One Person Company (“OPC”) Registration

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INTRODUCTION

One Person Company (OPC) is a company that comprises a single person as a shareholder and can be contrasted with private companies. These companies get all the benefits of a private company such as they to have access to credits, bank loans, limited liability, legal protection, etc. Person Company is a company that comprises a single person as a shareholder according to Section 2(62) of the Companies Act, 2013, One Person Company. These companies get all the benefits of a private company such as they to have access to credits, bank loans, limited liability, legal protection, etc.

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

PROCESS

1. First obtain a Digital Signature Certificate (“DSC”)
One can apply online and obtain a DSC from agencies certified by the government. It usually takes a couple of days and cost depends on the agency through which one obtains it.

2. Applying for a Director Identification Number (“DIN”)
A DIN is required for a person to be a director in a company. It can be obtained by filing a E-form DIR-3 which would require basic details and identity proof of the person proposed to be the director. This is for existing companies. Now, with filing of SPICe form, DINs get issued to the proposed directors who don’t have it already.

3.Applying for Name Approval
The web service Reserve Unique Name (“RUN”) offered by the Ministry of Corporate Affairs (“MCA”), allows for one chance to apply (with 2 proposed names) and in case of rejection there is no second chance that is given. Alternatively, one can apply through the SPICe form but in this case, only one name can be given.

4.Submission of documents to Registrar of Companies (“ROC”)
The following documents are to be submitted to the ROC: the MOA (basic charter document of the company) and AOA (bye laws of the company), since there is only a single director, a nominee has to be appointed whose consent shall be recorded in the online form, then proof of registered office etc are also to be submitted.

5.The forms are then filed on MCA portal
An e-MOA and e-AOA and the DSC will be attached along with the SPICe form and on submission, the PAN and TAN are automatically generated.

6.Finally, the Certificate of Incorporation will be issued.

REGISTRATION OF PRIVATE LIMITED COMPANY

ADVANTAGES / FEATURES

  1. There is a minimum requirement of only one shareholder and director who can be the same person.
  2. There is no requirement to hold an Annual General Meeting.
  3. Personal assets have limited risk.
  4. The company is a separate legal entity different from its members.
  5. The shares of such a company are transferable easily.
  6. It can sue and be sued in its own name.
  7. It has a continuing existence until it is dissolved i.e. perpetual succession.
  8. There is no minimum requirement of capital.

DOCUMENTS REQUIRED

  1. The following documents are required: Address proof, Aadhaar card, PAN card, photograph, email id and phone number.

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