Registration process of 'One Person Company'
First, understand the difference between Private Limited Vs. Limited Liability Vs. One Person Company Or search for Business Registration Lawyers.
What do we really understand by One Person Company? Now before that, have you ever desired to start and run a venture on your own terms? There comes a time in our professional life where we feel the need to expand our horizon to contribute single-handedly and get the free reign to formulate and implement ideas in our own working space. This entrepreneurial approach gives rise to a hybrid structure of a company, called One Person Company.
Well, this revolutionary new concept of Óne Person Company was introduced by the expert committee of Dr. JJ. Irani in 2005 under the Companies Act 2013. This new hybrid structure of organised business will provide all benefits of a private limited company to young businessmen.
A single person could not incorporate a company previously but as per section Section 2(62) of the Companies Act 2013, a company can be formed with just 1 director and 1 member.
Aspiring entrepreneurs who wish to give a kick-start in this single person economic entity venture, these recommended steps will guide them to register for a ‘One Person Company’.
Steps to Register for a One Person Company:
Apply for DSC:
This step requires you to obtain the Digital Signature Certificate of the concerned Director which demands the following documents;
Apply for DIN:
The next step is to apply for Digital Identification Number of the proposed director in SPICe form along with the name and address proof of the Director.
Name Approval Application:
After applying for Digital Identification Number, the next step is to ideate and propose a name for your company, which will be in the form of “ABC (OPC) Private Limited”.
Once the name has been approved by the MCA , we move ahead to the next step.
The following documents are required to be submitted to the ROC:
Filing of forms with MCA:
All these documents will be attached to SPICe Form, SPICe-MOA and SPICe-AOA along with the DSC of the Director and Professional, and will further be uploaded to the MCA site for approval.
Issues of the certificate of incorporation:
During the verification process, the Registrar of Companies(ROC) will issue a certificate of incorporation to let you start your business.
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