ONE PERSON COMPANY REGISTRATION ONLINE

The One Person Company is a separate legal entity that has a perpetual succession throughout as per the guidance and regulatory rules of Ministry Of Corporate Affairs.

Requirements for applying One Person Company registration online in our country under Company Act 2013:

One Person Company is an entity that can be formed with one owner who can work as a shareholder as well as company director.

One Person Company is a new concept introduced by Companies Act 2013.  OnePerson Company registration is having lower abiding as compared to Private Limited Companyas said in section 2(62). ThisOne Person Company throughout is owned by single person who acts as the director of the company as well as the shareholder.

WHAT IS ONE PERSON COMPANY OR OPC IN OUR COUNTRY?

One person,who forms the company is the director and owner of the business as per the guidelines of the Company Act 2013.

ADVANTAGES OF ONLINE REGISTRATION OF ONE PERSON COMPANY IN OUR COUNTRY

All the business owners register their business as a Private Limited Company due to its unique advantages, but the hidden truth is one person registration can offer them greater opportunities and exclusive benefits with meagre compliance.  Some of the advantages of one person company registration on our country are:

Limited Liability

Thereafter the young entrepreneurs are recommended to register as a One Person Company, as it gives lot of opportunities to take risk search or explore better business opportunities without any pressure of shedding on any of their properties.

Continues existence

One Person Company enjoys the advantages of separate legal identity, but in single person Owner Company, the company will close down if there is a death of the member who owns the business or by the single owner the business will go to the nominee of the director.

Major Credibility

The one person who owns and manages the business requires to have the accounts audited annuallyand this generates a lot of credibility and belief among investors and lending institutions such other organisation and shareholders on whom the entity is reliable.

Easy Funding

AOne Person Company can update itself into a private limited company to raise funds from outside.  One Person Company can also raise funds through angel investors, venture capitalist or other non-banking financial corporation, also banks or financial institutions.

Fewer Requirements for Registration

Thisis so easy to register a One Person Company that not even any process of other companies can beat the fewer requirements. Theregistration process is very simple and easy.

Advantages of Small Scale Industry

Depositing security is leveraged to certain levels as the OPC online registration in our country use the advantages that it offers to small scale industry like getting investments, loans at low level of interest, benefits under foreign trade policy and lot more on the list. Allthese help the company grow on the starting stages and it plays a vital role in the growth of the company in its initial stages.

ACKNOWLEDGING AS DEPENDABLE LEGAL BUSINESS FRAMEWORK

As a company, it comes down under more dependable company registration as compared to nonregistered companies. Allbusiness framework, which is registered under Companies Act 2013 is recognised as a separate legal entity.

Anybody can start an OPC or OBE person company by abiding the following requirements:

·         Director or stakeholder is necessary or both can the same person.

·         He should be the resident and citizen of our country.

·         Compliances of the necessary documents.

·         The functional and technical domains can have more focus of the owner because of less work.

·     The sole proprietorship is worked out in a way that the form of company, which gives complete authority to the owner to run the business with a limited duties and financial liabilities of the company.

ELIGIBILITY CRITERIA FOR OPC REGISTRATION IN OUR COUNTRY

The applicant must be citizen of India. He/she can start a One Person Company, he/she should be staying in India for a period of at least 182 days in the preceding yearand if the One Person Company’s turnover limit exceeds Rs 2 Crores during the financial year, a new requirement applies. Meaning of this is such a company has to be upgraded into a Public Limited Company or Private Limited Company within 6 months of time period.

THE PROVIDED CONSTRAINS SHOULD BE FULFILLED FOR GETTING THE ONE PERSON COMPANY REGISTRATION UNDER LAW:

·         The applicant should be citizen of India.

·         He can incorporate an OPC.

·         He can be a nominee for the person of the company.

·         The person should have stayed in India for atleast 182 days prior the registration.

·         Ifthe turnover exceeds 2 crores, it has to be changed into Private Limited Company or a Public Limited Company within a period of 6 months.

IMPORTANT FEATURES OF REGISTRATION OF ONE PERSON COMPANY IN INDIA

New Concept

OPC is a new concept governed by the Ministry of Corporation under the Companies Act, 2013.

The OPC can have one shareholder at a time, he should be the citizen of India or stayed in India for a period of 182 days and should be anIndian resident.

An Immediate Nominee

In case of death or incapacity, a company can be started with one person, but there should a nominee who can take up the responsibility of a shareholder. He should be anIndian resident and has to give the consent to become the nominee of the OPC shareholder. It acts as a separate legal entity.

One Director

OPC can be formed with minimum of one director who is the shareholder and owner of the company.  AnOPC can appoint maximum of 15 directors at a time.  Private Limited Company requires minimum of 2 directors, whereas the Public Limited requires 7.

Fewer Compliances

Private Limited Company and One Person Company differs in case if OPC can be formed with one single director, so less compliance.

Separate Legal Entity

OPC has a separate legal entity as like Private and Public Limited Company.

Limited Liability

Personal assets and funds cannot be used to incur the debt of the company, so this the benefits of one person company as it enjoys the limited liability.

PROCEDURE FOR REGISTRATION OF ONE PERSON COMPANY IN OUR COUNTRY

Under Companies Act 2013,One Person Company is registered in India and it is an online process under the provisions.

Online registration of OPC and the formalities are as follows:

·         Applying for DIN or Directors Identification Number:  itcan be filed with the SPICe+ form.

·         Applying for DSC or Digital Signature Certificate.

·         Selecting a distinct name for the company and getting company’s name approval.

·         Opening a new bank account for the company.

·         Re-checking all the documents and proofs before submission such as address proof, ID proof.

·         Supplication should be submitted with all needed legal documents.

·         Obtaining PAN and TAN for the company using Form 49A and Form 49B.

After all the documents and forms are verified by the authorities, the Registrar of Companies would grant a certificate of Incorporation, which contains the CIN number.

The registrar verifies all legal documents and forms and issues or grants the certificate of incorporation where you have your CIN number.