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OPC Registration
What is a OPC(One Person Company) ?
The contemporary concept of a ‘One Person Company (OPC) has been introduced in the Companies Act, 2013 by the MCA to provide an entirely new bracket of opportunities for the budding entrepreneurs who are capable of starting a venture single-handedly by allowing them to create a single person economic entity. An OPC is a hybrid structure where the OPC owner will enjoy all the benefits of a private limited company which precisely means that the OPC owner will have the access to bank loans, credits, limited liability, access to market, legal protection, etc, all in the name of an independent entity. OPC Registration is governed by the Companies Act,2013, and administered by MCA.
Requirements for OPC Registration
• Minimum of 1 Director
• Minimum of 1 Member
• Minimum Share Capital of at least 1 lakh
• PAN Card issued by the Income Tax Department is a mandatory requirement for the identity proof.
• Copy of Passport/ Voter ID/ Driving license/ Aadhaar card/ Any utility bill is required for the address proof. The address proof must be in the name of the “applicant” only and should not be older than 2 months from the date of filing of DIR-3.
• Passport size photograph of the Applicant and Nominee
• Current occupation of the applicant
• The E-mail address and the mobile number of the applicant.
• Verification Signed the Applicant
Procedure for OPC Registration
Step 1:Applying for Digital Signature of Director (DSC)
DSC is an equivalent of the physical or paper certificates in their digital format. The process OPC Registration begins with applying for the DSC because the application for One Person Company is filed online with the DSC of the director only. In order to issue a DSC, a signed application form with a photo ID and Address proof of the director is submitted.
Step 2:Applying for Direction Identification Number (DIN)
Director Identification Number is a permanent and a unique identification number issued to the Director of a company or a designated partner of the LLP by the Registrar of Companies. In accordance with the New Companies Act, 2013 – no person can hold an office of the director without having a DIN. An application to the ROC is made with a photo, attested ID and address proof duly signed by a practicing professional, a CA/CS/CMA for the allotment of DIN.
Step 3:Name Approval of the One Person Company(OPC)
Name of each and every company should be new and unique. In other words, no company name should resemble to that of an already registered company, LLP or a registered trademark. After the successful allotment of DSC and the DIN, an application is made to the ROC for the approval of the company name for OPC Registration The Registrar is entitled with the discretionary powers when it comes to the approval of the company name.
Step 4:Drafting of the MoA and AoA of the Company
The Memorandum of Association (MoA) of the OPC includes all the information about the company such as the Name of the Company, state of company incorporation, details of the authorized capital and declaration of the company about being it a limited company. The Article of Association (AoA) accommodates all the internal rules of the organization. It is mandatory for the promoters to adopt and sign the MoA and AoA before it could be filed with the ROC.
Step 5:Company Incorporation
Once your application is filed you will receive an ARN number. The Incorporation certificate is received within 15-20 days .It is a proof that OPC has been created. The COI also includes your CIN (Company Identification number).
Step 6:Opening of a Company Bank Account
It is mandatory for a company to have a bank account in order to operate its business. Our expert executives are here to help you in getting the company PAN, RAN and TDS payment compliance to help you open the company bank account.
Documents Required For OPC Registration
PAN Card of owner
Passport size photograph
Aadhaar Card / Voter identity card
Rent agreement / Property Paper
Advantages of OPC Registration
1. Only One Shareholder – Only a natural person who is an Indian resident shall be eligible to incorporate an OPC. The person must have stayed in India for a period of at least 182 days in the preceding one year.
2. Single Promoter – OPC is the only corporate entity that can be started and operated by a single promoter with limited liability protection in India and ensures the perpetual existence if the business along with easy ownership transferability.
3. Nominee for the Shareholder – The only owner of the OPC shall nominate another person who shall become the director in case of incapacity/death of the original director. Only a natural person who is an Indian resident is eligible to become a nominee of the OPC.
4. Uninterrupted Existence – The incorporated OPC has a ‘perpetual succession”, i.e., uninterrupted existence until it’s been legally dissolved. Since the company has a separate legal existence, it is unaffected by the death or departure of any member and continues to be in existence irrespective of the changes in its ownership.
5. Easy Transferability –The ownership of an OPC can be transferred easily by transferring the company shares. The signing, filing, and transfer of share certificates and shares transfer forms are sufficient to transfer the ownership of the company. In OPC, ownership can be either transferred by altering the nominee director’s information, shareholding, or the directorship.
6. Borrowing Capacity –It is very much noticeable that the banks and other financial institutions prefer to provide funding to a company rather than partnership firms or proprietary concerns. However, an OPC cannot issues multiple types of equity security as it is owned by one person at all times.
7. Owning Property – A company enjoying the status if artificial person is eligible to acquire, own enjoy and alienate property in its name. The property that is owned by the company could be buildings, land, machinery, intangible assets, factory, residential property, etc. Additionally, the nominee director is prohibited to claim any ownership of the company while serving as the nominee director.
What is a Private Limited Company?
A Private limited company is the most popular form of a “legal structure” in India. A Pvt. Ltd. is incorporated under the Companies Act 2013 and it is governed by the Ministry of Corporate Affairs (MCA). It is a separate legal entity from it’s owners.
Detailed Procedure
Step 1: Obtaining Digital Signature (DSC) and DPIN
Since the whole process of registration is online, the directors are required to have a DSC (class II or III). This service is included in our package and you needn’t pay anything for it. In case the directors already have a valid digital signature, then they can skip this step.
Step 2: Application of DPIN
For a person to be a director of a company, you need to fill this form, if you haven’t done it already. One DIN form can be used to become a director, in any number of companies.
Step 3: Name approval
At this step, you are supposed to submit 3 different names for your company. From these 3, one will be selected. The names submitted should be unique and suggestive of the company’s business.
Step 4: Form SPICe
After this, you need to get it digitally attested from a Chartered Account/Company Secretary/Advocate in practice. And then, complete the application in INC-32.
Step 5: e-MoA (INC-33) and e-AoA (INC-34)
Before SPICe, these forms were filled physically but now you can fill these up online at the MCA portal along with SPICe (INC-32). You need to sign these forms digitally and fill all the details. If the documents submitted are approved, then the registrar of the company will issue a certificate of Incorporation and CIN (Corporate Identity Number).
Step 6: PAN and TAN application
After you receive the CIN, you can apply for TAN and PAN of the company, as these are required for opening a bank account. This step could be performed along with INC-32 at the time of incorporation.
Documents Required for a “Private Limited Company Registration”
PAN card
But in the case of NRIs, passport is required.
Passport size photograph
Not more than 10 months old photograph of directors and shareholders.
ID proof
Copy of Aadhaar card/voter identity card/passport/driving license of directors and shareholders
Rent agreement
In case the property is on rent, then a copy of rent agreement
Address proof
Electricity bill/water bill/bank statement/gas/telephone bill of shareholders and directors
Registered office proof
Electricity bill/water bill/bank statement/gas/telephone bill of the registered office address
NOC from the owner
No objection certificate is required from the owner(s) of the registered office
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Open a Savings Account online through your mobile phone or laptop through InstaAccount. You can initiate the process with just your mobile number, your documents and by filling out a form. It can all be done conveniently via our online portal, allowing you to avoid having to physically go to the bank.
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What is Micro ATMs?
Micro ATM is a mini version of an ATM. Micro ATMs are like modified point of sales terminals this terminal can connect to banking network via GPRS to perform banking transactions. This machine contains card swipe facility and fingerprint scanner. These machines are carried by bank representative at remote/mobile locations. These machines are handy and not capable of keeping a
The Micro ATMs can perform following transactions -
• Cash Deposit
• Cash Withdrawal
Fund Transfer
• Balance Enquiry
Service Request acceptance
• Aadhar Seeding
• eKYC based saving account opening
How Micro ATM Works?
Working of Micro ATM is similar to normal ATM machine.
• Firstly, you need to undergo via a verification process. For the verification process, Aadhaar card with fingerprint scanning or card swipe option is provided.
• Once verification is completed Micro ATM will display various transaction options.
• You need to select the option and device will process the transaction.
On successful transaction, a message will be displayed on the screen and print receipt is generated.
• You will also get SMS alert from your bank about the transaction.
This ATM provides facility for the transaction for all banks. However, it is mandatory to link your Aadhaar card with your bank account in order to use this facility.
What are the benefits of using Micro ATM?
• One can extend banking services anywhere in the remote area using Micro ATM
• It is a low cost option for the existing ATM
• Micro ATM is portable device
Easy to carry, easy to setup anywhere in the remote area
Biometric enabled secured transactions
• Interoperable device and can work for any bank
• Useful to help people during demonetization process
The Micro ATM is invented to help people of the rural area for the financial inclusion. However, in heavy cash crunch problem like today these types of Micro ATM machines is boon to everyone.
Personal Loan
A personal loan is a type of unsecured loan that helps you meet your current financial needs. You don’t usually need to pledge any security or collateral while availing of a personal loan.Boyh private and govt employee can apply.for more details visit our page www.dashriloans.com
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