Process for OPC Registration in India
The OPC Registration Process is completed by following a series of steps. We have listed below the logical steps required for setting up your business as a single-owner company, a “One Person Company.
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Step 1: Documentation for OPC Incorporation
The One-Person Company registration process begins with preparing all necessary documentation. To register for OPC in India, you will need the promoters’ basic KYC documents and the registered office documents. Refer to the list of documents above for complete information. Also, since the application is to be signed digitally, ensure the promoters have their Class 3 digital signature certificates.
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Step 2: Select a name for your one-person company
The next step in the OPC Registration process is selecting a valid name for the OPC as per MCA guidelines. After selecting the name, you must get it approved and reserved by the ROC. For this, an application can be filed in PART A of the SPICE Plus form to the ROC. Once the name is reserved, it is valid for 20 days, and the OPC must be incorporated within this time.
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Step 3: Drafting of MOA and AOA for Incorporation
MOA is the constitution of the one-person company, and the AOA is its document of internal rules and regulations. These essential OPC documents must be submitted during the one-person company registration process. So, make sure these are drafted beforehand in the appropriate legal format. All shareholders must sign them and stamp them by a public notary after paying the applicable stamp duty.
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Step 4: Filing application for OPC Registration Online
Once all the documents and drafts are ready, you can finally file the SPICe+ application for OPC incorporation online. The form must be accompanied by the necessary documents and drafts, uploaded in their digital formats. Finally, the authorised director can sign the form using his class 3 Digital Signature Certificate. The form is further certified by a practising professional such as a CA, CS, CMA or Advocate of the High Court.
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Step 5: Issue of Certificate of Incorporation
After submission, the SPICE Plus application reaches the office of the Registrar of Companies (ROC). The ROC examines all the details and documents submitted for accuracy and authenticity. If satisfied with the submissions, the ROC approves the application and proceeds with the OPC Company Registration process. It registers the OPC and issues a Certificate of Incorporation in its name.
Benefits of a One Person Company Registration
If you are going for single person company registration, a One Person Company should be your clear choice! Wondering Why? Go through the table below explaining all OPC benefits in detail and you will get your answer. From Sole Ownership Control to Limited Liability, OPC benefits are huge and numerous. They not only extend to its owner, but all other stakeholders like directors, creditors, and customers.
Sole Ownership
The single shareholder is entitled to pocket all the profits of the company.
Limited Liability
The liability of the sole owner is restricted to his subscribed capital only.
Easy Credit Facilities
Banks and Financial Institutions prefer to lend to legally registered entities
Easy to incorporate
The process of incorporation is extremely simple and 100% online
Smooth Management
The sole shareholder exercises full control over decision making in an OPC
Perpetual Existence
An OPC can be indefinitely succeeded by the nominee of each shareholder