One Person Company Registration -The biggest contribution to humanity.

1. One Person Company Registration – The biggest contribution to humanity. Accordingly, it is a single person community entity. After the introduction of such an entity, it became the backbone of the Indian legal system. Here only one promoter or founder in the One person company. The one person company registration(OPC) or OPC is formulated under the Companies Act 2013. Simultaneously, the OPC concept is mainly evolved for entrepreneurs who are willing to mold the company as their own. In contrast, OPC requires one member and one nominee. The nominee should become a member of the company if any inconsiderable cases occur. More importantly, the member’s name should include in the register and should subscribe in the memorandum.

2. Before prepping up for OPC you should concern the below facts: • The person who is the resident of India can be applied for the OPC registration steps. Basically, the Indian resident in the sense he must have stayed in India not less than 182 days. • The person cannot be able to register more than one OPC. • Probably, the customer should not be the nominee of more than one OPC. • In order that the minimum paid-up capital is 50lakhs and the average turnover is 2 cores. • The non-banking financial institutions can’t bear the OPC rules.

3. Steps for the one person company Registration process:

4. After meeting the above facts, the first step for the company registrationis, Attaining the digital signature certificate: • Basically, the company registration application is done online under the MCA-21. • The information technology Act 2000 states that the digital signature is mandatory to sign digitally on all the documents. Significantly, it ensures the authentication on documents. • The time taken for the DSC certificationis 1-3 working days. For the purpose of, it all depends on the nature of CA’s. DSC is issued by registered certifying authorities. The registered certifying authorities are • Disclosure Record of Safescrypt CA. • Confession Record of iTrust CA (IDRBT) • Disclosure Record of (n) Code Solutions CA. • Confession Record of e-Mudhra CA. • Disclosure Record of CDAC CA. • Confession Record of NSDL e-Gov CA. • Disclosure Record of Capricorn CA. • Confession Records of Verasys CA.

5. For Aadhaar holders the dscwill handle over the same day due to e-KYC fulfillment. The DSC has 1-2 year validity and can be renewed afterward.Role checks are the internal verification of MCA. After getting DSC the same things further need to register with MCA for role check.

6. Applying for the DSC with the below documents: • Address Proof • Aadhaar card • PAN card • Photo • Email Id • Phone Number

7. To ensure the DIN (Director Identification number) • The DIN can be applied for the director with appropriate data proofs on the SPICe form. For the existing company registration, the Form DIR-3 options are available. From January 2018, the client need not file the form DIR-3 separately. • Based upon the latest updates the DIN can be applied up to 3directors within the SPICe form. Obtaining the DIN takes 3 working days.

8. Authentication and name approval of one person company registration: • The next step for the Filing needs a valid name for the company. The name should contain the suffix as “Private Limited”. • There are two options for getting the name as approved. Eventually, one is filing the application in the Form SPICe 32 and another one is using the RUN web service of MCA. The ministry called a new law for OPC name validation. • It includes from March 23 onwards the client can possess 2 proposed names and one resubmission. Despite, after the approval by MCA, we can apply for the next further route.

9. Documents required: • MOA (Memorandum of association) these are the objectives that the company needs to follow or the company that is going to register should follow. • Article of Association: I mean, there are certain types of laws which are following by the companies. • PAN and aadhaar card of the nominee for the OPC Registration. • Proof of the registered office of the company and also the ownership proof and NOC from the owner. • Although, agreement of the proposed director of the Form INC -9 and DIR – 2 respectively. • Form filing with MCA:

10. Issuing of the one person company registration certificate: • After the verification done by the registrar of the company (ROC), they will produce a registration application and we can confidently start the company.

11. Impact of tax on OPC: • There are no additional tax advantages on OPC over any forms. However, the tax rate is 30%. Other taxes include MAT & Dividend tax applies as they apply to any other form of company.

12. Why we need OPC Registration?

13. * In OPC Registration there are limited liabilities.* It is a separate legal entity.* Uninterrupted Existence.* Less borrowing capacity.

14. What are the factors affecting the proposed name of OPC? • The name should be simple and meaningful. • Should not contain any banned words. • Even though, entirely different from the entire companies. • No need to enter the suffix as limited or private Limited. • It should not disrupt any laws.

15. Who cannot able to register a one person company? • A minor person • The person who is incapacitated by contract • Foreign citizenship • Non-resident

16. Bank account opening for One Person Company:

17. Rather, the bank account creation for OPCis easier when compared to a sole proprietorship firm. Anyway, once the company gets registered the bank account can be opened within the name of the company with the registration certificate and the identity proofs of the directors.

18. What should you follow for quick registration of OPC? For making the registration easier and quicker you need to do is choosing the entirely unique name for your company. The company registration needs a 100% unique name. So, then only we can reduce the time taken for the filing. Specifically, if the name is similar to the existing company, it will consume more time for resubmission of your names.

19. Disadvantages of One person company registration:

20. Members: The maximum and the minimum number of members in the OPC is only one person. Similarly, the minor can’t able to become part of the OPC. So, it is only suited for small business entities. Moreover, the maximum paid-up capital is 50lakhs and the annual turnover is 2 cores. Otherwise, it will convert into Private Limited.

21. Business Deeds:

22. Eventually, the OPC cannot take actions under non-financial banking investment activities.To illustrate, under section 8 of the Act OPC cannot implement to any other company.

23. Tax liability: Regarding the Income Tax Act, 1961, private companies have to pay the tax bracket 30 % on total income. On the other hand, sole proprietors are taxed at the rates applicable to individuals. Alternatively, the elementary income tax rate for an OPC is 30% which may result in a higher tax as compared to the income tax slab rates of an individual (i.e. 10% to 30%).

24. Conclusion If you want to register your company securely you can reach the best consultant providers in Coimbatore called Corpstore. More than 7 years of registration experience in the business industry. We are providing the best care support for our valuable customers.