One Person Company (OPC) is a type of corporate structure which is designed to encourage entrepreneurship and allow a single person to own and manage a business. OPC registration can be a great way to start a business as it includes a wide range of benefits such as limited liability, tax savings, and simplified procedures for raising capital and other transactions. To get started, Manish Marwah and Co helps in following the right steps which are a must in order to register a One Person Company.
The first step is to get a Director Identification Number (DIN) and a Digital Signature Certificate (DSC). The DIN is the unique identity number provided by the Ministry of Corporate Affairs (MCA) while the Digital Signature Certificate is a security mechanism provided by the government to ensure secure and authentic transactions.
In the next step, Professionals at Manish Marwah and Co help you to file the memorandum of association and articles of association with the MCA. This is a legally binding document that outlines the terms and conditions of the company. The memorandum and articles must be signed by both the OPC member and the directors.
After this, the company must obtain the Certificate of Incorporation from the Registrar of Companies. This is the official document which proves the existence of the company and it is the proof of its registration under the Companies Act.
Finally, the OPC must open a bank account and register the company for taxation. Once all the requirements are met, the company can begin operations.
One Person Company registration is a great way to start a business and it comes with several advantages like limited liability, tax savings, and legal protection. However, it is important to understand the procedures and requirements of registration before starting a business and thus taking help and guidance from a well known Chartered accountancy firm, Manish Marwah and Co becomes crucial.
