The government of India has introduced the Companies Act, 2013. According to this act, any person can start a company in India after complying with the stipulated rules and regulations. However, a nominee necessarily has to be nominated. Per the terms and conditions of this act, a person can open a small company and turnover should not go more than Rs. 2 Crores. It is also important for you to know that only Indian citizens come in the ambit of this rule and they can raise capital only up to Rs. 50 Lac. Another important information you have to be careful about registration of One Person Company is it has to be converted into a private limited company when turnover reaches Rs. 2 Crores or capital grows more than Rs. 50 Lac.
Eligibility For One Person Company Registration In India
Minimum One Person
According to the stipulated laws, one person can act as shareholder/director of the company. However, there may be a maximum of 15 shareholders.
No Minimum Capital
Laws do not tell about minimum capital. Actually, it depends upon the requirements. Similarly, the registration fee is calculated on the basis of capital.
One Resident Director
A concerned person must be a resident of India. A person can be called a resident if he stays in India for a minimum period of 182 days in one particular FY.
The company’s name essentially has to be unique on certain terms. It should not be the exact copy of any of the registered trademark or company.
Step Wise One Person Company Registration Procedure
Step 1:- Digital Signature of Director
DSC is no less than physical or paper certificates in any way. The process of issuance of digital signatures of the director of the company automatically starts when you apply for One Person Company registration. In order to ensure smooth processing for the issuance of digital signature, you are supposed to submit Photo, ID, Address Proof, or other required documents along with registration form.
Step 2:- Director Identification Number
Registrar of companies provides a permanent number as a unique identification number to the directors of a company or designated partners of OPC. According to the rules of The Company Act, 2013, nobody can hold the office of a director without DIN. An application for DIN essentially has to be filed to ROC along with Photos, Attested ID, Address Proof duly attested by CMA, CS, or CA.
Step 3:- Name Approval Of Company
For one person company registration name of your One Person Company must be unique. It should not show resemblance to logo, trademark, or brand name to any existing OPC in any way. After procuring DSC and DIN, an application essentially has to be filed to ROC for name approval. Registrar possesses all the powers regarding approval of the name. In order to reduce the possibility of any kind of confusion while deciding the name, you can talk to our representatives.
Step 4:- MOA & AOA of Company
Memorandum of Association (MOA) is a document through which you declare the name of the company, object, location with the state name, and the maximum amount of capital that it can raise (Authorised Capital). Whereas, Articles Of Association mentions about the internal rules. You essentially need to adopt and sign MOA & AOA according to the recommendations of the ROC.
Step 5:- Company Incorporation
In order to get benefitted with the timely issuance of a certificate of incorporation, you essentially have to comply with each and every step. At the time of filing spice E-Form, you also have to attach the details of DIN, Name Approval, and Documents regarding incorporation. It is also important for you to know that only one name can be suggested in the spice form. Certificate of incorporation always remains the conclusive proof for one person company registration.
Step 6:- PAN, TAN & Bank Account
Income Tax Department of India allots Permanent Account Number (PAN). It consists of an alphanumeric number of up to 10 places. In order to comply with TDS rules, every taxpayer essentially has to procure the Tax Deduction Account Number. These identification numbers prove of utmost use therefore never snub their requirement on any terms. As the last step, you need a bank account in any of the scheduled banks for transactions.
Information required for registration of One Person Company :
- The proposed name for the company.
- All the details of the Nominee for the OPC.
- The MOA or Memorandum of Association which includes the objects of the company for which the company is incorporated.
- The AOA or Articles of Association which lays down all the laws on which the company will work.
- Address proof of the member and the nominee of the OPC.
- Affidavit and the consent of the Director that is required in the Form INC-9.
- Proof of the registered office for the OPC.
- PAN card of the member and the nominee of the OPC.
- A declaration will be needed that all the compliance has been made.
Online Process | Free Consultation
- One Digital Signature (DSC)
- One DIN Number
- Name Approval Letter of the Company
- MOA & AOA + Certificate of Incorporation
- PAN and TDS number for the Company
The lengthy procedure of company registration turns into an easy process with SetyourBiz Corporate. Get your first startup company registered with Setyourbiz.com with great ease by sitting in your house. Our highly qualified team of professionals will do all the process with great perfection across India. We will extend our support in documentation, preparation, filing and subsequent Follow-up with ROC