC). In a Private Limited Company, a minimum of 2 Directors and Members are required whereas in a Public Company, a minimum of 3 Directors and a minimum of 7 members. A single human could not incorporate a Company previously.

But as per Section 2(62) of the Company’s Act 2013, a company can be formed with just 1 Director and 1 member. It is form of a company where the compliance requirements are lesser than that of a private company.

Members of a company are nothing but subscribers to its, shareholders or memorandum of association. So, an OPC is effectively a company that has only one stockholder as its member.

Such companies are generally created when there is only one founder for the business. Entrepreneurs whose businesses lie in early stages prefer to build OPCs instead of sole proprietorship business because of the several advantages that OPCs offer.

OPC REGISTRATION PROCESS IN INDIA

STEP 1: APPLY FOR DSC

The first Step is to attain the Digital Signature Certificate (DSC) of the proposed Director which required the following documents:

Address Proof, Aadhaar Card, PAN Card, Photo, Email Id & Phone Number

STEP 2: APPLY FOR DIN

Once you are done with Digital Signature Certificate (DSC), the next step is to apply for the Director Identification Number (DIN) of the proposed Director in SPICe Form along with the address proof of the director and the name. The form DIR-3 is the option only available for existing companies. It means with effect from January 2018, the candidate need not file Form DIR-3 separately. Now DIN can be used within SPICe form for up to three directors.

STEP 3: NAME APPROVAL APPLICATION

The next step in OPC is to decide on the name of the Company. The brand name of the Company will be in the form of “ABC (OPC) Private Limited”.

There are 2 opportunities available for getting name approved by making application in Form SPICe 32 or by using RUN Web service of MCA by giving only 1 preferred name along with the significance of keeping that name. The effect from 23rd March, 2018, Ministry of Corporate Affairs has decided to grant two proposed Names and one re-submission (RSUB) while reserving Unique Names (RUN Service) for the Companies.

Once the name is approved by the MCA we move on to the next step.

STEP 4: FILING OF FORMS WITH MCA COMPANY REGISTRATION

Filing of SPICe Form, SPICe-MOA and SPICe-AOA along with the DSC of the Director and the professional, and will be uploaded to the MCA site for confirmation.

After uploading, Form 49A and 49B will be generated for the TAN and PAN generation of the Company which have to be uploaded to MCA after affixing the DSC of the proposed Director.

STEP 5: CERTIFICATE OF INCORPORATION

It is a legal certificate relating to the formation of a company or corporation. It is a certificate to form a corporation issued by state government or, in some jurisdictions, by non-governmental entity. On authentication, the Registrar of Companies (ROC) will issue a Certificate of Incorporation and we can begin our business.

As per the recent amendment, a new form has been introduced named as AGILE (INC-35). This form is accompanied with the SPICe form.

Submission of this form will provide registration of EPFO (Employees Provident Fund Organization), ESIC (Employee State Insurance Corporation) and GST for the company.

BENEFITS

1: SINGLE OWNER

This leads to fast decision making and execution. Also, OPC can appoint up to 15 directors for administrative functions, without giving any share to them.

2: MINIMUM COMPLIANCE

OPC is one of the easiest forms of corporate entities to manage. Very less filing with the Registrar of Companies (ROC) is necessary. Also, there is no mandate to conduct Annual General Meeting (AGM) and other regular compliances.

3: EASY FUNDING

Setting up a One Person Company helps startups and entrepreneurs test their business model easily, and once they build a marketable product, they approach Angel investors, Venture capitalists for funding and easily convert their OPC into a Private Limited Company.

4: NO MINIMUM CAPITAL

There is no minimum capital required for OPC registration. However, the maximum Authorize capital of One Person Company shall not exceed Rs 50 lakhs at any point in time.

5: GREATER CREDIBILITY

As an OPC needs to have its books audited annually, it has the greater credibility among the vendors and the lending institution.

Get a free consultation for One Person Company registration by scheduling an appointment with Legal Time.

WHY CHOOSE US

1: STARTUP'S FIRST CHOICE

We ensure startups to focus on their project and leave all the legalities and documentations to us. From our technology driven platform and on time delivery startups prefer us to do Company registration.

 

2. TECHNOLOGY DRIVEN PLATFORM

100% Technology driven platform to speed up your company registration process and make your life easy

3. BEST PRICING

 

4. 100% ONLINE SERVICE

 

5. EXPERT PROFESSIONALS

 

3. BEST PRICING

We understand the value of money for startups. We offer complete transparency and affordable cost to startups.

4. 100% ONLINE SERVICE

 

5. EXPERT PROFESSIONALS

 

4. 100% ONLINE SERVICE

Fully online service so that you can start and complete the process without running around from the comfort of your home or office.

 

5. EXPERT PROFESSIONALS

At Legal Time, we work only with experienced Chartered Accountants & Company Secretaries to handle your company registration.

REQUIREMENTS

MINIMUM 1 DIRECTOR IS NECESSARY.

MINIMUM 1 SHAREHOLDER IS NECESSARY.

MINIMUM 1 NOMINEE IS REQUIRED.

ONLY AN INDIAN RESIDENT CAN BE A SHAREHOLDER & NOMINEE.

DOCUMENTS REQUIRED

PAN CARD

Pan Card of Shareholders & Directors

Foreign Directors must provide a valid Passport notarized or apostilled

PHOTOGRAPH

Latest Passport size photograph of Shareholders & Directors.

IDENTITY PROOF

Aadhar Card/ Voter ID/Passport/ Driving Licence of Shareholders & Directors.

ADDRESS PROOF

Latest Telephone Bill /Electricity Bill/ Bank Account Statement of Shareholders and Directors.

FOR REGISTERED OFFICE

Rent agreement

Utility bills-telephone, electricity, and municipal (Not older than 2 Months)

NOC From Owner.

POST COMPANY REGISTRATION REQUIREMENTS?

Trademark/Patent Registration

Trademark and Patent gives protection  from infringement and duplication. With this, competitors cannot affect your brand and market value. The logo provides protection under the Trade Marks Act 1999

GST Registration

GST (Goods and Service Tax) registration is required for Business with annual turnover exceeds Rs. 40 Lakhs (Rs 20 Lakhs for Northeast states). GST registration is mandatory for particular businesses like Export-Import, E-commerce, and Market Place Aggregator.

Get a free consultation for One Person Company registration by scheduling an appointment with Legal Time.

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