Incorporation

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Firm Arts Proprietorship Registration

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Documents Required for Proprietor Ship Firm

  • Identity proof of the director and nominee (e.g. Aadhar card, voter card, PAN card, driving license)
  • Drafting Memorandum of Association (MOA) and Articles of Association (AOA) highlighting the aims and objectives of the company
  • Consent of designated nominee through form INC-3 and submission of their PAN and Aadhar card
  • Submission of affidavits in form INC-9 and DIR-2 by designated director and nominee
  • Residential proof of registered office place (e.g. utility bills not older than two months)
  • No Objection Certificate
  • Rent agreement (if applicable)
  • Copy of PAN card of designated director and nominee
  • Passport size photographs of director and nominee
  • DSC and DIN of the director.

About Proprietorship Firm

  • A partnership firm is a business structure preferred by entrepreneurs for a profitable purpose.
  • It is owned, managed, and controlled by partners who share capital in the firm.
  • The main aim of a partnership firm is to gain more profit.
  • Members of a partnership firm are called partners, who share profits and losses in proportion to their ownership and contribution.
  • Partnership firms can have a huge amount of capital investment as each partner can contribute to it.
  • The decision-making process in a partnership firm is corporate or collective.
  • Partnership firms can be registered or non-registered.
  • Registered partnership firms enjoy various advantages that are not applicable to non-registered partnership firms.
  • Partnership registration is done as per the Partnership Act, 1932, with very less documentation, rules, and formalities.

Steps to Form a Proprietor Ship Firm

  Step 1 - Apply For Doc

The first step is to obtain the Digital Signature Certificate (DSC) of the proposed Director which required the following documents:

  • Address proof
  • Aadhaar card
  • PAN card
  • Photo
  • Email Id
  • Phone number

  Step 2 - Apply For Din
  • Make the Digital Signature Certificate (DSC)
  • Apply for Director Identification Number (DIN) in SPICe Form along with name and address proof of director
  • Use Form DIR-3 (for existing companies) or apply within SPICe form for up to three directors
  • This option to apply for DIN within SPICe form

  Step 3 - Apply For Name Approval Application
  • Decide on the name of the company in the form of "ABC (OPC) Private Limited"
  • Submit one preferred name along with the significance of the name in Form SPICe+ 32 application
  • If the name gets rejected, submit another name in a new Form SPICe+ 32 application
  • Wait for the name to be approved by the MCA
  • Move on to the next step after the name is approved.

  Step 4 - File / Approval of Forms with MCA

All these documents will be attached to the SPICe Form, SPICe-MOA and SPICe-AOA along with the DSC of the Director and the professional, and will be uploaded to the MCA site for approval. The Pan Number and TAN is generated automatically at the time of incorporation of the Company. There is no need to file separate applications for obtaining PAN Number and TAN.

  Step 5 - Issue of the Certificate of Incorporation

On verification, the Registrar of Companies (ROC) will issue a Certificate of Incorporation and we can commence our business.

OPC Incorporation checklist

About One Person Company
  1. Sole Ownership: In an OPC, there is only one owner who holds 100% of the shares and is responsible for the company's operations and decisions.
  2. Limited Liability: The owner's liability is limited to the extent of their investment in the company. Personal assets are generally protected from the company's debts and liabilities.
  3. Separate Legal Entity: An OPC is a distinct legal entity, separate from its owner. This means that it can enter into contracts, acquire assets, and incur liabilities in its name.
  4. Nominee Director: In India, an OPC is required to appoint a nominee director, who will take over the management of the company in case the sole director becomes incapacitated.
  5. Compliance: OPCs are required to adhere to various statutory and regulatory compliance requirements, such as filing annual financial statements and income tax returns.
  6. Conversion: If an OPC reaches a certain turnover or capital threshold, it may need to convert into a private limited company or another suitable business structure to continue its operations.
  7. No Partners: An OPC cannot have partners; it must have only one individual shareholder. Other business structures like partnerships or limited liability partnerships require two or more individuals.

OPCs provide a convenient way for single entrepreneurs to run a business with limited liability. However, the specific regulations and requirements for OPCs can vary from one country to another. It's important to consult with legal and financial professionals to understand the rules and regulations related to OPCs in your jurisdiction and to determine if it's the right choice for your business.

Timelines for OPC Registration

  1. Obtain Digital Signature Certificate (DSC): The first step in registering a company in India is to obtain a Digital Signature Certificate. This is required for the online filing of documents with government authorities.
  2. Obtain Director Identification Number (DIN): The next step is to obtain a Director Identification Number. This is done by filing an application online with the Ministry of Corporate Affairs (MCA). If you are the sole director, you will be issued a DIN.
  3. Name Reservation: You need to apply for name reservation with the MCA. The name you choose should be unique and conform to the naming guidelines set by the MCA.
  4. Prepare the Memorandum and Articles of Association: Draft the Memorandum and Articles of Association for your OPC. These are the governing documents that outline the company's objectives, rules, and regulations.
  5. Filing Incorporation Documents: Prepare and file the necessary incorporation documents, such as Form INC-32, INC-33, and INC-34, with the Registrar of Companies (ROC). These forms include information about the company's directors, shareholders, and the registered office address.
  6. Payment of Fees: Pay the requisite fees for the registration and incorporation process. The fees can vary based on the authorized capital of the company.
  7. Certificate of Incorporation: Once the ROC is satisfied with your application, they will issue a Certificate of Incorporation, which officially establishes your OPC as a legal entity.
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