One Person Company Registration

Outlook of an One Person Company Registration

A One Person Company is a company that has only a single individual as a part. OPC was created to inspire anyone who has the ability to start a business. OPC allows a single owner to transform his business into a Limited Liability Company (LLC) and take advantage of the privileges that come with it. An OPC is a business structure that partakes in the advantages of the two types of business- a company and a sole proprietorship.

As a result, it resolves the issue of tracking down the right sort of co-accomplice or accomplices for beginning a business as a registered company. According to Section 2 (62) of the Companies Act 2013, One Person Company implies a company with one individual only. OPC is converting the indefinite Proprietorship Business into the definite/ registered form of a Privately Business. It is paving a progressive way for sole owners and small businesses.

Advantages of One Person Company Registration

There are many advantages for a company getting registered as One Person Company as only 1 director and 1 member is required to initialize unlike a Private Limited Company. With little compliance, OPC offers better opportunities. They are as follows-

• Advantages for small businesses- Small- scale businesses get benefits from OPC's services, which include simple finance, reduced compliance, lower- interest loans and many others.

• Absolute control of an individual- Only one individual has control over the company.

• Only one individual required- Under the OPC, a single person can launch a business successfully. A person has more time to focus on his business and critical areas because of less compliances.

• Restricted liabilities- The member of a One Person Company (OPC) has limited responsibilities.

• Flexibility of taxes and simple compliance- An individual must adhere to simple compliance and avail the advantages of tax flexibility registering as an OPC. .

• Separate legal entity- OPC is a different legal entity from its members because it is a company.

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Procedure for One Person Company Registration

The process for registration as One Person Company Registration is as follows-

Step- 1-

DSC Registration: Digital Signature Certificate (DSC) by certifying authority is required for registration as a One Person Company.

Step- 2-

SPICe+ FORM for registration of name (Part A): Click on the 'SPICe+' Form under 'MCA Services' to register the name. The name reservation is done through the SPICe+ form that incorporates all the required steps from the name reservation to post- joining compliances.

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.

Step- 3-

Downloading of SPICe+ (Part B) for Incorporation: The subsequent following step is to download Part B in PDF format in order to complete the related forms, such as:

• SPICe+AoA is a combination of SPICe and AoA.

• AGILE-PRO is an acronym that stands for "agile-professional."

• INC-9 and URC-1), as well as the "DSC,"

• SPICe+MoA is a combination of SPICe and MoA.

Part B of SPICe+ includes the following services as well-

• Allotment of DIN

• Incorporation

• Issue of TAN and PAN

• Issue of ESIC registration and EPFO registration

• Opening the Company's Bank Account

• Profession Tax Registration issue(Only for Maharashtra)

• GSTIN allotment

Step- 4-

Using the MCA Portal to Upload Part B: Submit SPICe+ Part B on the MCA portal after filing all of the required information and papers. When SPICe+ Part B is submitted, different forms- SPICe+ AOA, AGILE-PRO and SPICe+ MOA will likewise open up.

INC-9 will also be generated automatically depending on the information entered in SPICe+ Part B. These forms can be downloaded after they have been successfully submitted, DSC can be attached to the appropriate form. Ultimately, the forms can be transferred in the underneath referenced succession like SPICe+ Part B , SPICe+ MOA, SPICe+ AOA, AGILE-PRO and INC-9.

Step- 5-

Pre- check: The further step is a 'pre-scrutiny' check after uploading the form. After checking, one must click the "Confirmation Button" to submit the application form successfully.

Step- 6-

Paying the Required Fees: After an effective pre-scrutiny check, a Service Request Number will be produced which can be used to pay the "OPC incorporation" charge.

Step- 7-

Obtaining a Certificate of Intent (COI) from the Registrar: If all the documents and information are appropriate, the registrar will provide "Certificate of Incorporation."

Limitation of One Person Company

There are few restrictions on One Person Company. Some are as follows-

• OPC will not be able to convert voluntarily until two years have passed since its incorporation.

• Section 8 of the Companies Act prohibits OPC from being established or turned into a company.

• The One Person Company must not have any minors as members or nominees.

• An OPC is prohibited from engaging in any non-banking financial investment operations.

• A share having beneficial interest cannot be held by a minor.

Consolegal's Benefits

Consolegal is a platform that coordinates all the legitimate and monetary necessities and connects the company to the experts. The legal and other required details provided by Consolegal have always satisfied the customers. Clients get updated about the progression of their company easily.

Under expertise Consolegal provides all the necessary information. Our knowledgeable professionals are available to answer any question one may have concerning the OPC Registration procedure.

Firstly, buy a plan for expert guidance. Secondly, write the queries related to registration. Then, provide the required documents to the experts. After that,

plan application for OPC Registration. Thereafter, complete the basic criterias for final screening. Now, complete the other formalities. Finally, OPC Registration will be completed.

Consolegal's Benefits

Consolegal is a platform that coordinates all the legitimate and monetary necessities and connects the company to the experts. The legal and other required details provided by Consolegal have always satisfied the customers. Clients get updated about the progression of their company easily.

Under expertise Consolegal provides all the necessary information. Our knowledgeable professionals are available to answer any question one may have concerning the OPC Registration procedure.

Firstly, buy a plan for expert guidance. Secondly, write the queries related to registration. Then, provide the required documents to the experts. After that,

plan application for OPC Registration. Thereafter, complete the basic criterias for final screening. Now, complete the other formalities. Finally, OPC Registration will be completed.

Frequently Asked Question-

1. Is it possible to have more than one member in OPC?

More than one person is not allowed to be a member of OPC.

2. What is the minimum paid- up capital required to initialise an OPC?

There is no such criteria for minimum paid- up capital to start an OPC.

3. What are the advantages of OPC?

The foremost advantage of an OPC is that- only one person is required to start the company. And, for further benefits refer the above text.

4. Within how many days OPC registration is done in India?

It probably takes 1-2 weeks for the entire OPC process to get completed.

5. Can a Non- Residential Indian (NRI) start an OPC?

No, only Indians can register an One- Person Company.