Prior to the implementation of the Companies Act of 2013, only two people could form a company.
The Companies Act of 2013 supports the formation of One Person Company
(OPC) in India.
It governs the registration and functioning of one person company in India.
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The Companies Act of 2013 supported the formation of one person company in India. It governs the
registration and functioning of one person company in India.
In comparison with a public company
a private company should have at least two directors and two members however on the contrary one
person company doesn't need any group of people to be incorporated.
Up until recently, a company
could only be incorporated by a group of people. An organisation with a single owner is known as
a one-person company in India. Only two people could form a company prior to the implementation
of the Companies Act of 2013.
As per the Section 2(62) of Companies Act of 2013 and official registration of a one person
company in India is legal. Registering a One person company in India requires a single director
and a single member representing the whole form. This corporation type has very few compliance
requirements in comparison with a private corporation.
The member
grants the OPC a separate legal
entity status.
The sole person who incorporated the
OPC is protected by its distinct legal
status.
The member is not personally liable
for the company's loss; instead, his or her
liability is limited to the value of the shares that he or she owns. Therefore, the OPC
and
not the member or director may be sued by the creditors.
One person company in India can easily raise
money through venture capital, angel investors, incubators, and other sources because it is
a private company. Getting money is now simple.
The OPC is given some exemptions
from
compliance requirements under the Companies Act of 2013.
The OPC is not required to prepare
the cash flow statement.
The secretary of the company is not
required to provide any annual
reports and maintain any account books.
And one person company in India can be
easily integrated without any legal hassles. A member also serving as a director should
provide the approval for integration. There is no minimum paid up capital requirement.
Administration of the OPC can be made simple
by allowing a single person to both find and lead it. Making decisions is straightforward,
and it happens quickly.
The member can easily pass both ordinary and special resolutions by
writing them down in the minutes book and getting just one other member to sign them.
Because there won't be any internal disputes or delays, managing the company will be easy.
The OPC has the function of perpetual
succession even with only one member.
A nominee must be chosen by the single-member when
incorporating the OPC.
The candidate will take over operation of the company in the event
that a member passes away.
Passport or PAN card.
Passport size photo.
Specimen signature.
No objection certificate (NOC).
Rental agreement.
Address proof of Directors.
Identity proof of Directors For NRIs and Foreign
Nationals, a passport.
Voter id.
Drivers license.
Updated gas or electricity bills.
Bank account statements, and phone bills for mobile
or landlines.
A sample signature.
A scanned replica of a current bank statement.
An electricity or gas bill, a phone bill, and a mobile bill.
Rental agreement in English transcribed in a digital format.
A landowner's no-objection certificate transcribed in a digital format.
A property or sale deeds scanned copy in English language (if the property is owned).
.
Check the eligibility and documentation.
Request DSCs and DINs for each Director.
Submit a request for a name reservation Form Spice+ for Company Incorporation.
Apply for PAN and TAN for your new business.
RoC issues an incorporation certificate with a PAN and TAN.
Open a bank account and begin your business.
The whole process for registering a one person company can be completed in a time span of just 20 days. All you have to do is reach out to One Call Tax and complete the process with no delay.
One Call Tax registration package provides a Digital Signature Certificate (DSC) for
one of
your Director's.
We will also provide a Directors Identification Number (DIN) (If the shareholders are
different
from directors, then additional DSC is required for shareholders).
Our Business experts will provide assistance with deciding the Company name.
PAN and TAN, drafting the articles of association, paying the government stamp duty and
the
certificate of incorporation fee, obtaining the name approval certificate, and
registering for
GST, PF, ESI, and PT (only apppcable in Maharashtra) will be done with utmost care and
speed.
A Zero balance current account will be opened in respective Bank.
Maximum and minimum membership requirements must be met.
There should be a nominee chosen before incorporation.
Use Form INC-3 to request the nominee's approval.
The Companies (Incorporation Rules) 2014 mandate that the OPC name be selected.
Minimum authorised capital of ₹1 Lakh.
DSC of the potential Director
Evidence of the OPC's registered office.
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