Overview on Online One Person Company Registration in Chennai

We strongly believe that our goals can only be reached through the vehicle of a plan. There is no other route to success. Do you feel the same? Then what are you waiting for? Run your business with unquestionable compliances. Just Scroll down and get our Premium offers to get your business registered as One Person Company in Chennai! Chennai is one of the top 10 cities in India having the highest literacy rate. This is one of the reasons why people over there want to set up their own companies.

Chennai has seen a considerable rise concerning the start-up culture in recent years. Keeping this thing in mind, the government of Tamil Nadu continues to promote the development of a start-up ecosystem in the state. Besides that, Chennai creates a suitable environment for the entrepreneurial business without creating pressure on the new entrepreneurs to start their sole business. The One Person Company registration helps start-ups entrepreneurs to easily implement their business ideas and by placing reliance on a marketable product they can approach the venture capitalist for business funding. Also, OPC gives immense opportunities for sole owners and entrepreneurs to avail of the benefits of limited liability and perpetual succession but are restricted in doing so because of the non-availability of other directors or shareholders.

A good infrastructure is a basic requirement to start the business, and Chennai fulfills that requirement. The city has an excellent infrastructure facility that is why we believe it is the best place to start your business. But before starting a new business you must comply with all the requisites by the books. Then what are you waiting for? Get your One Person Company Registration done in Chennai from one of the leading Company Registration Consultants in India. We provide comprehensive assistance on Company Registration and compliance-related services.

Business Structure of One Person Company

A One Person Company (OPC) is a new form of business in the corporate history of India. A new progressive plan was introduced to promote self-employment and to motivate individuals who are capable of starting a business of their own. OPC enables a sole trader to convert his firm into a Limited Liability company and derive the advantages of an Incorporated Company. An OPC is a business structure, which enjoys the benefits of both a Sole proprietorship and a company form of business. Thus, it eliminates the hassles of finding the right kind of co-partner/s for starting a business as a registered entity.

As Per Section 2 (62) of the Companies Act, 2013, One Person Company means a company which has only one person as a member.

One Person Company is bringing the Proprietorship Business into the organized version of a private limited company. Various small and medium scale businesses, that were doing their business as a Sole proprietor, have entered into the corporate sector. The organized version of OPC is opening the path for more favorable banking facilities.

The Eligibility criteria for One-person Company Registration in Chennai

• Only a natural person who is a resident of India in the preceding calendar year can form OPC.
• Only one member can form an OPC.
• The OPC formed under Section 3(1) may be either-
  • A Company limited by shares, or
  • A Company limited by Guarantee, or
  • An Unlimited Company
• The name of the company should be unique and shouldn’t be similar to any other existing company and trademark.
• A person cannot incorporate more than 1 OPC or be the nominee of more than one OPC.
• There must be a least 1 director, and a maximum of 15 directors can be appointed in a company for OPC registration online.
• The Threshold limit of paid-up capital is Rs 50 lakh and the Average Annual turnover is Rs 2 Cr. in the immediately preceding financial year, and if the Company exceeds the limits the status of OPC is lost.
• The name of the One Person Company must include the last word as (OPC) Private Limited.
• Pre-condition to indicate the name of the other person as a nominee in the event of the death of the subscriber to become a member of the One Person Company.

What are the Restrictions implied on OPC?

The Documents required for Online One Person Company Registration in Chennai

Documents required for One Person Company in Chennai are as follows:-

SPICe+ Form requires many documents for OPC registration like name reservation, DIN allotment, incorporation, issue of PAN, TAN, ESIC, EPFO, Profession Tax (Maharashtra), GSTIN, and Opening of Bank Account.

Documents required for DSC-

• Passport size photo of the applicant.
• Copy of Id and Address Proof.
• Email Id and Phone number
• Specimen Signature.

Note-For Identity proof, the applicant can go for the following documents-

• PAN Card
• Passport

Note-For address proof, the applicant can go for the following documents-

• Voter ID Card
• Aadhaar Card
• Passport
• Electricity Bill
• Ration Card
• Telephone Bill
• Driving License

Note-For Residential proof, the applicant can go for the following documents-

• Copy of Current Bank Account Statement/Phone Bill/Gas or Electricity Bill)
• Copy of Rent agreement
• No-objection Certificate from the property landowner
• Copy of the property (if the property is owned)

Documents Required for Online OPC Registration in Chennai (For SPICe+ form)

• Identity proof
• Address proof of Applicant.
• Residential address proof & Identity proof and of the nominee and the subscriber.
• Articles of Association
• Memorandum of Association
• Declaration by the Subscribers 
• Declaration by the Directors
• Proof of Office Address
• Copy of Electricity or Utility Bills (It should not be older than 2 months)
• Disclosure of Director’s Interest.
• Nominee’s Consent in Form INC-3
• Any other document [If required]

Documents Required for OPC Registration in Chennai for AGILE-PRO-

• Copy of Address Proof of Principal Place of Business.
• Documents related to the appointment of Authorized Signatory for GST Registration.
• Copy of Resolution passed by the Board of Directors/Letter of Authorization.
• Id Proof, Address proof and Specimen Signature of Authorized Signatory for the opening of a bank account of the company and EPFO.

The requirement for Online Company Registration in Chennai for Declaration in form 'INC-9'-

The declaration of the member and directors are presented electronically in auto-generated in PDF format. The applicants for OPC registration have to provide a certification duly authorized by a Professional, such as Chartered Accountant, Company Secretary, and Cost Accountant.

Advantages of opting for OPC Registration in Chennai

Registering a one person company in Chennai offers many advantages. Those are as follows:-

What is the procedure for One Person Company Registration in Chennai?

The procedures for One Person Company Registration in Chennai are as follows:-

• For One Person Company Registration, it is required for the applicant to get a Digital Signature Certificate (DSC) issued by the Certifying Authority. The authenticity of all the documents (For incorporation and other compliances) is ensured by the DSC.
• Name Reservation Application through SPICe+ FORM- To ease the process of doing business, MCA has introduced a new Web FormSPICe+ AND AGILE PRO by replacing the existing SPICe form. SPICe+ form is applicable with effect from 15^th February 2020.SPICe+ form includes all the procedures right from the Name reservation of the company to post-incorporation compliances.

SPICe+ form is divided into 2 parts-

• Director Identification Number
• Issue of PAN Card
• Mandatory issue of EPFO,
• ESIC Registration and Professional Tax registration
• Opening of Bank Account for the company
• GSTIN allotment

Steps required to start the OPC Registration Process in Chennai are as follows:-

SPICe+ Web-form is a post-login service where New users are required to create a login account first before using the service and registered users would need to login to their account using their details. The applicant applying for name reservation, incorporation, and other integrated services together, is required to file all the necessary information in Part A and Part B.

Step 1-

Click on the ‘SPICe+’ Form placed under ‘MCA Services’ on the website.

Step 2-

The applicant can reserve the Name of the company in Part A of SPICe+. The applicant has to enter the name he/she wants to reserve, for the incorporation of a new company or for changing the name of an existing company. While reserving the name, the applicant has to enter the requisite details-

• ‘Type of Company’
• ‘Class of Company’
• ‘Category of Company’
• ‘Sub-Category of Company’
• Details of the ‘Main division” of the Company’s business activity.
• Description of the main division.

Once the details are filed, click on the ‘Auto-check’ as per the rules prescribed to administer the names of the Company.

Step 3-

After that, submit the ‘Part A’ for reservation of name and incorporate formalities.

Step 4-

The next step is to download the Part B in PDF format for filling up the associated forms (SPICe+ are AGILE-PRO, SPICe + AoA, and SPICe + MoA, INC-9 and URC-1) and for affixing the “DSC,”.

SPICe+ Part B offers services for various sections ‘Check form’ for each section. SPICe+ Part B includes the services like:-

• Incorporation
• DIN allotment
• Issue of PAN
• Issue of TAN
• Issue of EPFO registration
• Issue of ESIC registration
• Issue of Profession Tax registration(Maharashtra)
• Details of Opening the Bank Account for the Company and
• Allotment of GSTIN.

Step 5-

Part B of SPICe+ and linked forms can then be uploaded on the MCA portal.

Step 6-

The next step is to go for a ‘pre-scrutiny’ check. After pre-scrutiny the applicant must click on the Confirmation button for the successful submission of the Application form.

Step 7-

After that, an SRN - “Service Request Number” will be generated for making a payment towards “OPC incorporation.” The forms will be processed once the payment is completed successfully.

Note- The SPICe+ form must be resubmitted in the same manner if the authority marks it for resubmission.

CorpBiz Support

Our Corpbiz group will be at your service if you require any legal advice from experts on any aspect of OPC Registration in Chennai. At Corpbiz we provide you a hassle-free One-Person Company Registration which would be dealt by our professionals within a time frame, subject to governmental processing time. Our team takes care of the documents required for OPC registration and helps in provide you the realistic estimation of One Person Company registration cost.

Our clients can also track at all times the progress on our platform. If you have any questions about the One Person Company Registration process, our experienced representatives are just a phone call away. CorpBiz will ensure that your communication with professionals is charming and seamless.

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