One Person Company Registration Process in India
One person company is a company that has only one person as to its member. OPC or One Person Company is respectively new concept of business entity in India, it comes with all the benefits of a private limited company and requires only one individual person for its formation and same time OPC provides the protection of limited liability that proprietorship or Partnership lacked. Like any Private limited company, OPC Company Registration in India is also done as per Companies Act 2013 and Companies (incorporation rule) 2014.
Requirements for OPC Company Registration Online India
For Online OPC Registration in India, one has to fulfill some basic eligibility requirements.
• A OPC in India can be formed with one natural persons who are Indian citizens and residents in India.
• A person is considered as resident of India if he/she spends 186 days in India annually.
• Sole member of the company has to mention a nominee while registering the One Person Company.
• Such a natural person cannot be a member or nominee of more than one OPC at any point in time.
• Nominee shall become the company’s sole member in case the original member dies or becomes incapable of entering into contractual relations.
• PAN Card, ID Proof, Address Proof, Passport Size Photographs, Email Id and contact No of member and directors are mandatory requirement for OPC company formation in India.
• One utility bill of registered office address of company, and in case of rented premises, NOC with rent agreement is also needed.
Benefits Of Private Limited Company Registration in India
• If you are an individual business owner looking to raise the fund from banks, Financial Institutions etc, for your business, forming a One person company will benefit.
• The Member of the OPC company will enjoy limited liability protection. The liability of the member will be limited to the investment made by him in case of any unforeseen liabilities created.
• The business will be recognized as a separate legal entity so, your company can have separate PAN, bank accounts and liabilities in its name.
Steps of One Person Company Registration
Obtain a digital signature certificate
The first step for forming a OPC company is to obtain a digital signature first, which is needed for many things later in the formation of a One Person company. The digital signature is issued by concerned authority on applying for it and is valid for 2 years. To obtain a digital signature certificate, you need passport size photograph, self-attested address proof and PAN of the applicant.
Direct identification number
The second step of forming a One Person Company is to obtain a direct identification number. It is a number given by the ministry of corporate affairs for the individual applicant. The number serves lifetime validity unless withdrawn. Every director of the company will have intimate DIN so, applying for one is a mandate.
Before making an application to form a One Person Company, the name of the proposed company can be reserved. You can reserve the proposed name by filling RUN Form after paying the designated fee. You can list out a maximum 2 names in the preferred order. Professional will conduct a search for availability of name before making an application. However, the approval of the company’s name stands at the discretion of the registrar. After approval, the name will be kept reserved for 20 days so; you should make an application for incorporation of the company within the stipulated time.
CERTIFICATE OF INCORPORATION
The final step is to obtain a certificate of incorporation by submitting the needed application. You can apply online for One Person Company registration through simplified format for incorporating company which are also known as SPICe forms. You should also file MOA and AOA along with the SPIC forms for applying registration of the private limited company in India.
Alternatively name reservation and company formation can be done by a single form named SPICEe, Which is a composite form for various services i.e. DIN, Company Name , PAN, TAN and Company formation.
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