The Ministry of Corporate Affairs (MCA) has recently Form INC-29 to fast track the company registration process. One Person Company is a type of Company in India that falls under the Companies Act, 2013. Therefore, the fast track registration process also applies to One Person Company (OPC) Registration. In this article, we look at the process for INC-29 One Person Company registration.
One Person Company
One Person Company is a new type of business entity in India introduced through the Companies Act, 2013. One Person Company is an option for those Entrepreneurs who require a corporate legal entity and are starting their business without any Partners. In One Person Company, one person can hold 100% shareholding of the Company and be the sole Director of a Company. Whereas for a Private Limited Company a minimum of two Shareholders and two Directors are required.
INC- 29 One Person Company Registration
One Person Company Registration Using INC-29
Step 1: Digital Signature Certificate
Digital signature certificate must be obtained for the main Director of the One Person Company. Digital signature certificate can be obtained by submitting the signed digital signature application form along self attested copies of PAN card and address proof like drivers license, aadhar card, electricity bill, etc., A digital signature certificate can be be obtained in 1 to 2 working days.
Note: Foreign Citizens or Non-Resident Indians are not allowed to start a One Person Company in India.
Step 2: Prepare Incorporation Documents
To file for incorporation of One Person Company, the following documents are required. The same can be prepared by the Entrepreneur with the help of IndiaFilings.com. List of documents required for filing Form INC-29:
Copies of utility bill of registered office address not more than 2 months old
Identity and address proof of the main Director
Identify and address proof of the nominee Director
Once the above documents are prepared, form INC-29 can be prepared by IndiaFilings or a Financial Professional. INC-29 must be submitted to the MCA with the Digital Signature of a Chartered Accountant or Company Secretary or Cost Accountant or Advocate. Therefore, it is important to get professional help.
Keep in mind that the name approval process is integrated with the incorporation process while using the INC-29 form. Therefore, only one name can be provided during the incorporation process. It is important that the proposed name is not similar to that of an existing Company or LLP name and also any trademark. You can know more about choosing the right name for your company from the following articles in the IndiaFilings Learning Center:
Further, there is no requirement for obtaining DIN for the nominee Director. However, a letter from the proposed nominee Director expressing his/her consent to act as nominee Director for the One Person Company must be attached.
Step 3: File for Incorporation
Once the above documents and form INC-29 are prepared, digital signature of a financial professional (CA/CS/CWA/Lawyer) must be affixed on the INC-29 form along with the digital signature of the main Director. Form INC-29 is now ready to be filed with the MCA.
Step 4: One Person Company Registered
If the Form INC-29 and the attached documents are in conformance with Companies Act, 2013, then the One Person Company would be registered and Certificate of Incorporation would be issued by the Registrar. In case there are errors with the INC-29 filing, then the Registrar would request a re-submission of form INC-29 with changes. The form can be resubmitted within 15 days for reprocessing by the Registrar.