One-Individual Firm Registration Course of
Earlier than implementing the Firms Act of 2013, a single particular person couldn’t kind a corporation. In the event that they wished to ascertain an organization, it might be a sole proprietorship enterprise with not less than two members and two administrators. However as per Part 2(62), now only one director and one member can kind an organization with the member and the director being the identical individual. An OPC has all of the attributes of a non-public restricted firm, like restricted legal responsibility, separate authorized entity, and perpetual succession.
Eligibility Standards for One-Individual Firm Registration
Although on-line firm registration charges are minimal, people want to fulfill the next eligibility necessities earlier than choosing OPC registration on-line:
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A resident of India can go for OPC firm registration on-line within the previous calendar yr.
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The corporate identify should be distinctive; it should have no similarity to any present trademark or firm.
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Just one member can set up an OPC.
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A single particular person can not go for a couple of on-line registration of OPC, or an individual can’t be the nominee of a couple of OPC.
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No less than one director ought to be there.
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The paid-up capital restrict for one-person firm registration on-line is INR 50 Lakhs, with a median annual turnover of INR 2 Crore within the previous fiscal yr. However, in response to the newest price range, there aren’t any paid-up capital and turnover limits for one-person firm on-line registration in India.
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An organization ought to embrace (OPC) Non-public Restricted in its identify for efficient and profitable on-line OPC registration.
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There is a prior situation to incorporate the identify of another individual because the nominee. So, if a subscriber dies, the nominee turns into an OPC member.
Paperwork Wanted for One-Individual Firm OPC Registration
Some necessary paperwork you want for on-line one-person firm registration are as follows:
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Passport or PAN card
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Scanned transcript of driver’s license or voter ID
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Overseas people and NRIs ought to current a passport
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Newest electrical energy or fuel bill/landline or cell phone bill or checking account assertion.
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Passport-size pictures
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Specimen signature
All these paperwork ought to be self-attested, and people from NRIs should be apostilled or notarized.
One-person firm registration in Bangalore can also require the next paperwork:
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Scanned transcript of the rental settlement.
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Scanned transcript of band account assertion/landline or cell phone bill and electrical energy or fuel bill.
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Scanned transcript of NOC or No Objection Certificates from the land proprietor. If the member is the property proprietor, she or he should current a scanned transcript of the sale deed.
Steps to Observe in One Individual Firm Registration Process
Candidates should observe the steps under for one-person firm registration in India:
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On-line software for OPC registration begins with making use of for DSC or Digital Signature Certificates, which the Certifying Authority points.
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It’s essential to apply for the DIN or Director Identification Quantity within the SPICe+ Type together with all particulars of the Director. The DIN is for the proposed firm director.
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The following step is corporate identify approval. The corporate identify ought to be XYZ OPC Non-public Restricted Firm. At this step, you should utilize the RUN service to examine identify availability and apply for one OPC identify by way of SPICe+ (INC 32).
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It’s essential to file a SPICe+ kind for OPC registration inside 20 days of the approval date of the corporate identify, together with all paperwork. When you add every thing on the MCA portal, it’s going to robotically generate your TAN and PAN.
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The Registrar of Firms will give the COI or Certificates of Incorporation in the event that they discover all of your paperwork and particulars applicable.
It takes simply at some point to acquire the DIN and DSC of the proposed administrators whereas acquiring the Certificates of Incorporation takes 3 to five days upon due cost of the one-person firm registration charges. On that word, the one-person firm registration fees will not be too excessive if yow will discover the perfect on-line CA providers for OPC registration and registration of GST. The complete one-person firm registration course of in India takes round ten days, supplied respective departments revert with the approvals on time.
Limitations of One-Individual Firm Registration
A number of restrictions on one-person firm registration embrace the next:
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Minors can not maintain shares with helpful pursuits in an OPC.
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Minors can not turn out to be a nominee or members of an OPC.
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An OPC can’t be transformed or registered as an organization as per Part 8 of the Firms Act.
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A one-person firm can not go for voluntary conversion earlier than finishing 2 years from the registration date.
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An OPC can not take up non-banking monetary funding actions.
Benefits of OPC Registration
Some major benefits of OPC registration in India embrace the next:
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Restricted legal responsibility safety for the Director’s belongings.
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It is vitally simple to handle a one-person firm. OPCs don’t must conduct AGMs or annual common conferences and file only a few ROC filings with the Registrar of Firms.
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In India, OPCs are thought of non-public restricted corporations. Due to this fact, there’s higher credibility of OPCs available in the market with authorities businesses, distributors and company prospects keen to work with them.
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Startup entrepreneurs can use the OPC enterprise construction to check their enterprise mannequin and the marketability of their merchandise.
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Since solely a single proprietor controls the corporate, it takes little time to execute selections.
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It’s simple to promote a one-person firm as there’s much less price and documentation concerned.
Conclusion
So, there you go! You do not want a lot time to register a one-person firm. The provisions for OPC registration in India are current within the Firms Act 2013. Additionally, OPC registration has a number of benefits, like restricted compliances, restricted legal responsibility and separate authorized entity. Nonetheless, you’ll be able to go for skilled recommendation for those who need assistance with the method.