An organization that is controlled and owned by a single individual is known as an “One Person Company” (OPC). One person can’t start a business under the Companies Act of 2013.A person must have at least two directors and two people to form a company. Companies can be established with only one director and member thanks to the Companies Act of 2013. It has fewer requirements for continuity than privately owned businesses. Read more to find about registration of OPC.
The Companies Act of 2013 says that an organization can only have one director and one member. Individual organizations are founded by residents or non-resident aliens and combine the advantages of a sole proprietorship with the main characteristics of an organization.
Legal status can be obtained with the assistance of a single person company. A member of the OPC becomes a separate legal entity.Another legitimate element is assuring the person who consolidated the OPC.
Because they are privately owned, private businesses like OPC can easily receive funding from investors, incubators, and other sources.
OPCs are exempt from compliance requirements under the Low Compliance Companies Act of 2013.OPC does not require an income statement.
Simple incorporation The OPC only requires one nominee to become a member to be established.
Easy to pay and manage The OPC’s projects don’t require a lot of management experience because they can be designed and run by one person. It is simple to select a procedure.
OPC has a module for infinite progression when there is only one member. Nominating candidates will only need to complete one form as the OPC consolidates.
Step 1:In order to obtain the Director’s Digital Signature Certificate (DSC), one must submit an application. In order to do so, the following documents must be obtained:
PAN Card, Aadhar Card, Proof of Address, Photo, Mobile Number, Email ID, Step 2:Apply for a DIN The proposed director must submit their Director Identification Number (DIN) along with their name and location on the SPICe form after the Digital Signature Certificate (DSC) has been generated. The Form DIR-3 is accessible to existing organizations. Beginning in January 2018, the applicant no longer needs to independently complete Form DIR-3.DIN can currently be applied to three directors via the SPICe form.
Step 3:Application for Name Approval The company’s name is the next step after integrating OPCs.The name of our business will be “XYZ (OPC) PRIVATE LIMITED.”The SPICe+ 32 application can be used to allow the name. In Form SPICe+ 32, only one preferred name can be specified with the significance of having that name. If the first name is rejected, the SPICe+ 32 application form can be used to come up with a new one. Once the MCA has approved the name, the next step is to proceed.
Step 4:Documents Required The following reports are required by ROC: The Memorandum of Association, or MOA, is the document that follows the company or describes the business into which the organization will be incorporated. The bylaws of the organization are outlined in the Articles of Association (AOA).
It is in the best interest of such a person to nominate someone because there is only one director and member. This will guarantee that someone will step in for the chosen one if they become ill or pass away and are unable to fulfill their responsibilities. The consent form INC-3, in addition to their PAN and Aadhar cards, will be brought.
The planned company must be registered, and the owner’s letter of no objection and possession confirmation are required.
The declaration and consent of the proposed director ought to be distinct from the DIR-2.
The declaration from the specialist confirming compliance.
Step 5:Form Filling with MCA The Directors’ and Specialists’ DSCs, as well as the SPICe-MOA and SPICe-AOA, will be transferred to the MCA for approval.Upon fusion, an organization generates its PAN and TAN. Separate applications are required in order to obtain TANs and PAN numbers.
Step 6:Issue of the Certificate of Incorporation Upon receipt of confirmation, the Registrar of Companies (ROC) will issue the certificate.
OPC Registration Checklist There is only one member.
- Before incorporation can take place, a candidate must be chosen.
- In Form INC-3, the candidate’s consent should be obtained.
- According to the 2014 Arrangement of Companies (Incorporation Rules), the OPC’s name should be chosen.
- Capital requirement of Rs. 1 lakh as minimum.
- DSC Director
- evidence of the OPC’s appointed office.