Procedure for One Person Company Registration in Coimbatore
Procedure for one person company registration under corporations act, 2013
OPC or ‘one individual corporation’ is defined in clause 2(62) of the Companies Act, 2013 as a employer which has only one person as a member. According to section 2(68) of the Act, it’s miles the sub- area of a private employer. In this article we are going to discussing about the procedure for One Person Company Registration in Coimbatore below.
Who Can Incorporate OPC?
According to Rule 3 of the Companies (Incorporation) Rules 2014, most effective a natural individual who’s the citizen and resident of India can-
Incorporate one person company and in addition to shall be a nominee for the only member of a one person company.
Features of One Person Company
• Minimum paid-up share capital is 1 lakh.
• OPC can both be a organisation limited via proportion/organisation limited via guarantee or an unlimited organization.
• The words ‘one person company’ want to be cited in brackets under the name of One Person Company.
One Person Company Registration have to point out the name of the nominee/other man or woman within the memorandum of association, with his prior written consent and the equal procedure must be attached with the registrar at the period of incorporation.
• Maximum Director- 15, minimal Director- 1.
• OPC need now not keep AGM ( Annual General Meeting)
• Registrar ought to be informed about all the contracts entered by the OPC.
Procedure for Incorporation of OPC
1. DIN (Director Identification Number) and Digital Signature Certificate– First of all, the only shareholder/director have to get Director Identification Number from the Ministry of Corporate Affairs and additionally get Digital Signature Certificate.
2. Name of the Company– The second step involves the only shareholder to apply for the name of the organisation.
3. Consent of the Nominee– The subscriber to the memorandum of ‘one person company’ shall nominate a man or woman, after acquiring written consent of such character, who shall, in the event of subscriber’s demise or his incapacity to contract, grow to be the member of that one person company.
4. Incorporation- Form INC- 2 is the shape for ‘one person company registration’ which has to be submitted to the registrar along with the following attachments-
1. Memorandum of Association
2. Articles of Association
3. Proof of identity of the director and the nominee of the particular OPC.
4. Residential evidence of the member and the nominee.
5. A copy of PAN card of member and nominee.
6. Consent of nominee in form INC- 3.
7. An affidavit from the subscriber and first director to the memorandum in Form INC-9.
8. List of all of the businesses (specifying their CIN) having the identical registered workplace deal with, if any.
9. Specimen signature in Form INC- 10.
10. Entrenched articles of association.
11. Proof of registered workplace copes with.
12. Copies of the application bills. (Accept bills which is older than 2 months)
13. Proof that the organization is permitted to apply the deal with because the registered office of the employer if the same is owned through every other entity/character.
14. Consent from the director.
15. Optional attachments.
5. Final Incorporation Certificate– After doing all of the formalities, the subscriber shall receive the final incorporation certificate from the registrar of the organizations. The enterprise can be started henceforth.
6. E– submitting– the subscriber can also do e-submitting for the incorporation of the organization by means of filling e- shape INC-2 and attaching other relevant documents.
Conversion of One Person Company to Private Limited company or Public limited Company
According to Rule 3(7) of the Companies (Incorporation) Rules, 2014, a person employer can not voluntarily convert into any other type of business enterprise unless years have expired from the date of incorporation. After years from the date of incorporation, one person company may additionally convert into any other organisation even without threshold restriction.
The threshold restriction is an exception to the above rule that is if the paid-up proportion capital exceeds fifty lakh rupees or the annual turnover all through the relevant length exceeds two crore rupees then it shall give up to be a one person company. (Rule 6(1) of the Companies (Incorporation) Rules 2014) and get converted into a private or public organisation.
After this, the one person company shall inside sixty days from the date of applicability offers word to the registrar that it has ceased to be “one person company” and that now it’s far required to convert itself into a private organisation by way of distinctive feature of its exceeding paid up proportion capital.
Such one person company will be required to convert itself, within six months of the date on which its paid up proportion capital has accelerated past fifty lakh rupees or the closing date of relevant length during which its annual common turnover exceeds two crore rupees because the case may additionally be, into both a private limited company with minimal of members and two directors or a public agency with at the least of seven members and 3 administrators in accordance with the provisions of Section 18 of the Act.
The conversion will be completed after modifications of required alterations in the memorandum and article of association and also with the aid of giving note to the registrar in Form INC- 5.
Conversion of Private Company into One Person Company
A private limited company apart from a employer registered beneath section 8 of the Act having paid up share capital of 50 lakh rupees or much less or common annual turnover in the course of the applicable period is two crore rupees or less can also convert itself into one person enterprise via passing a unique decision in the widespread meeting. The enterprise shall achieve NO objection certificate, and such resolution will be filed with the registrar of corporations within 30 days in Form no. MGT14.
The organisation shall file an application in Form no. INC 6 for its conversion into ‘one person company’. On procedure and compliance with requirements, the registrar shall difficulty the certificate.
Thus, it can be concluded that the concept of ‘one person company’ was added into motion with the goal to encourage small scale industries and companies and, therefore, the procedure of incorporation of the identical is kept simple in order that the organization may be incorporated via the subscriber without facing plenty difficulties.
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