The One Person Company is now produce the recent method, which was screening over the Sole proprietorship.
The one Person Company should have one Owner, who also plays the role of director and shareholders. The OPC can get more than one directors, but the shareholder should be one member. The Ministry of Corporation (MOC) have the regulatory guidelines and compliance as per that, the OPC can register.
Have to register the company in India, should follow the Law of Companies Act 2003. Which is listed below.
A private limited company must have at least two directors and at most, there can be 15. Of the directors in the business, at least one must be a resident of India.
The name of your business must be unique. The suggested name should not match with any existing companies or trademarks in India.
There is no minimum capital amount for a company. A company should have an authorized capital of at least Rs. 1 lakh.
The registered office of a company does not have to be a commercial space. Even a rented home can be the registered office, so long as an NoC is obtained from the landlord.
For the Registration process should have the proper Identity Proof and Address Proof. Each and every directors and share holders ID proof & address proofs are required for the registration process. Carrying the scanned copy ID proofs for the MCA online registration process is listed here.
For the Foreign nationals should have the notarized copy of the Passport, which is very important. The above mentioned residential ID proofs should be in between the 2 months.
If you ready to online registration in India, should have the registered company in India. Then the produce the resident’s electricity bill/telephone bill for the proof. With your rental agreement can submit the sale deed/utility bill and a letter, which is from the landlord.
DSC and DIN for all directors are required. Affidavit and declaration by first subscribers and Directors should be prepared
4-6 proposed names should be provided that should be unique and suggestive of company business.
Memorandum and Articles of Assocication should be drafted.
Sign and file various documents including MOA & AOA with the Registrar of Companies electronically
Once the application is duly filed and accepted by ROC, Certificate of incorporation is issued and the company is all set to start it’s operations.
According to the law in the Company Act, 2003 in order for any company to be registered in India, the below conditions have to be met.
Personal property of the director is safe in the Private Limited Company. No problem with the creditors of the Business.
The Sole Proprietorship is continuously do the work with their end of the life in the OPC. In the law of the separate legal identity, it would pass to the nominee director. So continue to exist.
The books of the OPC are audited annually, it is the need of the One Person Company (OPC). It makes the larger credibility with the leading institution and vendors.
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