The concept of One Person Company in India was introduced by the Companies Act, 2013. One person company means a company which has only one member. The business entity in which there is only one owner with limited liabilities who can act both as a shareholder as well as the director. The concept of OPC is basically to eradicate the limitation of a sole proprietorship, which is the most popular form for small businesses in India. The liability of owner is limited to the invested capital in this form.
When OPC concept was not introduced in India, people used to choose Proprietorship as their form of business. Proprietorship has many disadvantages like one cannot take investments, No legal existence and unlimited liabilities.as well. Further proprietorship as a kind of business is not considered trustworthy in India anymore. One Person Company (OPC) is a solution for all the above problems.
Documents required for registering an One Person Company
1. Memorandum of Association
4 Steps to get process. We'll email you at different points in the process or you can check the status of your order anytime in our Online Status Centre.
INC-32 must be accompanied by supporting documents including details of Directors & Subscribers, affidavits, declaration, MOA, AOA, identity proof, address proof etc.
The MOA and AOA are provided differently in electronic form e-form INC-33 and INC-34 respectively. In INC-33 you have to mention the object of the company and in INC-34 you have to provide for pre-drafted clauses of AOA.
The subscribers and the witness of MOA and AOA will affix their Digital Signature on the e-form INC-33 and INC-34. Also, the date of signing the MOA & AOA will be the date of affixing the DSC.
Under this process, even if you have applied the name in form INC – 1, still can incorporate a company through e-form SPICe INC-32.