Government of India has introduced 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 ambit of this rule and they can raise capital only up to Rs. 50 Lac. Another important information you have to be careful about is OPC has to be converted into a private limited company when turnover reaches Rs. 2 Crores or capital grows more than Rs. 50 Lac.
According to the stipulated laws, one person can act as shareholder/director of the company. However, there may be maximum 15 shareholders.
Laws do not tell about minimum capital. Actually, it depends upon the requirements. Similarly, registration fee is calculated on the basis of capital.
Concerned person must be 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.
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.
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.
Registrar of companies provides 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 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.
For one person company registration name of your OPC 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 name. In order to reduce the possibility for any kind of confusion while deciding the name, you can talk to our representatives.
Memorandum of Association (MOA) is a document through which you declare the name of the company, object, location with 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.
In order to get benefitted with the timely issuance of 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 spice form. Certificate of incorporation always remains the conclusive proof for one person company registration.
Income Tax Department of India allots Permanent Account Number (PAN). It consists alpha numeric number up to 10 places. In order to comply with TDS rules, every tax payer essentially has to procure 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 transaction.
Aadhaar Cards and PAN Cards of owner/ directors/ partners.
Electricity Bill/ Rent Agreement or Letter of Consent (NOC).
Letter of Authorization for signatory
Bank statement/ Cancelled Cheque
Partnership is a formal arrangement in which two or more parties cooperate to manage and operate a business.
The limited liability partnership act was introduced in 2008. According to this act, the partners who participate are liable for liabilities in proportion to their contribution to the business.
A private limited company is a type of privately held small business entity. This type of business entity limits owner liability to their shares, limits the number of shareholders to 50.