The introduction of Companies Act 2013 in India brought a revolution in the company registration and legal startup businesses. One Person company registration was part of the companies act 2013, which is helpful for startups and entrepreneurs who start their business on their own. Through One Person Company registration they are able to become a part of one person single entity.
In a person company, only one director is required to start any business venture. According to section 2(62) of the companies act 2013, a one-person company formation only needs just 1 director or member.
What are the advantages of One Person Company registration?
One Director required- The biggest advantage of One Person company registration is that only a single person is required to be the director of the company. This type of company formation encourages entrepreneurs and startups to start new businesses.
Limited liability Protection- One of the biggest benefits of such a company is limited liability protection. These companies are a single entity that makes the firm responsible for all debts if anything happens to the company or entity.
Separate legal entity: A one-person company is the legal entity, established under the Companies Act 2013. A member (Shareholders/Directors) has no personal liability to the creditors of a for the company’s debt.
Easy transferability: The ownership of the firm is transferable, and shares of the company are also easy to transfer.
What are the documents required for the One Person Company registration?
PAN Card: PAN card of the directors, and shareholders. And, if the director belongs to the foreign national than a copy of a passport.
ID Proof: Aadhar card, voter Id and driving license of a shareholder and director.
Address proof: Telephone bills, electricity bills, water bills, and bank statements are also required for the private limited company registration. These documents must not be older than two months of the current date.
Scanned passport size photo of the director: Latest passport-sized color photos of the director and shareholder.
Registered office proof: Latest telephone bill, water bill, and electricity bill of the registered office.
How to register for the One Person Company?
- Digital Signature Certificate: The director of the firm should have a digital signature. The digital signature is very to file the registration, ROC compliance forms and the tax returns of the company.
- Director Identification Number: When the digital signature is approved you will get an email from Registrar of the company for your eligibility to be the director of the company. It would take 2-3 working days to approve the DIN of One person company registration.
- Name Reservation: After DIN allotment, the other vital step is to file a ‘name approval application’ to ROC on your company’s behalf.
- Final Incorporation and CIN: After name approval from the registrar of the company we will file the incorporation form with all supporting documents. The registrar of the companies takes 3 working days to complete the approval.
What is the fee for One Person company registration?
Approximately Rs. 10,000/- inclusive of all documents without including the fee charged by the accountant is required for this type of company registration. If in case you are not doing any transaction in your company, then you don’t have to file any return. It takes 10-12 working days to register a one person company,
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