A Person Company is a type of Private Limited Company with the exception that it can only have one owner. A One Person Company may be the ideal option for you if you are the sole owner of a firm and do not want to share your own with another entity.
One Person Company
A one-man company is a type of Private Limited Company formed under the Companies Act of 2013. It is solely owned by one shareholder. The single shareholder of the one person company in India must be an Indian citizen who is a resident of India. Even if the shareholder is entitled to all of the one person company in India's income and profits as its only owner, his liabilities to the enterprise are limited to the unpaid amount of his subscribed capital.
OPC Incorporation Process in Steps
A One Person Company is the same as a Private Limited Company in terms of registration. Essentially, an application is sent to the Registrar of Companies, along with the necessary set of self-attested documents and the prescribed application cost. Follow the table below for a detailed step-by-step breakdown of the one person company registration process.
Check eligibility and documents.
- Apply for DSC(Digital signature certificate) & DIN of all the directors
- Application for name reservation
- File Spice + form for OPC
- incorporation
- Apply PAN and TAN for your new company
- Open a bank account and start operation.
OPC Registration Process:
The first step is to obtain the digital signature certificate of the proposed director. Required documents are Address proof, aadhar card, PAN card, Photo, Email Id, and phone number.
DSC Application (digital signature)
This is necessary in order to sign and submit the form online. It is also used to sign and upload the OPC Incorporation income tax forms and annual returns. The digital signature is stored on a pen drive and is available from suppliers such as E Mudhra or Sify.
Apply for DIN
Following creating the digital signature certificate (DSC), the next step is applying for the proposed director's Directors' Identification Number (DIN) in SPICe. Form, along with the director's name and address evidence. Established businesses are eligible to use FormDIR-3 individually. The SPICe form now allows the application of DIN to a maximum of three directors. It can be submitted alongside the SPICe+ form. The director must provide the name and address.
Application for Name Approval:
The next step in creating a one person company registration is deciding on a name for the company. The OPC registration process name will be "ABC (one person company registration online) Private Limited." In the Form SPICe+32 application, the name can be authorised. In the Form SPICe+32 application, you can only list one preferred name and explain why it's important to keep it. If the name is denied, a new one can be submitted via a new Form SPICe+ 32 application.
Let's learn a bit in detail:
Approval of the Company's Name
The director must decide on the company name after getting DIN and DSC. The MCA should come to an agreement on the company's name. The acceptable name format for one person company registration is "ABC (OPC) Private Limited."
Certificate of OPC Incorporation is Issued:
The responsible business will verify the papers and the information given by the application after the applicant has uploaded the PAN and TAN of the company.
Once the authorities have completed the authentication, when the Registrar of Companies is satisfied with the application forms and documentation, the certificate of incorporation, which includes the CIN number, will be issued.
Conclusion:
The Companies Act of 2013 created a new idea of one person company. The process of OPC incorporation provides several distinguishing elements that distinguish one person company registration from a Private Limited company, Limited liability partnership or another comparable type of organisation.
