Introduced under Companies Act, 2013, One Person Company took its real form in the world of ethereal business. This branch of business includes only one person who is ready to start a venture, or in simple words, an entrepreneur with ready substances without a partner can gear up his vehicle of business discretely. When you do not have any partner to give your business a realm, One Person Company is the boon.
A single person always fears to take risk single handily especially in business. But when you are backed by One Person Company incorporated by the Ministry of Corporate Affairs, a morale boost up takes place. The One Person Company Registration takes place through different online portal sites, and even the Ministry of Corporate Affairs provide for one. First of all getting down to the registration process, you should always have the documents at your fingertips.
Documents required for the process of registration
ID Proof and address proof for the director and the ID proof of PAN card are obligatory. Latest utility bill (electric bill/telephone bill or latest tax receipt/ownership deed of the property for the property to be used for the registered office) is also must to be furnished to the authority while registering the business.
Chronological steps for One Person Company Registration
- The Ministry of Corporate Affairs has an official website where you have to apply for some certificates.
- In the official website of the MCA, apply for the Digital Signature Certificate (DSC) of the deposed Director with the required documents mentioned above.
- You have to submit your address proof, Identity proof where PAN Card is the sine qua non (mandatory).
- After applying for DSC, go for DIN (Director Identification Number) of the proposed Director.
- Search for the availability of the company’s name.
- Neatly, make an application for the reservation of a suitable name which is only made in Form No- INC-1.
- Make sure you have drafted the Memorandum of Association (MOA) and Articles of Association (AOA).
- There are certain formats in which the documents are attached like the SPICe-AOA along with the DSC of the Director and will be uploaded to the MCA site for permission.
- For One Person Company, you do not have to reserve a name before filing SPICe. A single name can be put into form through SPICe (INC-32).
- After submitting your application for the registration, switch to the part where you have to pay the fee and duty of RoC.
- Once you are approved from the Registrar of Companies, the ‘Certificate of Incorporation’, digitally signed is emailed to the director.
The second agenda that creep the thought process of settling up for one Person Company is the cost it requires for the registration process. One Person Company Registration Cost is nominally attributed from INR 7000 onwards. The One person Registration Cost will consist of 1 Director, 1 DIN $ 1 DSC, 1lakh capital, MOA $ AOA, PAN $ TAN, al government fees and UDYOG Aadhar MSME Registration.
If you are the only person heading in business OPC is the right choice. One Person Registration Cost is very less in comparison to other registration forms. You are the sole owner subjected to every omission and commission of your company.
