Steps Taken for Register a Private Limited Company :-

• Step 1.
Application for director identification Number (DIN) in form DIR-3 & DSC (Digital Signature Certificate).
• Step 2.
• Search for the Company Name availability.
• Step 3.
• Application for the Name availability.
• Step 4.
• Drafting of memorandum of association (MOA) & articles of association (AOA).
• Step 5.
• Filing of e-forms with RoC (Registrar of Companies).
• Step 6.
• Payment of RoC fees & stamp duty.
• Step 7.
• Verification of documents / forms by RoC.
• Step 8.
• Issue of certificate of incorporation by RoC.

• Documents Requirements-
• ID proof and address proof for director. as id proof PAN Card is mandatory.
• The Latest utility bill (electric bill/telephone bill) or latest tax receipt/ownership deep of the property for the property to be used for registered office.

What is One Person Company

If you are thinking about the incorporation of your Company, but you do not have any partner, then there is no problem that you can create your own One Person Company which only one person required for company’s incorporation. While a minimum of two members is necessary for incorporating and maintaining a Private Limited Company or a Limited Liability Partnership (LLP).

Only a natural person who is an Indian citizen and a resident in India is eligible to incorporate a One Person (OPC) Company or be a nominee member. The Director or Nominee must also be over 18 years of age.

Section 2 (62) defines one person Company as meaning a company which has only one person as a member. Section 3(1)(c) provides for incorporating such a company by saying that a company may be formed for any lawful purpose by one person, where the company to be built to be one person company, that is to say, a private company. The memorandum of one Person Company has to state the name of some other person, with his prior written consent in the prescribed form, who will, in the event of a death of the subscriber to the memorandum or his incapacity to contract, become the member of the company. Written consent of such person has to be filed with the Registrar at the time of incorporation of the company. Such a person may withdraw his approval in the prescribed manner. In case the paid-up share capital of an OPC exceeds fifty lakh rupees or its average annual turnover of immediately preceding three consecutive financial years exceeds two core rupees, then the OPC has to mandatory convert itself into the private or public company.

Why Choose OPC

• Only one person required. There is no need for another member.
• One Person company is a legally separate entity.
• There is the limited liability of its member.
• There is no requirement of appointment of statutory auditor.
• Holding general meeting not required.
• Holding and conducting a minimum number of four board meetings every year not needed.
• One Person company require limited compliances.
• Easy to set up and uninterrupted existence.
• Benefits of being small scale industries.
• Minimum Requirements of the shareholder, director, and nominee.

One Person Company Registration Procedure in India

You can apply for Registration of your OPC online. Online procedure is straightforward. You can apply for Name Reservation, allotment of Director Identification number (DIN), Incorporation of OPC. You can apply for these in one form by applying for new incorporation of a new company through simplified performa for incorporation of Company electronically (SPICe) form INC-32. You have to follow given below steps.

• You have to visit official website of Ministry of Corporate Affairs.
• You have to apply for Digital signature certificate (DSC) of the proposed Director with the documents. You have to submit your address proof, Aadhar card, PAN card, Photo, Email Id, Telephone Number etc.
• After DSC you have to apply for Director Identification Number (DIN) of the proposed director. DIN number is unique identification number issued to proposed director of company.
• Search for company name availability.
• An application for the reservation of a suitable name must be made in Form no INC-1.
• You have to draft your memorandum of association and article of association.
• All these documents will be attached to SPICe Form, SPICe-MOA and SPICe-AOA along with the DSC of the Director, and will be uploaded to the MCA site for approval.
• There is no need for reserving a name separately before filing SPICe. One name for the proposed company can be applied through SPICe (INC-32).
• You have to pay fee and duty of Roc after successfully submission of your application.
• After the approval from Registrar of Companies, the digitally signed “Certificate of Incorporate” is emailed to the directors.

Documents Required for One Person Company

• Identity Proof of the proposed director and nominee director. You have to submit your PAN and Aadhar Card.
• Address Proof of the proposed director and nominee director. You have to submit your Passport/Driving licence and Bank statement or electricity bill. Address Proof should not older than 2 months.
• Registered office proof required. You have to submit electricity bill along with rental agreement or sale deed and latter from landlord with his consent to use the office as registered office.
• Signed Incorporation documents required.
• Fee for Filings.
• You have to pay for incorporation of One Person Company in India. Fee for filings is given below.
• 2000 For OPC whose nominal share capital does not exceeds Rs. 10,00,000.
• 200 For every Rs. 10,000 of nominal share capital or part of Rs. 10,000 after the first Rs. 10,00,000 and up to Rs. 50,00,000.

Annual Compliance for One Person Comp

As per Company law every one person Company Registration need to comply with the Registrar of Companies. Every financial year you have to file some details of your company to ROC Filing . Company is required to file its balance sheet, profit and loss account, auditor’s report, and annual return every financial year before the due date, with the Registrar of Companies. As a part of Annual e-Filing, Companies incorporated under the Companies Act, 1956 are required to file the following documents with the Registrar of Companies (ROC):

• Financial Statements – There is requirement of filing financial statement to MCA. You have to file your balance sheet and profit & loss. You have to file your financial statements under Form AOC-4. AOC-4 must be certified by a practicing CA or Company Secretary. You have to file this every financial year.
• Annual Return - There is requirement of annual return in case of One Person Company. It is mandatory to file annual return. You have to fill form MGT-7 for annual return.
• One person companies having GST registration would be required to file monthly, quarterly and annual GST returns.
• Quarterly TDS returns must be filed by one person companies that have TAN and are required to deduct tax at source as per TDS rules.
• You have to comply with the income tax department of India.

Process of E Filing

• You have to visit official website of MCA
• Download the E form (above mentioned form no.)
• Fill the given E Form
• Click on the upload E form button
• You have to upload your E form.
• After uploading of E form, system will show you fee to be paid
• You can pay your fee online

All above compliance can be made online. You have to pay for these filings. These compliance are mandatory for one Person Company. If any case of failure you may be face legal problems.

Auditor’s Requirements

All companies are required to appoint the first Auditor of the Company, a practicing Chartered Accountant within 30 days of incorporation. In case of OPC as well, an Auditor must be appointed by the Director of the One Person Company for auditing of financial statements of the company. Every OPC registered with the MCA (Ministry of Corporate Affairs) is under an obligation to comply with the tax audit if turnover exceeds Rs.50 lakhs for services and Rs.2 cores for other business. A qualified chartered accountant has to be appointed to get tax audit done.

Tax rate

The concept of One Person Company is new which does not exist in Income Tax Act, 1961. To solve the taxation issue of the company, One Person Company is covered under the same bracket of the private company. In that case the earning of the OPC taxable subject to the same rate of tax which is 30% plus 3% cess plus 5% surcharge, if applicable.

Conclusion for Guide on One Person Company

As you can see in above mentioned article that One Person Company does not require more than one Person you can incorporate your company solely. One person Company is separate legal entity who can sue or can be sued. One person company needs registration for its legal recognition for which you have to register your one person company under Ministry of Corporate Affairs. You can file your application for incorporation of one Person Company in India.

Procedure of Incorporation is above mentioned. You can see that online process is very simple and easy. It requires some document which can be uploaded online. After incorporation of your One Person Company you have to comply with the Companies Act. You have to file annual compliance you can see procedure is above mentioned. One Person company is also requires an auditor for the company.

So if you are single in your business you can incorporate you One Person Company.