What is One Person Company Registration

The Companies Act, 2013 introduced the idea of One Person Company in India for you to support marketers able to raising their personal venture. This venture lets in them to create a single character monetary entity. In case of Characteristics of One Person Company registration, most effective one member should be there while registering this shape of a company even as within the case of a Limited Liability Partnership(LLP) company or a Private Limited Company, there must at the least be 2 people so as for registering the employer.

Rules of One Person Company as in keeping with the Companies (Incorporation) Rules, 2014

As in step with Rule three of the Companies (Incorporation) Rules, 2014, it elucidates that handiest a natural man or woman will be able to shape a One Person Company. It is obligatory for the only director or the shareholder to be an Indian Citizen in addition to an Indian Resident, being which he could be authorized to initiate a One Person Company. The term ‘Indian Resident’ indicates about someone who has stayed in India for a span no longer much less than 182 days of the right away previous one calendar year.

As in step with Section 9 of the Citizenship Act, 1955, Indian Citizenship would be deemed void or terminated of that individual who obtains citizenship of some other country. As in step with Section 7A of the Citizenship Act, a person who acquires an Overseas Citizenship could be identified as as a citizen not having whole citizenship of India.

A One Person Company Nominee

As consistent with Companies (Incorporation) Rules, 2014, the sole director and shareholder need to advise a person as his/her nominee inside the Memorandum of Association and Articles of Association whilst incorporating a One Person Company. During an untoward circumstance like the death or incapacitation of the sole promoter, the sole promoter’s function is transferred to the nominee who would have to commence the duties of the only promoter. A One Person Company ought to document audited economic statements with the Ministry of Corporate Affairs at the give up of every economic year. In case a One Person Company’s turnover exceeds Rs. 2 crores, the OPC ought to be transformed right into a Private Limited Company.

Characteristics of a One Person Company

Corporate Body

It is a kind of organization that can be initiated and operated through a sole promoter with confined liability protection in the country. A One Person Company, considered as a criminal entity, allows easy transferability of possession and does not end until dissolved. Also within the event of any legal case, the organisation might be in charge and now not the individual.

Minimum Capital now not required

In order to start a One Person Company, a minimal capital amount is not required. The employer may be commenced as in keeping with the ability of the only promoter.

Seamless Procedure for Registration

The manner to sign up a One Person Company is very simple which includes the following steps:

The Sole Promoter and a nominee are needed for registering a One Person Company in India.

Documents of the sole promoter and the nominee which consists of PAN Card, Bank Statement and Aadhaar Card are required.

The Electricity Bill and the No Objection Certificate of the vicinity in which the corporation is integrated are required while incorporating the business enterprise.

Requisite Documents for a One Person Company Registration

Following are the Documents Required for Registering a One Person Company:

(a) Identity Proof of the Director and Nominee Director it may be anything like Adhaar card, Voter ID etc.,

The Permanent Account Number of the Director and the Nominee Director are required. In addition, each the Sole Director and the Nominee ought to be Indian Nationals.

(b) Residential Address proof of the Director and Nominee Director who are resident in India.

Documents like Passport, Driver’s License, Bank Statement, Electricity Bill that are not older than 2 months are required so one can sign up a One Person Company.

(c) Proof of the Registered Office in India

Documents like Property Tax Receipt, Electricity Bill reproduction, Rental Agreement or Sale Deed, No Objection Letter shape Landlord in order for using the premises as registered office.

(d) Signed Documents of Company Incorporation

The Signed Digital Signature Application Documents (tough copy), smooth replica of signed incorporation documents want to be uploaded.

The Steps to be accompanied for Registering a One Person Company

(1) For Obtaining the DSC

In order to attain the Digital Signature Certificate (DSC), the following are the documents to be submitted with the aid of the sole promoter:

-Proof of copy

-PAN Card

-Phone Number and Email ID

-Photo

-Aadhaar Card

(2) For Obtaining the DIN

The subsequent crucial step all through incorporation of one person company in India is to obtain the Director Identification Number (DIN) whose name is proposed inside the the SPICe (Simplified Proforma for Incorporating Company electronically) with the aid of offering the name and the cope with evidence of the only promoter/director. The Director Identification Number can be implemented for within the SPICe shape itself.

(3) Application for Name Approval

The next step in the One Person Company Registration Process is to determine the name of the company. The Ministry of Corporate Affairs, with impact from March 23, 2018 has decided to allow two proposed names of the One Person Company and one resubmission even as booking Unique Names (RUN Service) for the companies. Post receiving approval from the Ministry of Corporate Affairs, the in addition procedure desires to be appeared into.

(4) Requisite Documents

The One Person Company additionally has to prepare the subsequent documents which can be required to be submitted to the Registrar of Companies:

(i) The Memorandum of Association (MOA) – It is a document which is prepared at some point of the formation and registration technique of a business enterprise that states the connection with the shareholders. It signifies the objectives for which the organization has been formed.

(ii) The Articles of Association (AOA) – It is a files which mentions the by way of-laws of the employer operations.

(iii) A nominee is appointed on behalf of the only director or promoter for appearing his duties in case the sole promoter is incapacitated or dies. The sole director’s consent for the nominee to take his location at such a condition is taken into consideration along together with his PAN Card and Aadhaar Card.

(iv) To begin a One Person Company, the only director has to submit the Registered workplace evidence of the proposed organisation along with the evidence of ownership and a No Objection Certificate from the owner or the location/workplace premise.

(v) The sole promoter’s affidavit and consent of Form INC-nine and DIR- 2 respectively.

(vi) The sole promoter additionally has to publish a assertion from a professional authority which certifies that the organisation has met all of the compliances.

(5) Filing the bureaucracy with the Ministry of Corporate Affairs

All the above mentioned files are to be attached to the SPICe (Simplified Proforma for Incorporation of Company Electronically) Form, the SPICe-MOA and SPICe-AOA combined with the Digital Signature Certificate of the Director and the expert authority for incorporation of corporation in India (One Person Company). These documents will should be uploaded at the official website of the Ministry of Corporate Affairs in order for the approval. After the technique of incorporation of corporation is performed by means of uploading all of the files, the paperwork particularly Form 49A and 49B may be generated in order for PAN and TAN record generation in an effort to should be uploaded to the MCA.

(6) Certificate of Incorporation to be issued

After the files are verified, the Certificate of Incorporation may be issued via the Registrar of Companies (ROC) and then the business can be started legally.

The company registration manner isn’t a hard project and may be completed efficaciously and correctly on the Ministry of Corporate Affairs portal.

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