OPC, which stands for “One Person Company,” is a novel idea for a corporate legal entity that is ideal for business owners who want all the benefits of being the sole decision-maker in their company while still maintaining its status as a respectable legal entity.
The provisions of the Companies Act, 2013, and the Companies Incorporation Rules, 2014, which govern the registration and compliance of OPCs and One-Person Companies, respectively, fall under the purview of the Ministry of Corporate Affairs. Contact US Today to Get your OPC
The advantages of both the sole proprietorship and the corporation are combined in the OPC business structure. In this way, the need to find suitable business partners is removed, making it easier to launch a company legally.
The business model of the sole proprietor is being formalised by the formation of the One Person Company. The door has been opened by OPC for one-person businesses and new ventures.
Any individual may establish an OPC for any lawful purpose, as stated in Section 3(1)(c) of the Companies Act, 2013. The “One Person Company” is defined as “a company which has only one member” in Section 2(62).
It is agreed that a “One Person Company” is a private entity. It’s a sole-proprietorship, meaning there’s only one person in charge and no shareholders. When operating as a sole proprietor, an individual now has the option of enjoying the protections of limited responsibility. The success of the One Person Company shows how important business expansion is to the Indian territory’ economic future.
PAN card and aadhar copy of all the Director and Shareholder
Passport copy or Bank statementof the Directors and Shareholders of the Company
Proof of registered office, Updated gas or electricity bill or Property tax receipt
Photo ID proof of directors, Voter ID or Passport or License
Passport size photograph
Specimen signature or impression
Copy of rental agreement and no objection certificate from the owner of the property
The characteristics of a sole proprietorship and those of a private company are combined in a structure known as a “One Person Company” (OPC). One-Person-Corporation (OPC) is another term for a sole proprietorship. Just as with a sole proprietorship, there is only one shareholder in an OPC. However, since an OPC is considered a legal entity in its own right, the owner has protection from personal responsibility for the business’s debts and liabilities. Now we’ll see the Registration Process of One Person Company
The Director, Shareholder, or Member must have a current Digital Signature Certificate (DSC). Digital signatures are required for the online registration process.
Only Digital Signature Certificates (DSC) issued by officially recognised certifying authorities may be used.
An individual who is appointed (or seeks appointment) to the position of Director of a company is assigned a Director Identification Number (DIN), a unique identifier. Form DIR-3 must be submitted to the MCA (Ministry Of Corporate Affairs) website in order to apply for a DIN .
An individual needs only submit one DIN application to qualify for Director positions in an unlimited number of companies.
Please note, however, that an individual may join ONLY ONE OPC Pvt Ltd. as a Member.
In order to register or incorporate a Private Limited Company in India, the MCA Authorities must approve the proposed company’s name. Therefore, it is obligatory to apply for the Name Reservation prior to the incorporation application.
The proposed Company Name must be distinctive and unavailable to any other business. The name’s availability can be checked at http://www.mca.gov.in/mcafoportal/
Additionally, the proposed company name must not be Trademarked by another party. Check the availability of a trademark at https://ipindiaonline.gov.in/.
Once the name has been reserved and approved, it will only be valid for twenty days. The MCA must receive a request for a Certificate of Incorporation using SPICe forms within the applicable time frame.
Creating Articles of Association (MoA)
The Memorandum of Association is a legal document that outlines the primary goals of a limited liability company. It must also include information regarding the promoters’ shareholding structure, etc.
Developing Articles of Incorporation (AoA)
The Articles of Association is a legal document containing the rules and regulations for the general management of a limited liability company. In addition to defining the rights, responsibilities, and powers of a company’s management, they also stipulate how operations and administration should be conducted.
SPICe Type (Simplified Proforma for Incorporating Company Electronically)
The Ministry of Corporate Affairs (MCA) has recently introduced the “Simplified Proforma for Incorporating Company Electronically” SPICe Form INC-32 (company registration form). Form INC-32 must be accompanied by supporting documents, such as Details of Directors & Subscribers, Affidavits, Declarations, Proof of Identity, Proof of Address, Memorandum of Association, and Articles of Association, etc.
The eForm will be processed by the MCA’s Central Processing Centre once it has been submitted. If found complete, the company would be registered and a Corporate Identification Number (CIN) and Certificate of Incorporation would be issued.
Expert guidance at Prakasha & Co. , you’ll feel a breeze in Registering your One Person Company in Bangalore. Get Started Today
If everything is in order, registering a One Person company usually takes between 8 and 12 business days. The timeline for registering a One Person company in Bangalore is broken down below:
Note : This timeline is also affected by how long it takes the government to process things, give approvals, and do other things.
It is recommended that a Company Secretary with “Company Incorporation experience” be appointed in order to overcome the many potential pitfalls that dwell within OPC Registration and to fully comprehend the requirement. Therefore, if you want a No-headache solution, consider Prakasha & Co.’s expertise and utilize our Experience.
Those who are planning to start their own business should definitely consider the One Person Company (OPC) in India. It is a form of incorporated company that offers limited liability protection to the individual.
OPC is different from sole proprietorship in many ways. It is a legal entity that has its own separate identity. It allows for valid contracts between the members and the directors.
A one person company (OPC) is a type of business entity in India that is owned and controlled by a single individual. OPCs are a relatively new business structure that was introduced in 2013 as a way to allow sole proprietors to incorporate their businesses and enjoy the benefits of limited liability.
OPC registration is important in Bangalore and other parts of India, as it provides a number of benefits to the business owner. Some of the key benefits of OPC registration include:
OPCs offer the benefits of limited liability, which means that the personal assets of the business owner are protected in the event of a legal dispute or bankruptcy. This is an important consideration for sole proprietors who may otherwise be personally liable for the debts and liabilities of their businesses.
OPC registration can help to increase the credibility of the business, as it demonstrates that the business is a formal legal entity with a separate legal identity from the owner. This can make it easier for the business to secure funding and enter into contracts with suppliers and customers.
Ease of ownership:
OPCs are relatively easy to set up and operate, as they only require a single owner. This can be a convenient option for sole proprietors who want to incorporate their businesses without the need for partners or shareholders.
Overall, OPC registration is an important consideration for sole proprietors in Bangalore and other parts of India who want to incorporate their businesses and enjoy the benefits of limited liability.