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one person company registration process

A one-person company is a business that has only one owner or proprietor. Before the Companies Act of 2013 was enacted, only two people may form a corporation. If a person wished to start a business, he or she could only choose a sole proprietorship because a corporation could only be founded with a minimum of 2 directors & 2 members.<br><br>Therefore, a one-person company is a firm that has the characteristics of a corporation and the advantages of a sole proprietorship and may be incorporated by a single person, who may be a resident or an NRI.

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one person company registration process

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  1. ONLINE LEGAL INDIA WWW.ONLINELEGALINDIA.COM

  2. INTODUCTION A one-person company (OPC) is a business that was founded by just one person. A company must have a minimum of two members and two directors. The greatest option for an individual looking to launch a business is a single proprietorship. Before the 2013 Companies Act, a business could not be founded by a single person.

  3. THE ONE PERSON COMPANY REGISTRATION PROCESS IS AS FOLLOWS Step 1: Apply to DSC First, you need to get the Digital Signature Certificate (DSC), which the proposed director requires: Address proof Aadhaar card PAN card Photo Email ID Telephone number

  4. STEP 2: APPLY TO DIN The Director Identification Number (DIN) of the proposed Director must be requested in the SPICe form together with the Director's name and documentation of address after the Digital Signature Certificate has been issued. Now, up to three directors may apply for DIN via the SPICe form. Only current businesses may use Form DIR-3. Additionally, this feature signifies that starting in January 2018, applicants will no longer be required to submit Form DIR-3 individually.

  5. After you have incorporated an OPC, you will then need to decide on the name of your company. As a result, the company will be known as "XYZ (OPC Private Limited." The name may be approved via Form SPICe+32. Only one prefered name and the justification for preserving it may be entered into the Form SPICe+32 application. Moreover, if the first name is turned down, you can submit another SPICe+ 32 form application. STEP 3: APPROVE YOUR NAME As soon as the MCA approves the name, we proceed to the following phase

  6. The company's goals are set down in the Memorandum of Association (MoA), without which the company cannot conduct business. STEP 4: DOCUMENTS REQUIRED Additionally, the Company's operating guidelines are described in the Articles of Association (AoA). The nominee must be identified because there is only one Director and one Member for one person company registration. The candidate will take the Director's place and carry out his or her responsibilities in the event that the Director is rendered incapable or passes away. Similar to that, his agreement in Form INC-3 would be obtained along with his PAN card and Aadhar card. A NOC (notarized copy) from the owner as well as documentation of ownership and the new company's registered office. Forms INC-9 and DIR-2, respectively, for the Director's Declaration and Consent, were proposed.

  7. STEP 5: FILLING FORMS WITH MCA These papers will be posted to the MCA website for approval along with the SPICe form, SPICe MOA, and SPICe AOA, along with the DSC and professional. Additionally, the TAN and Pan Number for the Company are generated immediately at formation. The PAN Number and TAN do not require separate applications from you.

  8. Checklist for Registering OPC STEP 6: ISSUANCE OF THE CERTIFICATE OF INCORPORATION Minimum and maximum numbers of participants. There should be a nominee before incorporation. The nominee must consent on Form INC-3. The Companies (Incorporation Regulations) 2014 impose strict limitations on the name of the OPC. Minimum investment of Rs. 1 Lakh DSC was suggested by the director. It is necessary for the OPC to demonstrate that they have a registered office.

  9. Features Of One Person Company (OPC) OPCs are private businesses in accordance with Section 3(1)(c) of the Companies Act. OPCs don't have access to endless succession. Instead, the candidate will get to decide whether to accept or reject sole membership in the one-person corporation once the sole member passes away. In India, a sole proprietorship has limited liability. Similar to OPCs, they can only have one shareholder or member. OPCs must have a director who is at least one person. They are also allowed to have a maximum of 15 directors.

  10. Conclusion Only one Business is playing a significant role in the expansion of India's total economy. More and more people are starting their own businesses as entrepreneurs. The company can benefit from banking points and become eligible for banking loans and credits by incorporating them under OPC. Therefore, if you want to launch your own firm, you don't need to be concerned about the complicated networks and sluggish procedures.

  11. Contact Call us: 08069029400 E-mail address: info@onlinelegalindia.com Website: www.onlinelegalindia.com

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