After working for different companies, it is everyone’s dream to start their own. While this is achievable by taking care of the loans and the processes, it can be a little difficult to find someone else to share in your business venture and provide capital for the same. However, thanks to the Companies Act of 2013, One Person Companies have become legitimate.
The incorporation of OPC is something that has easily revolutionized the market. Not only are you eligible to the sole person in the company, limited by shares, but the distinction between you and your company also starts merging. If you are planning to start an OPC, the right time is now but make sure that you understand the registration process for the same:
DIN and DSC
Even though it is just one person, the formalities are very similar to that of registering a private limited company. It is necessary to get your DIN and DSC sorted.
DIN is your Director Identification Number. This is given to you by the Ministry of Corporate Affairs and will be the point of identification from henceforth. The DSC is the Director’s Signature Certificate, which allows you to approve of documents and make changes, through the internet itself. This is done by giving an identity proof online to help make it easier to deal with business transactions.
You will have to check the availability of the names you are planning to use and give the government at least six options for the same. Depending on the reasons for picking out the names and the availability of the same, a name will be picked from the lot and given the trademark from the government.
Drafting the MOA and the AOA
Although you will be the single person in the company, you will still need to have a basic set of memorandums and articles that are approved by the government.
The Memorandum of Association deals with the basic and fundamental objectives and provisions that will be available in the company. This will apply to all the employees in the enterprise. The Article of Association is more about the rules and regulations that will be set by the enterprise. This can include etiquette rules, dress codes, timings, penalties or salary cuts, and all the other things that should be followed by the employees of the company.
Filing your documents
Along with getting all your documents filed, you will need to wait for the final receipt saying your business has been incorporated. This incorporation of OPC by the Indian regulations is a matter of huge business changes in the country.
While this registration process seems easy, it can be quite hard to get the balling rolling quickly. This is why professional registration companies can help you get this done in a heartbeat and for a minimal fee! If you are planning to start an OPC, you should certainly consider going to a professional registration company and save yourself the pressure of filing the right documents!