One Person Company Registration Firm in India | LexOracle

1. KNOW ABOUT ONE PERSON COMPANY POLICY

2. Whenever anyone thinks of starting the business, the very first question that strikes in the mind is whether I should start my business as a partnership firm or I should make it a proprietorship firm or should I register my business as a private limited company. Although this decision depends on the thinking of personnel, but there are various factors to decide the type of firm you want to start. There is one more way that you can adopt to start your business, i.e. One Person Company. This is purely a new concept that is introduced by the Companies Act 2013 that OPC can only have a single person as the member of company. There are many advantages of one person company policy that you must know before starting your business. Step by step procedure for one person company registration in India: 1.Apply for the Director Identification Number and Digital Signature Certificate: DIN is a unique number that is assigned to the current director or intending to become director of the company by the Ministry of Corporate Affairs. Digital signature certificate is just like an authorized driving license,

3. passport, etc. This signature is a proof of identity of a person working in a company. For example, if you are a director of the company, you must have DSC to prove your candidature. 2.Search for availability of company name: The next step is to look for the company name and check whether this name is available for your company or already registered by someone else. To get your company name registered, you have to provide at least 6 names. Application for name of the company: Once you have decided main objects of company, next step is to file e-form INC-1 for reserving the name with the Registrar of the companies. 1.Drafting of Memorandum of Association and Articles of Association: The next step is to draft the MoA and AoA of the company that states the main objectives and rules & regulations of the company. 1.Filing e-forms with ROC: You need to file all the required e-forms with the Registrar of companies and pay the fees of RoC and stamp duty. Verification by RoC: Once the payment and filing of e-forms is done, RoC verifies all the documents and forms. RoC needs to approve all the forms, if forms meet with the applicability criterion, then RoC approves your request and issues you the digitally signed certificate, Certificate of Incorporation.

4. Some of the advantages of One Person Company Policy: 1.Since it is a separate legal entity, so an individual is free to do anything he or she wants to do. 2.Funding can be done easily for OPC, just like you can do for a private limited company. Since you are the only owner of this company, you are free to make decisions and free from lengthened processes. 1.Because it is the small level company, therefore one has to face minimum compliances as compared to other private limited companies. Thus, this write-up assists you in the procedure of one person company registration India and also reveals the great advantages of one person company policy. Reference Link:- http://www.dalailamaireland.com/what-one-person-company- policy-is-all-about/