ONE PERSON COMPANY REGISTRATION
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One Person Company Registration is a single member Company. It has only 1 shareholder. It is a private limited company. Only a single entrepreneur is allowed to operate a corporate entity with only limited liability protection.
Benefits of one person company :
According to the companies' act, a single person is capable to form a company for any purpose abiding by the law. Hence it can be considered as a private company.
Contradicting to the private companies, one person company can only have a single member/shareholder.
While registering for the company as a one-person company, that sole member will have to mention a nominee.
Unlike the normal companies having a concept of perpetual succession, in one person company if the sole member dies, then the nominee will have to decide if they want to continue the company by being the sole member or to dissolve the company.
One person company requires to assign at least one person as director which can be that member itself but they can have a maximum of up to 15 directors.
According to the companies' act, there shall be no minimum paid-up share capital for one person company.
Unlike other companies, one person company gets certain privileges and exemptions.
Documents Required for One Person Company.
The first step to get registered under One Person Company is the promoter or director has to apply for Digital signature and DIN( Director Identification Number). Digital signature is an online signature used for filing and DIN refers to the Directors PIN number issued by MCA.
For company registration, it is mandatory to provide three unique names for your company to MCA who be the deciding factor for the name of your company. Names provided should be more descriptive and unique for the company.
After the name is approved by MCA one is halfway done with their company registration. After that MOA( memorandum of association) and AOA (article of associate) should be prepared and submitted in forms.
The company registration can only be successful if the affidavit is submitted by the only member of the company who has subscribed to the memorandum.
The subscriber to the memorandum of one person company must include a nominee who will be responsible to take over the company in case of death or incapacity to work. A prior written consent is required from the person who is nominated. This nominated person will become a part of the business when the actual owner dies faces certain physical illnesses.
After Moa & Aoa Submission We Need To Upload Agile And Inc-22 forms To get The COI (Certificate Of Incorporation).
It usually takes 15 to 25 days to form a normal private limited company. The company next to have a certificate of incorporation which is proof that the company has been created. CIN is also included.
Minimum Requirements for one person company
Fill basic details for company
Digital signature certificate and DIN
Verification of Email documents
Get your certificate