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One Person Company

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One Person Company2020-05-31T23:31:10+05:30

ONE PERSON COMPANY REGISTRATION

One Person Company is a type of company with only 1 person in the Company as the Shareholder. He can also be the Director of the Company or he may appoint any other person(s) to be on the Board of the Company. A One Person Company is exclusively for Indian Individual residents and Citizens, i.e., only Indian Nationals and citizens have the privilege of incorporating One Person Company in India.

One Person Company is suitable for those who don’t want to get into partnership but still wants to keep themselves legally separate from their company. In order to incorporate a One Person Company, the sole member is required to nominate a person as its nominee, who shall, become the member in the event of his death or inability to transact.

BENEFITS

STEPS FOR ONE PERSON COMPANY REGISTRATION

R.U.N.

RESERVE UNIQUE NAME for your Business

Check Name Availability

The name applied should be Unique from an existing Company Name.

Digital Sign

Obtaining DSC for Key Management & Subscribers

APPLY FOR DIGITAL SIGNATURES

All Subscribers and at least 2 Directors need to have Digital Signatures for filing application.

Object Clause

Identifying the main business activities of proposed company

MAIN BUSINESS ACTIVITIES

Finalize main business activities of the company & prepare other supporting documents.

SPICe Form

Simplified Proforma for Incorporating Co. Electronically

REGISTRATION OF COMPANY

File SPICe Form for incorporation of Company and allotment of DIN of proposed directors.

WHAT IS REQUIRED TO INCORPORATE A ONE PERSON COMPANY IN INDIA

DIRECTORS

A Private Limited Company should have minimum 2 individual Directors. At least one of the Director should be an Indian resident.

SHAREHOLDERS/MEMBERS

A Company should have minimum 2 shareholders. A Shareholder can be an individual. However, a Private Limited Company can have maximum of 200 shareholders.

INITIAL INVESTMENT

No minimum Capital is required for incorporating a Private Limited Company as per law. However, the recommended amount of capital contribution is ₹ 1,00,000.

REGISTERED OFFICE

Company should have a registered office address. However, it is not mandatory to have a commercial address for Registered office which means you can even start your Company at your residence as well.

INFORMATION AND DOCUMENTS REQUIRED FROM YOU

Proposed names of the company in the sequence of preference

Main Business activity(s) to be carried on by the proposed Company

Scanned copy of Photo, PAN card (Passport in case of foreign nationals) and address proof

Scanned copy of Additional identity proof: Passport/ Voter ID/ Driving Licsence

Scanned copy of Additional address proof: Mobile Bill/ Electricity Bill/ Bank statement( not older than 2 months)

Registered Office of the company: NOC from owner, Rent Agreement/Lease Deed, Electricity Bill/ Water Bill/ Phone Bill( not older than 2 months)

Note :

In case of Foreign Nationals/NRIs, all their documents need to be notarized/appostilled/consularized.

“LawSaathi Team has helped us launch our business with their expert professionals. As we have grown and evolved, what we value most about our relationship is that LawSaathi experts know us and our business.”

RAMTON TECHNOLOGIES PRIVATE LIMITED • Managing Director

“LawSaathi Team is a group of seasoned professionals who understand our needs and delivers as per our expectations on time.”

BANBROS CONSULTING PRIVATE LIMITED • Managing Partner
ENTITY TYPE ONE PERSON COMPANY PUBLIC LIMITED COMPANY LIMITED LIABILITY PARTNERSHIP PRIVATE LIMITED COMPANY PARTNERSHIP FIRM SOLE PROPRIETOR
Recommended for Sole Promoters Big, Matured & Developed Businesses Professional Service Providers Start-ups, Small & growing Businesses Home Businesses Individually handled Small Businesses
Favorable to New Investors Very Unlikely,  but Possible Yes, Easiest to Add Investors Unlikely, but Possible Yes, Easy to Add Investors Very Unlikely Not Possible
Tax Advantages Few Very Few Most Few Minimal Few
Statutory Compliance High Very High Low High Minimal Minimal
Minimum No. of Directors/DP/Partners 1 Director + 1 Nominee 3 Directors 2 Designated Partners 2 Director 2 Partners 1 Proprietor
Minimum Paid up Capital/Investment(₹) Not Required 1,00,000 Not Required Not Required No Limit No Limit
Recommended 10,000 1,00,000 10,000 10,000

FAQ’s

Can a person register a Private Limited Company at their residential Address?2019-09-18T12:36:43+05:30

YES, a person may start the Company from their residential address as well. The registered office may or may not be a commercial property. It is the same in case of a LLP / any other form of Company.

Can a Non Resident India / Foreign National become Director in a Private limited Company?2019-09-18T00:34:57+05:30

Yes, a Non Resident India / Foreign National can also become Directors in Private Limited Company. However, at least one Director in the Company shall be an Indian National and resident.

What is the time taken by Lawsaathi.com in forming a Private Limited company?2019-09-18T00:32:46+05:30

Name Approval usually takes a day or 2, if the name is available. Further, we at lawsaathi.com take 5-10 more days to complete incorporation, after receiving complete set of documents from you.

Can a limited liability partnership (LLP) be converted into a Private Limited Company?2019-09-18T00:05:52+05:30

Yes, as per the Companies Act, 2013, a Limited Liability Partnership can be converted into Private Limited Company. However, there are certain tax and legal conditions which must be fulfilled beforehand.

Can a salaried person be the director of a company?2019-09-17T23:47:50+05:30

Yes, a salaried person can become the director in private limited company / LLP / OPC. One needs to check the employment agreement if that allows for such provisions. Many employers are comfortable with the fact that their employee is a director in another company.

What is the minimum capital required to register a Private Limited Company?2019-09-17T23:29:38+05:30

There is no minimum Capital requirement for registering a private limited Company in India. Therefore, you can start a company with Rs. 2 as well.  However, Lawsaathi.com recommends an initial investment of Rs. 1,00,000.

How many minimum directors are required for a Private Limited Company Registration?2019-09-17T23:29:29+05:30

The Registration of a Private Limited Company requires minimum 2 Directors. Further, at least 1 director should be a resident Indian National. However, if you are the sole owner of a company, you can register a One Person Company.

What are memorandum of association and articles of association?2019-09-17T23:29:46+05:30

The Memorandum of Association provides the main business activities of a company. It also provides the supporting activities that a Company needs to undertake for achieving main objects. However, the Articles of Association provides the rules and procedures a company must follow.

Is a Private Limited Company required to get the books audited?2019-09-18T13:43:48+05:30

YES, even if the Company has not done any business during the year, books should be audited. Further, you are required to appoint an auditor within 30 days of incorporation.

What documents are required to complete the registration process?2019-09-18T13:36:14+05:30

Every director and subscriber is required to provide 2 identity proofs and  2 address proofs. You must provide PAN Card (for Indian Nationals) and Passport (for foreign nationals). For the registered office address, a copy of utility bill is required along with NOC (No Objection Certificate) from the owner of property. Your registered address is rented, you also need to have a rent agreement as well.

What is a Digital Signature Certificate (DSC)?2019-09-17T09:21:55+05:30

The Digital Signature Certificate (DSC) is a signature certificate issued by certifying authorities (like e-Mudhra, TCS, etc.). You can sign the documents electronically using a digital signature. It is stored in an encrypted token (secured pen drive token) so that it is not misused in any way.

How to choose a name for your company / LLP?2019-09-17T23:38:23+05:30

The Ministry of Corporate Affairs (MCA) has laid down guidelines to select a name for your Company. The name of your company should not be similar to any other company / LLP in India and any registered Trademark. We help you pick a name for your company or LLP. Visit our Check Name Availability page to pick the best name for your company. You can also contact us for any further assistance.

How much time is needed for setting up a private limited company in India?2019-09-17T09:21:06+05:30

It may take up to 15 days to register a Private Limited Company in India. This is dependent upon the availability of all necessary documents required for registration of a Company. However, the time taken is hugely dependent on the working of the Registrar of Company.

Do I need to be physically present during the registration process?2019-09-18T13:31:58+05:30

No, you are not required to be physically present for registration of a new company. The entire registration process is online . Hence, you only have to provide clear scanned copies of all necessary documents and forms to complete the registration process.