One Person Company (OPC) in India

What is One Person Company

The OPC Registration in India was started as a concept under the Companies Act, 2013 which has the following features, a single person can form a company like a sole trader and also has all the features of a company.

The rationale for the introduction of one-person companies was to spur small business, and to legalize the MSME business entities. Concerning the legal obligations, current Indian Companies Act 2013 indicates that it is possible to establish a company with the minimum of one director and one member, but it is more interesting that the director and the member can be one person. Hence, One Person Company Registration is one of the possibilities to create a limited liability company in India for one person. This is the criteria and steps which are followed for registration of one person company.

How to register OPC in India?

1. In the process of OPC for India, the government has included a new form name that is SPICe+ ( SImplified Proforma for Incorporating Company Electronically Plus) for the replacement of previous forms for the incorporation of OPC company. 

2.  The OPC Registration process consists of two parts:The OPC Registration process covers the following two processes: 

3. Part A: Hence, the first part of the SPICe+ form is concerned with the name approval of the company proposed and application for DIN or PAN for the proposed director. 

4. Part B: The subsequent part called Part B is to offer incorporation related information. Here is information sharing including the share capital, the details of the director of the OPC and even the information regarding the shareholder together with the OPC registered office address.

The following steps fund the registration of OPC Online. 

•  Step 1: Obtain a Digital Signature Certificate (DSC)

1. which is required to be undertaken in order to gain a Digital Signature Certificate.
2. Acquire a digital signature certificate (DSC) of the involved contemplated director of the OPC. In electronically signing very important documents, the DSC is used. 

•  Step 2: Obtain Director Identification Number (DIN)

1.  The following key activities need to be followed : The first among the steps involved in registering the company with the ACRA is to acquire the Director Identification Number (DIN).
2. Applicants proposed for director require getting the DIN from the Ministry of Corporate Affairs (MCA) if he has been assigned a number for being a director of the proposed company. 

•  Step 3: Name Reservation 

1.  This entails to register the name through the ‘MCA’ website through the use of ‘SPICe+ Part A’. Ensure that none of the names you intend to use should be close to any already adopted by some other company or that you’re infringing on any trademarked name.
2. That is the formation of the memorandum and articles of association which is the fourth step to undertaking. 

• Step 4: Prepare MOA and AOA 

1. Drafting of the Memorandum of Association which is also known as MOA of the company and the Articles of Association which is also referred to as the AOA of the company. Some records contain aims and objectives of the organisation, as well as its rules and regulations within the firm.
2. Self-Generated Questionnaire (Anticipated Needs): Name: Age: Race: Gender: What do you expect would be your need from this project in the next five years? ; Possible Roles of Audience: Name: Age: Race: Gender: What do you think would be your role as an audience in this project in the next five years? 

• Step 5: File the Forms 

1. Apart from the documents mentioned above, kindly suggest the forms that are needed to register on the MCA for a One Person Company and then fill the necessary forms with the ROC. The MOA, AOA, declarations, the proof of the registered office, nominee appointment among other documents as may be prescribed by the MCA are included in the documents to be uploaded to the SPICe+ form. 

•  Step 6: Certificate of Incorporation

1.  After all the compliance that is required for the application has been done and approved, the ROC will issue the certificate of incorporation and your one person company is formed. Amongst all of the above, one has to make a note of the fact that Incorporation leads to the simultaneous creation of both the PAN or the Permanent Account Number and the TAN or the Tax Deduction and Collection Account Number too, effectively coming down to the erasure of the need for at least two applications.
2. With this Certificate of Incorporation, your OPC is officially recognized and ready to commence its operations in India.

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