What is One Person Company (OPC)?
A new concept has been introduced in the Company’s Act 2013, about the One Person Company (OPC). In a Private Company, a minimum of 2 Directors and Members are required whereas in a Public Company, a minimum of 3 Directors and a minimum of 7 members. A single person couldn’t fuse a Company previously.
However, at this point, according to Section 2(62) of the Company’s Act 2013, a company can be formed with just 1 Director and one member. It is a form of a company where the consistency requirements are lesser than that of a private company.
One Person Company Registration Process
1. Apply for DSC: The first Step is to acquire the Digital Signature Certificate (DSC) of the proposed Director, which required the accompanying documents:
- Address Proof
- Aadhaar card
- Skillet card
- Email Id
- Phone Number
2. Apply for DIN: Once the Digital Signature Certificate (DSC) is made, the next step is to apply for the Director Identification Number (DIN) of the proposed Director in SPICe Form along with the name and the address confirmation of the director. Form DIR-3 is the choice accessible for existing companies. It means with impact from January 2018; the candidate need not record Form DIR-3 separately. Presently DIN can be connected inside SPICe form for up to three directors.
3. Name Approval Application: The next step while joining an OPC registration in India is to settle on the name of the Company. The name of the Company will be as “ABC (OPC Company) Private Limited.”
There are two options accessible for getting name endorsed by making an application in Form SPICe 32 or by using RUN Web service of MCA by giving just one favored name along with the significance of keeping that name. Be that as it may, with impact from March 23, 2018, Ministry has chosen to allow two proposed Names and one re-submission (SUB) while reserving Unique Names (RUN Service) for the Companies.
When the MCA affirms the name, we proceed onward to the next step.
4. Documents Required: We need to set up the accompanying materials which are required to be submitted to the ROC:
- The Memorandum of Association (MoA) which are the objects to be trained by the Company or stating the business for which the Company will be consolidated.
- The Articles of the Association (AoA) which lays down the by-laws on which the Company will work.
- Since there are just 1 Director and a member, a candidate for the benefit of such person has to be designated because in case he becomes debilitated or dies and can’t perform his duties the chosen one will play in the interest of the director and have his spot. His consent in Form INC – 3 will be brought with his PAN card and Aadhar Card.
- Confirmation of the Registered office of the proposed Company along with the evidence of ownership and a NOC from the proprietor.
- Testimony and Consent of the proposed Director of Form INC – 9 and DIR – 2 resp.
- A presentation by the professional ensuring that the total of what compliances have been made.
5. Recording of Forms with MCA: All these documents will be connected to SPICe Form, SPICe-MOA and SPICe-AOA along with the DSC of the Director and the professional, and will be transferred to the MCA site for endorsement.
After transferring, Form 49A and 49B will be created for the PAN and TAN age of the Company which must be transferred to MCA in the wake of fastening the DSC of the proposed Director.
6. Issue of the Certificate of Incorporation: On the check, the Registrar of Companies (ROC) will issue a Certificate of Incorporation, and we can start our business.
Who is eligible to act as a member of an OPC?
Just a characteristic person who is an Indian native and resident in India shall be eligible to act as a member and choose one of an OPC.
For the above purpose, the expression “resident in India” means a person who has stayed in India for a time of at the very least one hundred and eighty-two days amid the quickly going before one budgetary year.