OPC Registration in India
One Person Company in India is a new concept that has been introduced with the Company’s Act 2013. One Person Company in India is incorporated by a single person. Before the enforcement of the Companies Act 2013 a single person was not able to establish a company. An OPC has features of a Company and the benefits of the sole proprietorship. Earlier if a person had to establish a business then he or she should only opt for a sole proprietorship.
According to Section 2 (62) of the Company’s Act 2013, a company can be formed with just 1 director and 1 member. One Person Company registration in India is a type of entity where there are lesser compliances requirements than that of a Private Limited Company.
Benefits of One Person Company
Here are the major reasons why people prefer the structure of an LLP for their business structure:
The directors’ personal property is always safe in a private limited company, no matter the debts of the business.
Sole Proprietorships come to an end with the death of the proprietor. As an OPC company has a separate legal identity, it would pass on to the nominee director and, therefore, continue to exist.
As an OPC needs to have its books audited annually, it has greater credibility among vendors and lending institutions.
Documents Required For Limited Liability Partnership (LLP) Registration
Listed below are the documents required for the limited liability firm registration process.
- PAN card or passport
- Passport, for NRIs and foreign nationals
- Scanned transcript of driver’s license or voter’s ID
- Updated gas or electricity invoice/bank account statement/mobile or landline phone invoice
- Specimen signature or impression
- Passport-size photo
*Note :The OPC director must self-attest to the first three documents. All paperwork for a foreign citizen or NRI must be notarised (if they are currently residing in India or a non-common wealth country) or apostilled (if living in a common wealth country at present). Same KYC documents are required for Nominee.
How to Register One Person Company in India
One Person Company is simple and easy with Tax Salah. Below are the steps to start One Person Company.
- Step 1: Obtain Digital Signature Certificate (DSC)
- Step 1: Check eligibility and documents
- Step 2: Apply for DSC & DIN of all the directors
- Step 3: Application for name reservation
- Step 4: File Spice+ form for company incorporation
- Step 5: Apply PAN and TAN for your new company
- Step 6: RoC issues a certificate of incorporation with a PAN and TAN
- Step 7: Open bank account and start operation.
Company registration in India benefits startups since it offers them an advantage over those who have not registered. The process of registering your company is complex and involves many compliances. However, with Tax Salah it is easy to incorporate a company as our professionals can help you with every step of private limited company registration process.
- Step 1: Obtain DSC
- Step 2: Apply for the DIN
- Step 3: Application for the name availability
- Step 4: Submission of MoA and AoA to register a private limited company
- Step 5: Apply for the PAN and TAN of the company
- Step 6: RoC issues a certificate of incorporation with a PAN and TAN
