The Companies Act 2013, introduced the concept of One Person Company (OPC) in India. This enabled the entrepreneurs to start a venture if they are capable of doing so. It is important to note here that the rules do not permit non-banking financial institutions to Register as OPC. It encourages self-employment within the ambit of India’s legal system. There can be only one member in an OPC. Only a natural person who is a resident of India in the preceding calendar year (who has stayed in India for a minimum of 182 days) can form an OPC. The member of the OPC cannot incorporate more than one OPC.
Filing forms with MCA: In order to complete the OPC Online Registration, all the above-mentioned documents will have to be attached to SPICe Form, SPICe-MoA, and SPICe-AoA along with the DSC of the director and the professional. The same would be uploaded by the MCA on the website for the purpose of approval. Further, PAN and TAN are generated for the OPC which will be uploaded to MCA after affixing the DSC of the proposed Director.
The issue of Incorporation Certificate: After verification, RoC will issue a Certificate of Incorporation. Thereby, the business shall commence.
Thus, One Person Company is a new form of business that allows an entrepreneur to operate a corporate entity single-handedly. The average time taken to complete the registration process may be around 10 to 15 days. Changes in the same are subject to changes in government’s processing time.
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