HOW TO DO OPC REGISTRATION ONLINE

One Person Company is an updated variant of the sole proprietorship firm. It is a type of business structure that can be owned and controlled by an individual. Both terms might look similar but have a huge difference sole proprietorship firm is an unregistered type of business structure whereas an OPC is registered and governed by Companies Act 2013.

OPC has some unique features as compared to Private Limited Company and Public Company. The companies registered as OPC in India also get certain benefits provided in Companies Act 2013.

In this write up you will read about several advantages and Registration Process for Incorporating One Person Company in India. 

ADVANTAGES OF ONE PERSON COMPANY

Separate Entity

 The OPC and its owner are considered as two different entities as compared to the sole proprietorship where both the owner and the entity are defined as a single entity. Although the owner has the complete ownership, however in any bad circumstances, his personal properties are safe and cannot be touched upon for recovery of money.

Liability

In an OPC the liability of the owner is limited to his/her investment in the company whereas in sole proprietorship form of business the owner has unlimited liabilities which means if the business incurs losses the owner shall be liable to it.

INCORPORATION PROCESS OF OPC

Deciding the Main Objects

The process of incorporation begins with deciding the Main Objects of the Company. The main objects are of utmost importance as they decide the activities which will be carried out by such a company. Proper Due Diligence must be there while deciding on the objects as any activity outside the purview of the main objects becomes null and void.

Name Reservation of the Company

The second step involves the sole shareholder filing the application for the name reservation of the company. It becomes the most important stage for any business to decide the name for its business as it will be known by that name only for a prolonged period and becomes a brand thereafter.

Hence, once the name has been decided, one has to proceed with the filing of SPICe+ Part A for reservation of the name of the company along with a fee of Rs. 1000/-

Prerequisites for filing of Name Reservation

Type of Company to be incorporated

NIC Code (Industrial Activity Code)

Main Objects of the Company

Name of the Company with which the company wishes to get itself registered.

Once the name has been approved by the MCA, the same shall be available for a period of 20 days from the date of approval subject to the filing of an extension for name reservation.

Extension Durations –

Further 20 Days             Rs. 1000/- (40 days in total)

For Additional 20 Days Rs. 2000/- (60 days in total)

It is pertinent to note that the name reservation is not a mandatory process, and the entire incorporation process can be made in a single go.

Incorporation

Form SPICe+ (Simplified Proforma for Incorporation of Companies Electronically) is the form for incorporation of ‘One Person Company’ which has to be submitted to the registrar along with the following forms –

         SPICe+ MOA in Form INC-33 – Memorandum of Association

         SPICe+ AOA in Form INC-34 – Articles of Association

AGILE-PRO-S – Application for GSTIN, ESIC Registration plus EPFO Registration, Profession Tax Registration, and Opening of Bank Account and Shops and Establishment Registration)

         INC9 – Affidavit from the Subscriber and First Director to the Memorandum

Documents required for the Incorporation of One Person Company

A copy of the PAN Card of the Member and Nominee.Proof of Identity in the form of Voter ID/Passport/Driving License of the member and the nominee.Residential Proof in the form of Bank Statement/Mobile Bill/Telephone Bill of the member and the nominee.Color Photo of Member and the Nominee.Consent from Nominee to become a member in the event of death or incapacity to contract of the subscriber in Form INC-3.Specimen Signature of Authorized Signatory for ESIC/EPFO Registration.Utility Bill (Not older than 2 months) along with Rent Agreement (if required) as a Proof of Registered Office Address.In case the property of the Registered Office address is owned by a third party, a No Objection Certificate shall also be required to be attached.Consent from the directors to act as director and their interest in other entities in Form DIR-2 and DIR-8.Optional attachments.

Payments

Once the forms have been filed along with the above-mentioned documents and attachments, the company must make a payment of Rs. 131/- for the PAN and TAN and Stamp Duty on SPICe+, MOA, and AOA which is subject to State.

Final Incorporation Certificate

After completion of all the formalities, the forms so filed get scrutinized by Central Registration Center (MCA), and after its satisfaction the forms gets approved, and Certificate of Incorporation is issued.

Want to Incorporate an OPC?

At Compliance Calendar LLP, we have dedicated team of professionals who are experts in Company registration Process. If you have any doubt, feel free to reach us at [email protected] or call us at 9988424211.