A new concept has been introduced in the Company’s Act, 2013 in relation to One Person Company (OPC) for providing support to small entrepreneurs. This encourages a lot of individuals to start their business. OPC can be formed with only 1 owner, who acts as both the Director as well as Shareholder of the Company with limited liability. In OPC, a single promoter gains full authority over the Company and thereby restricting his/her liability upto their contributions made in the Enterprise.
BENEFITS OF INCORPORATION OF ONE PERSON COMPANY (OPC):
- The owner and business are considered separate. The personal assets of the director are not used to pay the debts of the Company.
- OPC is part of a Private Company, therefore, the liability of the single owner is limited to the extent of his contribution.
- A designated Nominee may be assigned to run the Company, in the event of death of the sole Member.
- OPC is granted a number of exemptions from the Company Law Regulations which helps the officials of OPC in smooth running of operations of OPC.
- As the Company is registered with the Ministry of Corporate Affairs it has more credibility with the stakeholders.
STEPS INVOLVED IN REGISTRATION OF OPC
1. Application of DSC
2. Submit form Spice+ with MCA
- Spice+ Part A for Name reservation
- Spice+ Part B for:
- DIN(Director’s Identification Number) allotment
- Mandatory issue of PAN, TAN, EPFO registration, ESIC registration
- Mandatory Opening of Bank Account for the Company
- Allotment of GSTIN (if so applied for)
3. File declaration for commencement of business
DOCUMENTS REQUIRED FOR REGISTRATION
- Copy of PAN card of subscriber and Directors (Passport in case of Foreigner)
- Copy of ID proof and address proof of subscribers
- Proof of Address of Registered office
- Utility bill
- NOC of the landlord or the owner of the property
- Passport size photograph of the person to be authorised for various registrations in part B
- Consent of Nominee
- Proof of Identity and residential address of Nominee
THE J&P ADVANTAGE
Our CS Team at J&P handles all kinds of incorporation with utmost due diligence. From documents compiling to final incorporation our team works with utmost care leaving no potential loopholes. Our team provides best possible advice to the clients. Our team adheres to timelines and responds to office action on timely basis thereby creating a comprehensive approach.