What makes Aavana different in offering services?
We at Aavana are financial experts having our office in Bangalore with PAN India presence. We ensure in providing every service be it setting up of accounts, company registrations, and preparing and executing of financial statements under the guidance of our financial wizards without compromising on the quality and the time frame.
Are you the one planning to start a new venture be it a One Person Company or a start-up? Then undoubtedly Aavana Corporate Solutions has to be your first preference. Talk to our experts about any business queries you have and we will take care of the rest.
One Person Company Registration as the name denotes is a company which can be run by a single person. According to the Companies Act of 2013, any person aspiring to become an entrepreneur can go ahead and start a new single ownership company also known as One Person Company.
One Person Company is ideally suited for Entrepreneurs and Proprietorships who can avail the benefits of limited liability due to the lack of non-availability of finding a second member or a shareholder. Unlike Pvt Ltd and a Public Ltd company that require two or more directors, the requirement for One Person Company Registration is very minimal. It requires only one director and one member.
Documents Required for One person company Registration
(Utility Bills / Election ID / Aadhaar Card / Driving License)
Passport Size Photo
(NOC from the owner,Utility Bills,Rental Agreement / Registry Proof / House Tax Receipt)
Minimum Requirements for One person company Registration
One Person Company Registration Deliverables
- Issue of Certificate of Registration
- Issue of Digital Signature Certificate (DSC)
- Issue of Director Identification Number (DIN)
- Issue of PAN and TAN
One Person Company Registration Criteria
Here are the procedures to be followed for One Person Company Registration.
- Apply for Digital Signature Certificate
To start the One Person Company Registration, the proposed Directors need to apply for a Digital Signature Certificate (DSC) by submitting the name, address, and the identity proofs.
- Apply for Director Identification Number The next step to be followed is to apply for Director Identification Number (DIN). To obtain the Director Identification Number, the proposed Directors have to submit the required documents like the address and the ID proof.
- Application for Name Approval To get the One Person Company Registration, the proposed Directors need to get the name approved from Registrar of Companies.
- Drafting of Documents To register a One Person Company, some documents like the Memorandum of Association (MOA) and Articles of Association (AOA) has to be drafted.
- Filing of Forms with MCA Filing of forms with MCA is mandatory for the purpose of One Person Company Registration. These documents will be attached to SPICe Form, SPICe- MOA, and SPICe- AOA along with the DSC of the Director. This will be further uploaded to the MCA site for approval.
Advantages of One person company Registration
Limited Liability Protection to Directors personal assets
Many times startups need to borrow money and take things on credit. In case of normal Partnerships, Partners personal savings and property would be at risk incase business is not able to repay its loans. In a private limited company, only investment in business is lost, personal assets of the directors are safe.
Better image and credibility in Market
In India, OPC is a Private limited company, which is a popular and well known business structure. Corporate Customers, Vendors and Govt. Agencies prefer to deal with Private Limited Company instead of proprietorship firms.
Easy to Manage and Freedom from Compliances
OPC is one of the easiest forms of corporate entities to manage. Very few ROC filing is to be filed with the Registrar of Companies (ROC). No need to conduct Annual General Meeting (AGM) and other regular compliances.
Helps for Testing of Business Model and Enables Funding
The OPC business helps Startup Entrepreneurs to easily test their business model, and upon building a marketable product, they can approach Angel investors, Venture capitalists for funding and easily convert their OPC into multi shareholder Private Limited company.
Complete Control of the Company with a Single Owner
This leads to fast decision making and execution. Yet OPC can appoint as many as 15 directors for administrative functions, without giving any share to them.
Easy to Sell OPC
OPC Company is easy to sell, very less documentation and cost is involved in selling a One Person company.