INC-29 One Person Company Registration Process

INC-29 One Person Company Registration Process

One Person Company 

Under Companies Act 2013, One Person Company is another sort of business element presented in India. One Person Company is for those proprietors/business visionaries who require a corporate legitimate element and plan to begin a business with no Partners. In One Person Company, one individual has 100% investors of the Company and can be the sole Director of a Company dissimilar to Private Limited Company where at least two Shareholders and two Directors are required. 

The individual who is qualified to fuse a one individual organization 

Just a characteristic individual who is an Indian national and occupant in India should be qualified to fuse a One Person Company and might be a candidate for the sole individual from a One Person Company."RESIDENT IN INDIA" implies a man who has remained in India for a time of at the very least 182 days amid the instantly going before 1 schedule year. 

Pre essentials of One Person Company (OPC) Registration is: 

1.Shareholder (Member) 

ü One individual organization can have just a single part 

ü The part should have Indian nationality and occupant of India 

ü Only individual can progress toward becoming part no other firm, LLP or organization. 

2.Nominee Shareholder (Member) 

If there should arise an occurrence of death or insufficiency to contract, it is required that proprietor of OPC picks its chosen one that will be the proprietor of OPC from that point. Just a single individual can move toward becoming chosen one. The individual must be an Indian resident. 

3.Directors 

Proprietor must select no less than one chief. OPC can have any no. of greatest executives. 

The chief must be inhabitant of India and remained in India at the very least 182 in the past timetable year. OPC can have more than one executive. Proposed Director(s) must have a Director Identification Number (DIN) issued by the Ministry of Corporate Affairs. 

4.Company Name 

The name of a One Person Company comprises of three sections: 

The Name 

Action 

Private Limited 

The proposed name should end with words "Private Limited (OPC)". 'Proposed Company name is to be endorsed by the Registrar of Companies. 

5.Registered Office Address 

A transitory address is required at the season of enlistment of Company. It could be an address including location of any of the Directors. After enrollment, the organization needs to record the changeless street number with narrative evidence of address, possession and so forth. 

6.Company Objects 

Objects of the OPC allude to proposed business exercises. Articles give the bearing to the organization. OPC objects should be lawful and might not abuse or damage the general public. Recognizing the significant questions specifically line of business help in defining the objective. The name of OPC should likewise imply the principle, essential items. On the off chance that the name of the OPC isn't depicting a specific question, at that point the OPC can have multifaceted items 

7.Digital Signature Certificate (DSC) 

All archives are documented online with Registrar of Companies. Advanced Signature declaration is a definitive approach to check the legitimacy of record. Subsequently, every one of the reports might be verified by utilizing a Digital Signature Certificate of the Director. 

8.Professional Certification 

Administrations of experts, for example, Chartered Account, Company Secretary, Cost Accountant is required to influence fundamental Certifications and statements for fuse of a One Person To organization (OPC). 

Following contemplations ought to be considered while shaping an OPC: 

A man should not be qualified to fuse more than a One Person Company or move toward becoming chosen one in more than one such organization 

A minor isn't qualified to end up noticeably a part or chosen one of the One Person Company or can hold impart to advantageous intrigue. 

OPC can't do Non-Banking Financial Investment. 

OPC is reasonable just for private venture. OPC can have greatest Paid up share capital of Rs.50 Lakhs or Turnover of Rs.2 Crores. Generally OPC should be changed over into Private Ltd Company. 

One individual Company can't be changed over intentionally into any sort of organization unless two years is lapsed from the date of joining, aside from edge confine (paid up share capital) is expanded past 50 lakh rupees or its normal yearly turnover amid the important period surpasses 2 crore rupees. 

The word OPC should be said in sections underneath the name of such organization, wherever its name is printed, joined or engraved. 

The organization should inside 30 days of receipt of the notice of withdrawal of agree needs to document with the Registrar, a notice of such withdrawal of assent and the insinuation of the name of someone else selected by the sole part and the composed assent of such someone else. 

The Ministry of Corporate Affairs (MCA) has as of late acquainted Form INC-29 with disentangle and quick track the procedure of organization enlistment in India. Since OPC is perceived as organization and indentified under the Companies Act, 2013, subsequently INC-29 is pertinent for OPC too for optimizing the procedure of enlistment of OPC. 

INC-29 One Person Company Registration Process 

Stage 1: Digital Signature Certificate 

It is issued by Certifying specialist. The chief of OPC must present the accompanying reports: 

ü Signed advanced mark application shape 

ü Self confirmed duplicates of PAN card 

ü Address evidence like Aadhaar card/driver's permit/power charge and so forth. 

Advanced mark endorsement can be acquired by presenting the marked computerized signature application frame along and it takes 1 to 2 working days to get the declaration (DSC). 

Note: Foreign Citizens or Non-Resident Indians are not permitted to begin One Person Company in India. 

Stage 2: Prepare Incorporation Documents 

To petition for consolidation of One Person Company, following reports are required. The same can be set up by the Entrepreneur with the assistance of Legalraasta.com. Rundown of archives required for recording Form INC-29: 

Revelation 

Reminder of Association 

Articles of Association 

Confirmation ofregistered office address 

Duplicates of service charge like (Telephone/Electricity bill)of enrolled office address (not over 2 months old) 

Sworn statement 

Character and address confirmation of the primary Director 

Recognize and address verification of the chosen one Director 

Stage 3: Prepare Form INC-29 

Nearby the application for Digital Signature Certificate, proprietor must present the accompanying archive for the Form INC - 29. 

Chief cum Subscribers having DIN Number 

It would be better if Director have DIN no. as it is required in proper field in INC-29 shape. 

Executives cum Subscribers NOT having DIN Number 

On the off chance that chief don't have DIN no., at that point he can fill the application frame. In such case, following data and report must be given: 

ü Personal Details including Email Address of the Director, Residential address, PAN card Number, Occupational Details and Educational Qualification 

ü Passport Number – if there should be an occurrence of Foreign National 

ü Identity Proof – Drivers License/Voters ID Card/Aadhaar Card/Passport 

ü Address Proof– Electricity Bill/Bank Statement/Mobile Bill Telephone Bill (not more established than 2 months) 

Once the archives essential for Incorporation are prepared, Legalraasta or budgetary expert will get ready Form INC - 29 and that will be submitted to the MCA with the Digital Signature of a Company Secretary or Chartered Accountant or Cost Accountant or Advocate. 

Stage 4 – Incorporation Documents to be appended with Form INC-29 

Following archives must be marked by executive/endorser and connected with shape inc-29. Archives must be readied, marked by the chiefs. 

Articles of Association (AOA) 

Update of Association (MOA) 

Sworn statement and assertion by first Subscribers and Directors. 

Verification forRegistered Office Address. – Sale Deed/Rental Agreement 

Duplicates of service bill of the enrolled office address (not more established than 2 months) No Objection testament from the trademark candidate or proprietor should in the event that the proposed name is comparable or indistinguishable to documented or enlisted trademark. 

Stage 5: File for Incorporation 

To petition for fuse, records that are required to be documented to the MCA are: 

ü INC 29 frame 

ü Digital mark of a money related proficient (CA/CS/CWA/Lawyer) must be attached on the INC-29 shape. 

ü Digital mark of the principle Director. 

Stage 6: One Person Company Registered 

The enlistment center of organization would give accreditation of Incorporation if every one of the archives are in conformance with the Companies Act 2013. In the event that there is any mistake in INC-29, resubmission of frame with fundamental changes wanted inside 15 days of dismissal is to be recorded again to MCA. 

Name for the Company/Name Approval of OPC 

Name Approval process is coordinated with consolidation process. Just a single name can be proposed in the INC - 29 frame. While choosing the name for organization, the proprietors should completely read rules issued under "Rules for Naming A Company, according to Companies Act, 2013 . The proposed name must not be comparable or indistinguishable to built up, officially existing organization or trademark .If regardless, there is mistake in proposing the name alongside Form INC-29, at that point the application will be rejected and a significant number of the record would need to be arranged once more. Following thought must be taken before proposing the name for OPC. 

ü Is the proposed name is as per the organization according to the Companies Act, 2013. 

ü Is it indistinguishable or like some other organization or LLP or outside organization or trademark? 

ü Is the proposed name having the name of any blood relatives? 

ü Is there is need of endorsement for Sectoral Regulator like RBI or SEBI or some other body. 

ü Is the proposed organization name indistinguishable to a documented or enrolled trademark?


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