One Person Company Registration In India

It’s a new type of company that allows a single entrepreneur to operate a corporate entity with limited liability protection. The concept of One Person Company in India was introduced through the Companies Act, 2013 to support entrepreneurs who on their own are capable of starting a venture by allowing them to create a single person economic entity.

The words ‘One Person Company’ will have to be mentioned in brackets below the name of such company, wherever its name is printed, engraved or affixed. Though a One Person Company allows alone Entrepreneur to operate a corporate entity with limited liability protection, a OPC does have a few limitations.

There should be a nominee Director in the MOA and AOA of the company – who will become the owner of the OPC in case the sole Director is disabled. Therefore, it is important for the Entrepreneur to carefully consider the features of a One Person Company prior to incorporation.

There is no requirement of appointing a first director for the company and the sole member is deemed to be the first director of the Company

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    STEPS FOR ONE PERSON COMPANY REGISTRATION IN INDIA:

    1. Digital Signature Certificate (DSC):
    Obtain a Digital Signature Certificate for the proposed director of the OPC. The application for DIN (Director Identification Number) is filed using a DSC.

    2. Director Identification Number (DIN):
    Obtain a Director Identification Number for the proposed director by filing the DIN application along with the necessary documents.

    3. Name Reservation:
    Choose a unique name for the OPC and check for its availability on the Ministry of Corporate Affairs (MCA) website. Once the name is approved, it can be reserved for the OPC.

    4.Drafting Memorandum and Articles of Association:
    Prepare the Memorandum of Association (MOA) and Articles of Association (AOA) for the OPC.

    5. Incorporation Application:
    File the application for the incorporation of the OPC through the MCA portal. The application should include details such as the registered office address, directors’ details, and the company’s capital structure.

    6. Nominee Director:
    An OPC must nominate a natural person as a nominee director. This nominee will take over the management of the OPC in case the sole director becomes incapacitated.

    7. Consent of the Nominee:
    Obtain the written consent of the nominee director in Form INC-3.

    8. Affidavit and Consent of the Director:
    The sole director of the OPC needs to file an affidavit and consent in Form INC-9.

    9. Certificate of Incorporation:
    If the Registrar of Companies (RoC) is satisfied with the application, they will issue the Certificate of Incorporation.

    10. PAN and TAN Application:
    Get Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN) with Incorporation.

    11. Bank Account Opening:
    Open a bank account in the name of the OPC and provide the necessary documents to the bank.

    It is advisable to consult with a Webetax professional, to ensure that all legal and procedural requirements are met during the registration process. Additionally, the regulatory environment may change, so it’s essential to refer to the latest guidelines and updates from the Ministry of Corporate Affairs.

    Keep in mind that the above steps provide a general overview, and the specific requirements may vary based on the nature of your business and any updates in regulations. It’s recommended to consult with webetax professionals or legal experts for personalized guidance.

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