One Person Company Registration

The one person company is a new concept that was introduced under the Companies Act 2013. Previously, when this act was not introduced, it was not allowed to incorporate any company by one person. But after introducing this act, it is now possible to incorporate any company with one director and one member according to Section 2(62) under the Companies Act 2013. A director can also be a member of that company. These types of companies have fewer compliance requirements as compared to any private limited company. Any Indian citizen can incorporate a one-person company in India. Any one-person company must have the suffix "OPC Private Limited." This kind of company is ideal for small business owners. There are certain rules that have to be obeyed when incorporating any one-person company. They are :

1. Director Voter Card/AADHAR Card as an identity proof and address proof

2. Director PAN Card

3. Water bill, electricity bill, or gas bill for the business place's address proof

4. If the office is rented one need to submit the rent agreement also.

5. Also, an NOC is needed from the landlord if the place is rented.

6. If the place is owned by the director, property papers or a tax bill are required as proof of authority.

7. A passport-size photo of the director is also needed.

For one person company registration the following steps are engaged.

• Applying for DSC and DIN

The first step in getting registration is to apply for a digital signature certificate (DSC) from the director, which is required for any e-form filling. Then one needs to apply for the Director's Identification Number (DIN).

• Name Approval

Then one needs to propose a suitable name with the suffix "OPC Private Limited" to the ROC. First, its availability will be checked. If it is unavailable, one can resubmit with another name in a different time frame. One needs to fill out Form No. INC 1.

• Documentation

After that, the following documents need to be submitted to ROC: One is a Memorandum of Association (MOA) defining the company's objective and area of functioning, and the other is an Article of Association (AOA) containing rules and regulations under which the company will function. As it is a one-person company, one also needs to select a nominee. If the director dies or is unable to perform his or her duties, then this nominee can perform all those responsibilities on behalf of the director. This nominee's consent will be filled out on the form INC 3 along with his or her documents. All the office address proofs need to be submitted. A declaration and consent of the director in the forms INC 9 and Dir 2 must be submitted.

• Submitting Forms to MCA

The Advocate, CA/CS, will fill out Form INC 8. After that, the above documents should be attached to the SPCIe form, the SPCIe MOA, the SPCIe AOA, and the DSC with forms INC 32, 33, and 34. A Certificate of Incorporation and the company's PAN and TAN will be generated.

• Getting the Certificate of Incorporation

After checking and approval by the ROC, the certificate of incorporation will be generated, and the company is ready to function.

1. As it is a single-person company, decision-making, managing, and taking risks are easy.

2. As it has a single owner, this type of company is also easy to sell in the future.

3. As it is the director's own property, it has limited liability.

4. It has fewer compliance requirements compared to private limited and public limited companies.

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