The contemporary concept of a ‘One Person Company (OPC) has been introduced in the Companies Act, 2013 by the MCA to provide an entire new bracket of opportunities for the budding entrepreneurs who are capable of starting a venture single handedly by allowing them to create a single person economic entity. An OPC is a hybrid structure where the OPC owner will enjoy all the benefits of a private limited company which precisely means that the OPC owner will have the access to bank loans, credits, limited liability, access to market, legal protection, etc, all in the name of an independent entity. OPC Registration is governed by Companies Act,2013 and administered by MCA.
An OPC can be formed in two under the following two categories:-
DSC is an equivalent of the physical or paper certificates in their digital format. The process OPC Registration begins with applying for the DSC because the application for One Person Company is filed online with the DSC of the director only. In order to issue a DSC, a signed application form with a photo ID and Address proof of the director is submitted.
Director Identification Number is a permanent and a unique identification number issued to the Director of a company or a designated partner of the LLP by the Registrar of Companies. In accordance with the New Companies Act, 2013 – no person can hold an office of the director without having a DIN. An application to the ROC is made with a photo, attested ID and address proof duly signed by a practicing professional, a CA/CS/CMA for the allotment of DIN.
Name of each and every company should be new and unique. In other words, no company name should resemble to that of an already registered company, LLP or a registered trademark. After the successful allotment of DSC and the DIN, an application is made to the ROC for the approval of the company name for OPC Registration The Registrar is entitled with the discretionary powers when it comes to the approval of the company name.
The Memorandum of Association (MoA) of the OPC includes all the information about the company such as the Name of the Company, state of company incorporation, details of the authorized capital and declaration of the company about being it a limited company. The Article of Association (AoA) accommodates all the internal rules of the organization. It is mandatory for the promoters to adopt and sign the MoA and AoA before it could be filed with the ROC.
Once your application is filed you will receive an ARN number. The Incorporation certificate is received within 15-20 days .It is a proof that OPC has been created. The COI also includes your CIN (Company Identification number).
It is mandatory for a company to have a bank account in order to operate its business. Our expert executives are here to help you in getting the company PAN, RAN and TDS payment compliance to help you open the company bank account.