One Person Company Registration -The biggest contribution to humanity. (1)

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One Person Company Registration The biggest
contribution to humanity.

• Accordingly, it is a single person community
  entity. After the introduction of such an entity,
  it became the backbone of the Indian legal
  system. Here only one promoter or founder in the
  One person company. The one person company
  registration(OPC) or OPC is formulated under the
  Companies Act 2013. Simultaneously, the OPC
  concept is mainly evolved for entrepreneurs who
  are willing to mold the company as their own.
• In contrast, OPC requires one member and one
  nominee. The nominee should become a member of
  the company if any inconsiderable cases occur.
  More importantly, the members name should
  include in the register and should subscribe in
  the memorandum.

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Before prepping up for OPC you should concern the
below facts

• The person who is the resident of India can be
  applied for the OPC registration steps.
  Basically, the Indian resident in the sense he
  must have stayed in India not less than 182 days.
• The person cannot be able to register more than
  one OPC.
• Probably, the customer should not be the nominee
  of more than one OPC.
• In order that the minimum paid-up capital is
  50lakhs and the average turnover is 2 cores.
• The non-banking financial institutions cant bear
  the OPC rules.

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Steps for the one person company Registration
process
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After meeting the above facts, the first step for
the company registration is,

• Attaining the digital signature certificate
• Basically, the company registration application
  is done online under the MCA-21.
• The information technology Act 2000 states that
  the digital signature is mandatory to sign
  digitally on all the documents. Significantly, it
  ensures the authentication on documents.
• The time taken for the DSC certification is 1-3
  working days. For the purpose of, it all depends
  on the nature of CAs. DSC is issued by
  registered certifying authorities.

• The registered certifying authorities are
• Disclosure Record of Safescrypt CA.
• Confession Record of iTrust CA (IDRBT)
• Disclosure Record of (n) Code Solutions CA.
• Confession Record of e-Mudhra CA.
• Disclosure Record of CDAC CA.
• Confession Record of NSDL e-Gov CA.
• Disclosure Record of Capricorn CA.
• Confession Records of Verasys CA.

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For Aadhaar holders the dsc will handle over the
same day due to e-KYC fulfillment. The DSC has
1-2 year validity and can be renewed
afterward.Role checks are the internal
verification of MCA. After getting DSC the same
things further need to register with MCA for role
check.
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Applying for the DSC with the below documents

• Address Proof
• Aadhaar card
• PAN card
• Photo
• Email Id
• Phone Number

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To ensure the DIN (Director Identification
number)

• The DIN can be applied for the director with
  appropriate data proofs on the SPICe form. For
  the existing company registration, the Form DIR-3
  options are available. From January 2018, the
  client need not file the form DIR-3 separately.
• Based upon the latest updates the DIN can be
  applied up to 3directors within the SPICe form.
  Obtaining the DIN takes 3 working days.

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Authentication and name approval of one person
company registration

• The next step for the Filing needs a valid name
  for the company. The name should contain the
  suffix as Private Limited.
• There are two options for getting the name as
  approved. Eventually, one is filing the
  application in the Form SPICe 32 and another one
  is using the RUN web service of MCA. The ministry
  called a new law for OPC name validation.
• It includes from March 23 onwards the client can
  possess 2 proposed names and one resubmission.
  Despite, after the approval by MCA, we can apply
  for the next further route.

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Documents required

• MOA (Memorandum of association) these are the
  objectives that the company needs to follow or
  the company that is going to register should
  follow.
• Article of Association I mean, there are certain
  types of laws which are following by the
  companies.
• PAN and aadhaar card of the nominee for the OPC
  Registration.
• Proof of the registered office of the company and
  also the ownership proof and NOC from the owner.
• Although, agreement of the proposed director of
  the Form INC -9 and DIR 2 respectively.
• Form filing with MCA

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Issuing of the one person company registration
certificate

• After the verification done by the registrar of
  the company (ROC), they will produce a
  registration application and we can confidently
  start the company.

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Impact of tax on OPC

• There are no additional tax advantages
  on OPC over any forms. However, the tax rate is
  30. Other taxes include MAT Dividend tax
  applies as they apply to any other form of
  company.

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Why we need OPC Registration?
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In OPC Registration there are limited
liabilities. It is a separate legal entity.
Uninterrupted Existence. Less borrowing
capacity.
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What are the factors affecting the proposed name
of OPC?

• The name should be simple and meaningful.
• Should not contain any banned words.
• Even though, entirely different from the entire
  companies.
• No need to enter the suffix as limited or private
  Limited.
• It should not disrupt any laws.

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Who cannot able to register a one person company?

• A minor person
• The person who is incapacitated by contract
• Foreign citizenship
• Non-resident

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Bank account opening for One Person Company
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Rather, the bank account creation for OPC is
easier when compared to a sole proprietorship
firm. Anyway, once the company gets registered
the bank account can be opened within the name of
the company with the registration certificate and
the identity proofs of the directors.
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What should you follow for quick registration of
OPC?

• For making the registration easier and quicker
  you need to do is choosing the entirely unique
  name for your company. The company
  registration needs a 100 unique name. So, then
  only we can reduce the time taken for the filing.
  Specifically, if the name is similar to the
  existing company, it will consume more time for
  resubmission of your names.

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Disadvantages of One person company registration
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Members

• The maximum and the minimum number of members in
  the OPC is only one person.
• Similarly, the minor cant able to become part of
  the OPC.
• So, it is only suited for small business
  entities. Moreover, the maximum paid-up capital
  is 50lakhs and the annual turnover is 2 cores.
  Otherwise, it will convert into Private Limited.

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Business Deeds
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Eventually, the OPC cannot take actions under
non-financial banking investment activities.To
illustrate, under section 8 of the Act OPC cannot
implement to any other company.
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Tax liability

• Regarding the Income Tax Act, 1961, private
  companies have to pay the tax bracket 30 on
  total income. On the other hand, sole proprietors
  are taxed at the rates applicable to individuals.
  Alternatively, the elementary income tax rate for
  an OPC is 30 which may result in a higher tax as
  compared to the income tax slab rates of an
  individual (i.e. 10 to 30).

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Conclusion

• If you want to register your company securely you
  can reach the best consultant providers in
  Coimbatore called Corpstore. More than 7 years of
  registration experience in the business industry.
  We are providing the best care support for our
  valuable customers.