One Person Company Registration Procedures In India

The company law stipulated that in order to form a company, there should be at least two directors. Now the government has brought in new legislation which enables single individuals to register their business entities as companies.

Why One Person Company?

There are many advantages in doing a business from the platform of a company. But the law for forming a company denied many opportunities to proprietorship firms. This hurdle has been overcome with the advent of OPCs in India.

What IS OPC?

A One Person company is the third form of company that can be registered with the registrar of companies. The other two are:

i. Public Limited Company.

ii. Private Limited Company.

An OPC is a legally formed organization under the Indian companies act. The function of the OPC is separate from its member. This provides protection in a limited way to the only member. 

All The Processes Involved In Registering Your OPC

Below is a very short summary of all the steps involved in getting registration for an OPC. Each step is detailed out after the summary.

1. Digital signature.

2. DIN.

3. Name approval.

4. Documents submission.

5. Forms filing.

6. Incorporation

Now let us have a detailed look at each process so that the process gets easy for you.

Five Services Through One Form

Form INC-32 or the SPICe form can be used to get five processes completed. They are:

i. PAN allotment.

ii. TAN allotment.

iii. DIN allotment.

iv. Name approval.

v. Incorporation.

Documents Required To Apply For Digital Signature

i. Photo

ii. Phone Number

iii. Email Id

iv. Aadhaar card

v. Address Proof

vi. PAN card

Documents Required After Name Approval

These are to be submitted to the registrar of companies as mandated in the filing process.

i. The by-laws of the company known as AoA or the Articles of Association.

ii. The nature of the businesses which shall be carried out by the company will be laid out in the MoA or the Memorandum of Association.

iii. Address of registered office.

iv. Proof of address.

v. No Objection Certificate from the owner of the premises.

vi. Consent of nominee in form INC-3.

vii. Form INC-9 with the affidavit of the some member.

viii. Consent of the proposed director in DIR-2.

ix. Declaration to certify that all stipulations have been complied with.

Uploading To MCA Site

The below mentioned forms are to be used for uploading all documents.

i. SPICe.

ii. SPICe-MOA.

iii. SPICe-AoA.

Digital signature of the sole director should also be uploaded to the appropriate page. 

Generating Other Documents

Once these forms have been submitted the portal will generate the below forms to create the documents mentioned against each.

Form 49A: PAN

Form 49B: TAN 

Uploading New Documents

The PAN as well as TAN cards will be generated once these forms have been successfully uploaded. Both of them should then be submitted online to the MCA page along with the digital signature.

After Successful Registration

Congratulations! You are now the proud owner of an OPC. This places some legal obligations on you. They should be completed within the stipulated time to carry on with the activities of your OPC.

i. Filing of ITR.

ii. Maintaining all books of accounts.

iii. Uploading form AOC-4 to file financial statements.

iv. Form MGT to ROC for annual returns.

 

Drafted By:
CS.A.Maniraj.,B.Com.,ACS.,CA(Fin), Independent Director 
Certified CSR Professional., Certified GST Professional.