Before we know about one person company registration process, first of all, we have to know what One Person Company (OPC) is. One person company is a separate legal entity from its promoter, offering limited liability to its sole shareholder. One person company is a new type of business entity which allows a single enterprise and businessman to operate a corporate entity with limited liability.
In this blog, we will discuss the benefits, requirements, process, and documents need for registration of one person company. If you are planning to take OPC registration then this blog will help you. Let's explore the ideas of OPC registration.
Advantages of One Person Company Registration
If you are planning for One Person Company registration, then you will be entitled to avail a number of advantages. List of the advantages of One Person Company registration is given below.
1) Limited Liability Protection - Directors and shareholder of an OPC are not responsible to pay the debts of the company from their personal assets even if the company is declared insolvent.
2) Endless characteristic - If the Directors or shareholder go away from the company then also OPC continues its existence.
3) Name of the company is protected - After registration of OPC, the name of the company gets protected. Registrar of companies will not accept registration of another company which is similar, identical or resembling with an existing name.
4) A single person can start a company - An OPC can be incorporated by only one individual person.
5) Separate Entity - An OPC being a legal entity is distinct from its directors and shareholder.
6) No necessity of minimum paid-up capital - No minimum capital is required to start an OPC.
What are the requirements for One Person Company Registration
Certain requirements have to be fulfilled before taking One person company registration. List of the requirements need for One Person Company Registration is given below:
1) One shareholder
2) One Nominee
3) One director
4) One person
Procedure for One Person Company Registration
Step by step we will discuss the procedure of OPC registration:
1) Apply for Digital Signature Certificate - The first step is to get Digital Signature Certificate from the proposed directors with documents like address proof, Aadhaar card, PAN card, Photo etc.
2) Apply for Director Identification Number (DIN) - Next step is to apply for the DIN. This can be done in SPICE form along with the name and address proof of the proposed directors.
3) Approval of name - The next step in an OPC registration is the approval of the name of the company. Approval name can be obtained by filing the application in Form SPICE-32 or by using Reserve Unique Name (RUN) web services of Ministry of Corporate Affairs by selecting 1 preferred name. Name requires to be approved by the Ministry of Corporate Affairs.
4) Filing of forms - Applicant seeks to register an OPC has to fill up form with necessary documents. All those documents and form will be uploaded in the site of Ministry of Corporate Affairs for approval.
5) Issuance of Certificate of Registration - After completion of the verification process, the Registrar of Companies will issue a certificate of registration. After obtaining a registration certificate one can start the business.
Documents required for One Person Company Registration
List of the documents required for OPC registration is given below:
1) Memorandum of Association
2) Articles of Association
3) PAN card, Aadhar Card
4) Proof of the registered office of the proposed company along with ownership proof
5) No objection certificate of the owner
6) Affidavit of the proposed director
7) Declaration of the professional for production of all the documents
Conclusion
One person company is a company with a single member. One person company extends the concept of limited liability to a company run by a single person.
Enterslice is an award-winning company in respect of providing service of one person company registration. If you are planning to take one person company registration, and then contact Enterslice, you can get best and affordable service.
