One Person Company Registration Online In India

One Person Company (Pvt Ltd) Registration Online In India!

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One Person Company Registration process

It is very easy and simple to register a One Person Company with the below mentioned steps.

Our experts will help you in understanding your business structure.

Step 1

Our experts will help you in picking up the right company name.

Step 2

Our experts will draft the company MOA and AOA according to the requirements.

Step 3

What is One Person Company?

The new concept of ‘One Person Company (OPC) has been launched by the Companies Act, 2013. It provides a new whole idea of the opportunity to those who are eager to start their own businesses which have only one member.

Incorporation of One Person Company was published as a good rectification over the sole proprietorship. Only the residents of India who were born here are eligible for the One Person Company Registration. An OPC is perfect for anyone who wants to run a business by himself or herself, think to have effective control over the overall operations of the business, and works in a structured framework.

One Person Company is one in which best one individual is the member. It can be registered with a minimum capital of just Rs 1 Lakh. Earlier, if the paid capital of One Person Company exceeds fifty lakh rupees or its average annual turnover during the relevant period exceeds 2 crore rupees, it will cease to be entitled to continue as a One Person Company. Now, the Government has removed the limit of paid-up share capital and turnover for the conversion of OPC which is mostly done by the startups.

Benefits of One Person Company :

Good reputation and credibility in the market -

In India, OPC is a Private Limited Company, which is the most popular and leading business structure in the business sector. Various Govt. Agencies, Corporate Customers, and vendors prefer to trust and deal with Private Limited Company rather than proprietorship firms.

Limited liability Protection to Directors Personal Assets -

The various startups need to buy loans to establish their business and take things on credit. In the case of normal partnerships, the property and personal savings would be at risk because a business is not able to repay its loans. At the same time, in one person’s private limited company, the personal assets of the director are safe, only the investment gets lost.

Assist for Testing of Business Model and Enables Funding -

The OPC business helps the startup entrepreneurs to test their business models, and build up a marketable product, to approach venture capitalists for funding and easily convert OPC into a multi shareholder Private Limited company.

Documents required to register an OPC :

Company Registration Process

Here are the steps to register for OPC.

Step 1:- Application of DIN & DSC

First and foremost, the director and nominee has to apply for Digital Signature and DIN, DIN refers to the Director PIN number issued by MCA and a digital signature is an online signature used for signing up. If the director has all these documents, then move forward by skipping this step.

Step 2:- Approval of the name

There should be two different names for your company that are provided to MCA for selection. The names should be ideally unique and describe the business.

Step 3:- MOA & AOA Submission

After the approval of the name, we need to draft Memorandum of association and Articles of Associate. Both are filled up with MCA with the subscription statement.

Step 4:- Apply for Incorporation Certificate

To apply for Company Incorporation, Spice+ Form has to be filed and submitted on the MCA portal. It generally takes 4-5 days to form a One Person Company and get an incorporation certificate. This certificate includes a CIN number and it is proof that the company has been incorporated.

Step 5:- Need to apply for TAN, PAN, and Bank Account

Now it’s time to apply for TAN and PAN which are received within 7 working days.

Step 6:- For Current Account Opening

You have to submit Company’s MOA, AOA, Incorporation Certificate, and PAN in bank to open your company’s current account.

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