One Person Company (OPC)
The Companies Act 2013 has introduced new form doing business in India. One Person Company is private limited company which has only one member.
What is one person company??
The new Companies Act, 2013 has come up with new form of business which is called “One Person Company”. According to companies’ act 2013, Section 3 (1) (C), One Person Company is private limited company in the eyes of law with single person as its director as well as shareholder. Where that person is not restricted to legal and financial liabilities of the company, they are limited to company only. Like private limited company memorandum of association has to be made with name of another person as nominee. The Word One Person Company has to be mentioned in brackets below your companies’ name.
Benefits given to the One Person Company!!!
- In One Person Company there is no requirement to prepare cash flow statements
- Director can sign annual returns. There is no need to sign by professionals like CA, CS.
- There is no requirement to held annual general meetings.
- Specific Provisions relating meetings are not applicable such as general meetings and extraordinary general meetings.
- One Director can sign audited financial statements.
- One meeting of the board of directors has to be hold in each half calendar year, gap between two meetings cannot be less than 90 days.
- One person company can filed its financial statements to ROC within six months from the closer of financial year.
Documents and information required for registration of Private Limited Company
- 1) Copy of PAN card and Aadhar card of director and nominee.
- 2) Copy of ID proof (any one) – Driving License or Passport or Election card of the Director and nominee.
- 3) Copy of Address Proof (any one) - Bank Statement or Electricity Bill or Mobile Bill of the Director and nominee.
- 4) Passport size photo of each Director and nominee.
- 5) Phone Number, Email ID, Occupation, Education qualification, place of birth of all the director and nominee.
- 6) Proposed name of Company with its meaning.
- 7) Brief description of nature of business of proposed company.
- 8) Shareholding pattern of proposed Company.
- 9) Copy of Electricity Bill for registered office address proof and lease agreement, if any.
The procedure of formation of Private Limited Company:
- Step 1: obtain digital signature certificate (DSC)
- Step 2: Making application for name approval (Form RUN) and getting name approval letter from the concern authority
- Step 3: drafting and preparation of documents like MOA and AOA and Spice form and filing the same with CRC.
- Step 4: Resolving the queries by resubmitting the application, if required, and getting the Certificate of Incorporation.
What you will get after registering your One Person Company with Cambridge Corporate Solutions:
- One digital signature certificate (DSC) of the director.
- One digital signature certificate (DSC) of the nominee.
- One Directors Identity Number (DIN) of the director.
- Company name approval
- Resolving the queries raised by the CRC and resubmission of application
- Certificate of incorporation.
- Memorandum of association (MOA).
- Article of association (AOA).
- Govt. Fees and stamp duty payment receipt
- PAN of your company.
- TAN of your company.
- After incorporation free consultancy for opening bank account.
Time period for Registration of One Person company:
This whole process of registration shall take approx 15-20 days and the said time limit is subject to the documents submission from client and the processing of application from concern government authorities.Cambridge Corporate Solutions helps you to register your One Person Company at Just Rs. 6999/- (All inclusive, No hidden charges).