Efficient One Person Company Registration Service|Tax Parivaar

What is the OPC?

As per the Companies Act, 2013 an One Person Company (OPC) is an unique entity where an individual can form a company. It combines the concept of a company with limited liability and succession, allowing a person to own and operate a company in their name. Prior to the implementation of the Companies Act of 2013 only two people could form a company. The Companies Act of 2013 supports the formation of One Person Company (OPC) in India. It governs the registration and functioning of one person company in India. In comparison with a public company a private company should have at least two directors and two members however on the contrary, one person company registration doesn't need any group of people to be incorporated. As per the Section 262 of Companies Act of 2013 and official registration of OPC in India is legal. One person company registration in India requires a single director and a single member representing the whole firm. This corporation type has very few compliance requirements in comparison with a private corporation.

Advantage

Legal Status: An OPC obtains a separate legal entity status, safeguarding the individual who founded it from personal liability for company losses.
Easy Fundraising: Being a private company, OPCs find it easier to raise funds through venture capitalists, angel investors, and banks compared to proprietorship firms.
Reduced Compliance: OPCs enjoy certain exemptions from compliance requirements under the Companies Act, 2013, simplifying administrative obligations.
Simple Incorporation: OPCs can be established with just one member and one nominee, with the member also serving as the director. No minimum paid-up capital requirement simplifies the incorporation process.
Efficient Management: With a single person managing the OPC, decision-making is swift, leading to efficient company management without conflicts or delays.
Perpetual Succession: OPCs maintain perpetual succession, ensuring the company's continuity even with only one member.

Disadvantage

Suitable for Small Businesses: OPCs are primarily suitable for small-scale businesses as they can only have one member. This limits their ability to raise additional capital as the business expands.
Restriction on Business Activities: OPCs are restricted from engaging in certain activities, such as non-banking financial investments and charitable objectives.
Ownership and Management: There's a lack of clear distinction between ownership and management in OPCs, as the sole member can also be the director. This can potentially lead to ethical concerns or conflicts of interest.

Documents Required For One Person Company Registration

PAN (Permanent Account Number) of all proposed directors.
Identity proof (Voter Id, Passport, Driving License, Aadhar Card) of all proposed Directors.
Latest passport size Photographs of all directors.
Address proof with Present address Mobile bill OR Telephone bill OR Electricity bill OR Bank Statement or Bank Passbook with latest Transaction page
Email id and Mobile of all the Directors.
Electricity Bill OR Mobile Bill OR Gas Bill along with NOC and Rent agreement if premises is on rent

PAN (Permanent Account Number) of all proposed Share Holders
Address Proof (Voter Id, Passport, Driving License, Aadhar Card) of all proposed ShareHolders
Latest passport size Photographs of all Share Holders.
Additional Address proof with Present address Mobile bill OR Telephone bill OR Electricity bill OR Bank Statement
Email id and Mobile of all the Shareholders
Electricity Bill OR Mobile Bill OR Gas Bill along with NOC and Rent agreement if premises is on rent

Steps involved

Step One

Apply for DSC

Step Two

Apply for DIN

Step Three

Name Approval Application

Step Four

Incorporation Application is prepared and filed with ROC

Step Five

Filing of Forms With MCA

Step Six

Issue of the Certificate of Incorporation

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