One Person Company Registration

One Person Company Registration– Hello friends, today we will talk about our new article, so friends, our new article is “one person company registration”. We will talk about this new article. We will read about this article that it encourages those people who want to open their own business or want to work individually. This is a type of private company. To know more about this, you have to stay with us through this article.

One Person Company Registration

In India, a one-person company is a novel idea that was created with the Company Act of 2013. In India, a single individual can form a one-person company. A single individual could not form a business prior to the introduction of the Companies Act 2013. An OPC combines the advantages of a corporation with those of a single proprietorship. Previously, if someone wanted to start a business, they could only do so as a single proprietorship.

A company can be created with just one director and one member, according to Section 2 (62) of the Company’s Act 2013. In India, a Person Company registration is a form of company with fewer compliance requirements than a Private Limited Company.

A-Single Individual Under the Companies Act 2013, a company can be registered in India with just one member and one director. It is also possible for the Director and a member to be the same individual. An individual can register an OPC in India whether they are a resident or non-resident Indian.

Eligibility Of One Person Company

  • A natural person who was a resident of India in the previous calendar year can create OPC.
  • An OPC can only have one member.
  • The name must be distinctive and should not be highly comparable to any other firm or brand.
  • A person can’t use more than one OPC at a time.
  • A person cannot be a nominee for more than one OPC.
  • A minimum of one director is required.
  • In the case of OPC, the minimum paid-up capital is Rs 50 lakh, while the average annual turnover in the previous financial year was Rs 2 crore.
  • One Person Company must contain (OPC) Private Limited in its name.
  • Indicate the name of the other person as a nominee as a precondition. A nominee joins the One Person Company in the same way that a subscriber does when he or she dies.

Documents are Required for One Person Company Registration-Companies Act 2013

For DSC Application

  • Passport size photo of the applicant.
  • Copy of Id and Address Proof.
  • Email Id and Phone number
  • Specimen Signature

Documents Required For SPICe+ Form

  • Identity proof
  • Address proof & Identity proof and of the nominee and the subscriber. Note-For Residential proof, the applicant can provide any of the following documents:-
  • Copy of Current Bank Account Statement, Phone Bill, or Electricity Bill)
  • Copy of Rent agreement and No-objection Certificate from the property owner.
  • If the property is owned-Copy of the sale deed.
  • Memorandum of Association and Articles of Association
  • Declaration by the Subscribers and Directors
  • Proof of Office Address
  • Copy of Electricity or Utility Bills. However, it should not be older than 2 months.
  • Nominee’s Consent in Form INC-3
  • Disclosure of Director’s Interest and any other document (if required).

Documents Required For AGILE-PRO-

  • Proof of Principal Place of Business.
  • Documents related to the appointment of Authorized Signatory for GST Registration.
  • For Bank account opening, a copy of the Resolution passed by the Board of Directors along with their Id and address proof.
  • For the opening of ESIC, Id Proof, Address proof, and Signature of Authorized Signatory.
  • Other credentials- ITR Returns, annual filings, etc.
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 Procedure for Registering One Person Company

An applicant for OPC registration must complete the following steps:

Step 1- To Get A DSC

The applicant must get a Digital Signature Certificate (DSC) from the Certifying Authority in order to register.

Step 2- Reservation Of Name Through SPICe+ FORM (Part A)

Click on the ‘SPICe+’ Form under ‘MCA Services’ to reserve a name. The name reservation is completed using the SPICE+ form, which covers all processes from name reservation through post-incorporation compliances.

SPICe+

For the incorporation of an OPC, the applicant must submit the name he or she wishes to reserve. Then, submit ‘Part A’ for name reservation and incorporation requirements.

SPICe+ FORM (Part A)

Step 3-Downloading SPICE+ Part B For Incorporation Purpose

  • AGILE-PRO,
  • SPICe+AoA,
  • SPICe+MoA,
  • INC-9 and URC-1) and for affixing the “DSC,”

SPICE+ Part B

Part B of SPICe+ includes services such as: –

  • Incorporation
  • DIN allotment
  • Issue of PAN and TAN
  • Issue of EPFO registration and ESIC registration.
  • Issue of Profession Tax registration (Maharashtra)
  • Particulars of Opening the Bank Account for the Company,
  • Allotment of GSTIN.

Step 4- Uploading Part B On The MCA Portal

The next step is to submit SPICE+B on the MCA portal after completing all of the required information and documentation. Other forms (AGILE-PRO, SPICe+ AOA, and SPICe+ MOA) will become accessible after SPICe+ Part B is filed.

OPC

INC-9 will also be created automatically depending on the information entered in SPICe+ Part B. These forms may be downloaded when they have been successfully submitted, and DSC can be affixed to the appropriate form. Finally, the forms listed above should be uploaded in the following order: SPICe+ Part B, SPICe+ MOA, SPICe+ AOA, AGILE-PRO, INC-9.

OPC REGISTRATION

Step 5-Pre-Scrutiny Check

After you’ve uploaded the form, you’ll need to run a ‘Pre-scrutiny’ check. After pre-screening, the candidate must click the Confirmation button to submit the Application form successfully.

Step 6-Payment Of The Requisite Fees

Following a successful pre-scrutiny check, a Service Request Number will be created, which may be used to pay the required cost for “OPC incorporation.”

Step-7-Obtaining COI From The Registrar

If the registrar believes the information and papers are correct, he or she will issue a Certificate of Incorporation.

Taxation Rules Applicable to OPCs

  • The firm is required to file Income Tax Returns.
  • TDS (Tax Deducted at Source) forms must be filled out for all quarters and include the TAN.
  • If an OPC employs more than 10 people, it is required to get an ESI (Employee State Insurance) registration.
  • An OPC’s income is taxed at 30% of its total income in the financial year under the tax rates slab.

After Receiving OPC Registration, the Following Exemptions are Available

  1. Sign on Annual Returns
  2. Hold Annual General Meetings (AGM) and Board Meetings (BM).
  3. Sign on the Company’s Financial Statements.
  4. Option to give out with the requirement of conducting an AGM
  5. Power of the Tribunal to call meetings of its members.
  6. Calling of EGM (Extraordinary General Meeting).
  7. Notice of the meeting.
  8. Statement to be annexed with the notice.
  9. Quorum for meetings.
  10. Chairman of meetings.
  11. Proxies
  12. Restriction on voting rights.
  13. Voting by show of hands.
  14. Voting by electronic means.
  15. Demand for poll.
  16. Postal ballot.
  17. Circulation of the members’ resolution

Benefits of One Person Company

  • One individual can start a business under OPC with very little compliance. A person has more time to focus on his business and important areas because of less compliance.
  • Only one individual has control over the situation.
  • The liability of a member of a One-Person Company (OPC) is limited.
  • Being a company, OPC has a separate legal existence from its member.
  • An individual must follow simple compliance while still taking advantage of tax benefits.
  • OPC makes use of the benefits available to small businesses, such as easier finance, reduced compliance, and lower-interest loans.
  • A One-Person Company (OPC) is simple to sell since it requires very little documentation and costs.
  • Even if the One Person firm has a low credit rating, it could be able to receive the loan. The credit rating of a one-person company will not matter provided the rating is within industry standards.
  • Any commercial organization that operates as a corporation has a higher level of trust and reputation.

The Restrictions on One person Company

  1. The One Person Company may not have any minors as members or nominees.
  2. A share having beneficial interest cannot be held by a minor.
  3. OPC will not be able to convert voluntarily until 2 years have passed from its incorporation.
  4. Section 8 of the Act prohibits it from being established or transformed into a corporation.
  5. It is prohibited from engaging in non-banking financial investment operations.
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I hope you enjoyed and learned a lot from this essay. Thank you very lot for your help. If you have any questions about this post, please leave a comment. I, Aarti Devatwal, would want to express my sincere gratitude for taking the time to read this essay. I hope you learned a lot from this.

What is a one-person company?

One Person Business (OPC) is functionally a company with just one shareholder as its member since members of a firm are recognized as the company’s shareholders or subscribers to its Memorandum of Association.

Who can register for One Person Company?

Only Indian citizens are eligible to register for OPCs, according to MCA (Ministry of Corporate Affairs) standards.

What are the benefits of OPC?

The most significant benefit of OPC is that the person and the entity are distinct, with just one member required to create the entity.

What is a DSC?

A digital signature is a type of electronic signature that is made up of codes. It’s utilized to sign electronic forms that are filed with the ROC for the company’s formation.

 What is a DIN?

The Director Identification Number (DIN) is a short version of the Director Identification Number, which is given by the Registration of Companies ROC and allows the director to operate in the business.

Can OPC be converted into Pvt Ltd?

Converting an OPC to a private limited company can be done either freely or mandatorily. To apply for the conversion of an OPC to a private limited company, fill out the INC-6 form and submit it to the Ministry of Corporate Affairs of the Government of India.