A complete Guide to One Person Company Registration Process

Posted by Enterslice India on January 16th, 2019

Before we know about One person company registration process, we need to know what is one person company. One person company is a separate legal entity from its promoter, offering limited liability to its sole shareholder. One person company is a new type of business entity which allows a single enterpriser and businessman to operate a corporate entity with limited liability. In this blog, we discuss meaning of One person company, one person company registration, all other necessary aspects of One person company. Let's begin the journey.

What is One Person Company all about?

The concept of One Person Company in India was introduced through the Companies Act, 2013 to support entrepreneurs by allowing them to create a single person economic entity. As per Section 2(62) of the Companies Act, 2013, One Person Company registration means a company which has only one member. Members of a company are nothing but subscribers to its memorandum of association, or its shareholders. So an OPC is effectively a company that has only one shareholder as its member. An OPC is incorporated as a private limited company.

What are the privileges of One Person Company?

Under the Companies Act, 2013, OPCs enjoy following privileges and exemptions.

1) No annual general meeting:- OPCs do not require to hold annual general meeting

2) Non-inclusion of cash flow statements:- Financial statements of OPCs need not require to include any cash flow statements

3) Non-requirement of signing documents:- In OPC, a company secretary as well as directors not required to sign annual returns.

4) Non-applicability of Independent directors: -  Provisions relating to independent directors do not apply to OPCs.

5) Non-applicability of retirement by rotation:- Retirement by rotation is not applicable to One Person Company.

Procedure for OPC registration

Step by step we discuss the procedure  for an OPC registration.

1) Apply for Digital Signature Certificate - The first step is to get Digital Signature Certificate from the proposed directors with documents like address proof, Aadhaar card, PAN card, Photo etc.

2) Apply for Director Identification Number (DIN) - Next step is to apply for the DIN.  This can be done in SPICE form along with the name and address proof of the proposed directors.

3) Approval of name - The next step in an OPC registration is the approval of the name of the company. Approval name can be obtained by filing the application in Form SPICE-32 or by using Reserve Unique Name (RUN) web services of Ministry of Corporate Affairs by selecting 1 preferred name. Name requires to be approved by the Ministry of Corporate Affairs.

4) Filing of forms  - Applicant seeks to register an OPC has to fill up form with necessary documents.All those documents and form will be uploaded in the site of Ministry of Corporate Affairs for approval.

5) Issuance of Certificate of Registration - After completion of the verification process, the Registrar of Companies will issue certificate of registration. After obtaining a registration certificate one can start the business.

Documents required for OPC registration.

List of the documents required for OPC registration is given below:

1) Memorandum of Association

2) Articles of Association

3) PAN card, Aadhar Card

4) Proof of the registered office of the proposed company along with ownership proof

5) No objection certificate of the owner

6) Affidavit  of the proposed director

7) Declaration of the professional for production of all the documents

Corbiz is an award-winning company dealing with OPC registration. Keep in touch with one of its consultant to get better service of OPC registration.

Source url - http://corpbiz.fikket.com/event/a-complete-guide-to-one-person-company-registration-process

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Enterslice India

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Enterslice India
Joined: December 4th, 2018
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