registration of one person company

 

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Registration of One Person Company in India

Online One-Person Company Registration  


Online Registration of One Person Company (OPC) is now easy with Tax Robo's simple OPC Ltd Company Registration Process. Register today!


Professional CA/CS/CMA Support
 
Quick Process
 
100% Compliance Support
 
Easy Process
 
All Financial Services in One Place
 
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What is One Person Company?


As the name says, a one person company has only one head, who is the sole owner of the Business, and no other partner or member.

One person company as a concept was formulated in India through the Companies Act, of 2013.

It helps young entrepreneurs, who are skeptical of bringing partners into their new Business, form a legal enterprise with a single owner exercising all the powers.

This structure benefits such people, who do not want to share ownership rights.

One person company sounds similar to a sole proprietorship. What are the differences? Which one is better?

Yes, it's true that they sound quite similar but forming a one person company has a lot of benefits over a sole proprietorship.

In fact, the differences between a sole proprietorship and a one person company also form the benefits of choosing OPC over a sole proprietorship.

  Advantage Of One Person Company Registration

✓ Limited Liability: Yes, unlike a sole proprietorship, One Person Company offers protection against debts, to the amount of initial investment by the owner, in case of losses.

✓ Company and owner being separate entities: Since the company and the owner are separate legal entities, the owner is not personally liable to compensate for the losses incurred by the company.

✓ No need to issue financial statements: It is mandatory for every company in India to report financial statements such as balance sheets, cash flow statements, profits, losses, etc. However, with One Person Company, you can escape the headaches of filing performance details.

✓ No minimum paid-up share capital: You can start One Person Company with practically zero initial investment.

✓ No need to hold Annual General Meetings: As per Government directives, it is essential for companies to hold annual general meetings, at least once every 15 months. One Person company lets you walk off without holding annual general meetings. A simple resolution signed by a single director and entered into a minutes book covers the need of AGMs.

✓  Provision for a nominee to succeed as owner: In case the owner of a sole proprietorship dies, the Business dies with him (if ownership is not forwarded to a successor in the last will). One Person Company lets you appoint a nominee who will succeed the Business, in the event of the owner's death. A nominee however has zero power until the real owner is proven incapable of running the Business.

How to Incorporation of One Person Company in India

Here are the easy steps one can follow to register One Person Company. Since the entire process is now online, you don't need to be physically present for any formalities. One Person Company can be formulated in just 10-12 working days.


Step 1

Gather all necessary documents such as PAN Card, Proof of Address (Passport, Driver's license / Voter ID / Aadhar), and Proof of Residence (Bank Statement/Utility Bill, etc.)


Step 2

Apply for your Private Limited company's name approval under the Ministry of Corporate Affairs with up to 2 names of your choice. In case they are rejected, you can apply once more with 2 suitable names.


Step 3

Obtain DSC (Digital Signature Certificate) and DIN (Director Identification Number)


Step 4

Fill up the SPICE (INC-32) form for incorporation application with the Ministry of Corporate Affairs (MCA) SPICE stands for Simplified Proforma for Incorporating Company Electronically.


Step 5

File for PAN, TAN, and open Bank Account. Once you get an Incorporation certificate, your One Person Company becomes officially active. Now you need to acquire the Company's PAN, and TAN, and open a Bank Account for trading activities.


Basic Package

₹6999 .00

* All Inclusive

  • MOA & AOA Drafting
  • Digital Signature Certificate 2 Years Validity
  • Name Approval
  • PAN & TAN
  • Incorporation Fees Authorised Capital Of Rs.10 Lakhs
  • GST Registration
  • Incorporation Certificate
  • Appoint First Auditor of the Company
  • Free Bank Account Opening

Family Auditor

₹13999 .00

* All Inclusive

  • MOA & AOA Drafting
  • Digital Signature Certificate 2 Years Validity
  • Name Approval
  • PAN & TAN
  • Incorporation Fees Authorised Capital Of Rs.10 Lakhs
  • GST Registration
  • PF & ESI Registration
  • Incorporation Certificate
  • Share Certificate 
  • Appoint First Auditor of the Company
  • Free Bank Account Opening
  • Free GST Monthly Return 1 Month
  • Free Tax Consulting  

Knowledge of the Business

✓ Do you have previous experience in the same Business? how many years?

✓ Product analysis with the questions of whether the product is under any restricted sales in India eg. Cement, Steel.

Marketing Strategy

✓ Marketing strategy is available with target customers.

✓ Pricing of products and margin available in the product.

Growth of the Business

✓ Growth of the Business in India for the next 5 to 10 years.

✓ Feasibility report of the Business and products.

✓ Business plans and projected Financial Product for 5 years.

Funds – Working Capital

✓ Sufficient working capital required for running the Business for a minimum period of 3 months. The funds can be own funds or Bank funds.

✓ How many months of Investment in the Business have required, returns on investments, and working capital funds available for fixed expense months?

One Person Company Registration Process Online in India - Simple Steps

Step 1

Obtain Dsc for Director And Apply Name Approval (After Check Company Name Availability)

Step 2

Incorporation Of Documents (Draft Sent To You For Confirmation)

Step 3

File Spice + Forms

Step 4

Get Incorporation Certificate, Pan, TAN & Bank Accounts

Documents Required For Incorporation Of A One Person Company


ID Proof

Scanned copy of PAN Card, Voter ID, Passport , Driving License

Registered Office Proof

No Objection Certificate (NOC) from the owner, Utility bill (should not be older than two months) and Notarized Rent agreement (in case of rented property) / Registry Proof or House Tax Receipt (in case of owned property)

Address Proof

Latest Bank statement/ Utility bill in the name of director which should not be older than two months

Photo

Latest passport size photograph

Compliance After Incorporation Of One Person Company


Statutory Obligations

✓ File GST return every month without delay

✓ PF & ESI return filing

✓ TDS Payments & Return filings

✓ Advance Tax payments

✓ File Income Tax return by every year before due date

Compliances

✓ GST registration

✓ PF & ESI Registration if applicable

✓ Profession Tax registration

✓ Import & Export Code registration

✓ STPI Registration / SEZ registration

✓ Secretarial compliance required for passing resolutions, Change in Management, entering contracts, loan obligations etc

Accounts & Operations

✓ Open a Bank account with one Private Bank and one scheduled Bank

✓ Get one accounting software with GST facility

Performance

✓ Review Financial Products performance by every 3 months

✓ Compare the budget amount with actual Financial Products results