One Person Company
Under Companies Act, 2013, a new type of business was introduced which accorded flexibility of a company in addition to protection of limited liability that in Sole Proprietorship or Partnership lacked. Along with this there is a nominee that has to be assigned by the sole promoter who upon the promote’rs death will succeed his position. This means that there is only one shareholder of the company,i.e. the owner of the company who might be managing its operations as well and can transfer the business to his nominee upon his death.
Documents required for Sole Proprietorship Registration :
- The identity proof or address proof for obtaining the DSC.
- Simultaneously, to obtain the name approval it is necessary to submit an application for name registration to the MCA. The applications are processed by MCA in 24-72 hours. The name suggested should include OPC in it.
- On obtaining approval, incorporation application has to be filled with the Ministry of Corporate Affairs with a signed MOA and AOA. The identity proof, address proof, and residence proof of the member as well as the nominee would be required, in addition to this affidavits and declarations need to be submitted as well.
- Once the Incorporation Certificate is approved OPC would initiate process for bank account opening. Post incorporation the director is required to deposit the paid up capital mentioned in the MOA. After this, the Business Commencement Certificate is obtained within 180 days of incorporation to avoid penalty.
- In case during the process of incorporation, if the notice of the situation is not filled, it must be filled within 30 days of incorporation and requires for filling INC 22
- Lease deed/rent agreement with the rent receipts
- Copies of utility bill which should not older than 2 months
- A proof of the company allowed to use address as the registered office of the company