Starting your own business is easy. Read more about OPC registration costs for March 2022 in this article!
A one-person company, also known as an OPC, is a type of private limited company that is registered under the Companies Act of 2013. It can be registered with a single person who serves as both the company’s director and shareholder. Because OPC is a private company owned by a single person, they use ‘opc private limited’ or ‘opc Pvt Ltd’ at the end of their company name.
Previously, a minimum of two directors and two members were required in a private limited company. A single person could not form a private company. However, a new concept of OPC was introduced by Section 2(62) of the Company’s Act of 2013, under which a single person can form a private limited company.
Benefits of One Person Company Registration
- Limited liability
- Continuous existence
- Separate legal entity
- The business can obtain assets and incur debts in its own name
- NRIs can register OPC.
Process of One Person Company Registration
Step 1. Application for Digital Signature Certificate (DSC)
Because one-person company incorporation is a digital process, a digital signature certificate is required. The person who will act as a director and subscriber to the company’s memorandum must apply for a DSC from one of the certified agencies. Obtaining a DSC is a completely online process that can be completed in less than 24 hours.
This process consists of three simple verification:
- Document verification
- Video verification
- Phone verification.
Step 2. Application for the Name Approval
The SPICe RUN form, which is part of the SPICe+ form, can be used to apply for a name for a single person company. While creating the company name application, the industrial activity code, as well as the object clause of the company, must be defined.
Step 3. Filing of SPICe Form (INC-32)
After the name has been approved, the company’s registration details must be written in the SPICe+ form. It is a simplified proforma for electronically forming a company. The following are the form’s details:
- Company information
- Member and subscriber information
- Director Identification Number (DIN)
- Director and subscriber applications for PAN and TAN declaration
- Professional declaration and certification
Step 4. Filing of e-MoA (INC-33) and e-AoA (INC-34)
The SPICe e-MoA and e-AoA are two linked forms that must be completed at the time of company registration. Section 2(56) of the Companies Act, 2013 defines a Memorandum of Association (MOA). It’s the foundation upon which the business is built. It establishes the company’s constitution, powers, and objectives. Section 2(5) of the Companies Act defines the Articles of Association (AOA). It lays out all of the company’s management rules and regulations in detail.
Step 5. Issuance of PAN, TAN & Certificate of Incorporation
The concerned department will issue PAN, TAN, and Certificate of Incorporation following approval of the documents mentioned above by the Ministry of Corporate Affairs. Using these documents, the company is now required to open a current bank account. You can get help with your current bank account opening by contacting us.
- We submit an application for name approval for your one-person business
- We will draft the MoA (Memorandum of Association) and AoA (Articles of Association) for you
- We will file the necessary documents with the MCA on your behalf. The PAN and TAN are assigned at the same time
- We’ll keep you up to date on the progress of your OPC Registration
- Avail of this service just at ₹4600/- only.