One Person Company Registration - We Legalize

One Person Company Registration

One person company is the best enterprise for those that don't love to figure below others and area unit trying to find the advantages or personal company. although a one-person company permits businessperson to work a company entity with financial obligation protection however on the opposite it will have many disadvantages too like all person company should nominate a pol director within the AOA and ratite of the corporate UN agency are going to be the owner of the single company is that the director isn't on the market and conjointly a single company is regenerate to a personal company if its annual turnover crosses Rs.2 crores Associate in Nursingd it ought to conjointly file an audited money statements with the ministry of company affairs at the tip of every year like all kinds of firms. All the load or management falls on the shoulders of one person i.e. the owner of one Person Company. it's an excellent disadvantage as a result of it's quite impractical to hold out the management of the entire company alone. still, One person company is gaining Brobdingnagian quality.

The conviction of one Person Company was originated through the company’s act, 2013, so as to support entrepreneurs World Health Organization are on their own, are capable of creating the one-person economic entity. one among the largest blessings of one Person Company is that there will be only one person within the company. whereas within the case of private Ltd. or LLP (Limited liability partnership) minimum of 2 members are needed for incorporating. A one-person company could be a separate legal entity providing financial obligation protection to its shareholders, straightforward to include and have a continuity of business.

Advantages of One Person Company Registration

1. Limited liability

2. No Transferability of shares

3. Separate property

4. Continuity of existence

Disadvantages of One Person Company Registration

1. High tax rate

2. One person management

3. Higher incorporation cost

4. Consistency cost

Document Required for One Person Company Registration

  • PAN card of director
  • Passport size photograph of the director
  • Address proof of director(Voter Id / Driving License / Passport)
  • Address proof of business premises
  • Utility bills of business premises.
  • Identity proof of the nominee
  • Bank Statement of director

Process of Registering One Person Company Registration

Step 1: Apply for DSC The first step in the process of one person company registration is to obtain Digital Signature Certificate (DSC) of the proposed director which required documents like Address proof, PAN card, Aadhaar card, Email id, Phone number, photo
Step 2: Apply for DIN Once the DSC (Digital signature certificate) is obtained next step is to apply for Director Identification Number of the proposed director of SPICe Form along with the name and address proof of the director.
Step 3:Name approval application: The next step while establishing a one-person company is to decide the name of the company. The name of the company will be in the form "XYZ (OPC) private limited.
Step 4:Documents required
The following documents are required to prepare for the registration of a person company.
a. MOA (Memorandum of Association) which are the objects that are followed by the company or the business for which the company is going to be incorporated.
b. AOA (Articles of Association) Which lays down the regulations and bylaws on which the company will operate.
c. Since there is only one director of a company, therefore, a nominee has to be appointed on behalf of such person because in case he dies or unable to perform his duties the nominee appointed will perform on behalf of the director and take his place. His consent will be taken along with this Aadhar card and PAN card in Form INC-3.
d. Proof of the registered office of the company along with the proof of ownership and also NOC from the owner
e. A declaration was given by the professional certifying that all the compliances have been made.
Step 5: Filling form with MCA All these documents which are collected will be attached to SPICe-MOA, SPICe-AOA and SPICe Form along with the DSC (Digital signature certificate) of the director and professional, and will be uploaded on MCA site for approval. Form 49A and 49B will be generated for the PAN and TAN generation of the company after uploading the above documents. Which they have to be uploaded to MCA after affixing the DSC of the proposed director.
Step 6: Issue of the incorporation certificate:
On successful verification, the registrar of a company (ROC) will issue an incorporation certificate and therefore, you can begin your business.
We Legalize is a team of highly passionate and professional Chartered Accountants and legal Advisors under one roof. In the era of 2019, it has been a keen thing to start a business and become an entrepreneur in India.

We offer around 100 services in all over India such as Company Registration, Trademark Registration, Government License Application, GST & Tax Registration etc. Explore our services here.

For More Visit:

Post a Comment