All About One Person Company

The Concept and Salient features of One person Company

One Person Company (OPC) is defined in sub section 62 of section 2 of the Companies Act, 2013 which reads as follows:

“One person company means a company which has only one member”

The important features of the One Person Company (OPC) –

1. OPC has only one person as a member/shareholder.

2. OPC can be registered only as a Private Company.

3. OPC may be either a company limited by share or a company limited by guarantee or an       unlimited company.  

4. An OPC limited by shares shall comply with following requirements:  

a. Shall have minimum paid up capital of INR 1 lac.

b. Restricts the right to transfer its shares

c. Prohibits any invitations to public to subscribe for the securities of the company.

5. An OPC is required to give a legal identity by specifying a name under which the activities of the business could be carried on.

How to Incorporate / RegisterLimited Liability Partnership (LLP) in India

Step wise Registration Process for Limited Liability Partnership (LLP)

Recently most entrepreneurs have started opting for Limited Liability Partnership, considering it has most positive features of Partnership and Companies. It is hybrid form which incorporates benefits of both partnership and companies. It has the following features:

>The liability of each partner is limited to the contribution mention in agreement.

>The cost of formation is limited.

>Less restriction and compliance.

>Separate Legal Entity

Following is Step wise Registration process for incorporation of Limited Liability Partnership (LLP)

Step 1) Obtain Designated Identification Number (DIN) Every individual intending to be appointed as designated partner of a limited liability partnership has to make an application for allotment of Director Identification Number. MCA has vide its notification amended the limited liability partnership rules, 2009. Now instead of DPIN, everypartner who will be appointed as designated partner , will need to apply for DIN and not DPIN. There is a fixed fee of Rs 100 for this eForm and it can only be paid through online mode (credit card/ internet banking). There shall be no requirement for physical submission of the documents at the DIN cell. All the necessary documents shall need to be scanned and attached in the eForm and submitted online. While filing DIN form ensure following:

New bank licence: RBI grants 'in-principle' approval to IDFC, Bandhan

The Reserve Bank of India( RBI) on Wednesday granted "in-principle" approvals to Mumbai-based infrastructure lender IDFC and Kolkata- based micro-finance Bandhan Financial Services for new bank licences.

The RBI will also consider the application of India Post, but the central bank said it would done separately in consultation with the government.

This would be the first time in a decade that new banking licences are handed out, since the formation of Yes Bank in 2004.

There were 25 companies in the running.  Public sector unit IFCI and private players such as Anil Ambani group and Aditya Birla group were among the applicants. Bajaj Finance, Muthoot Finance, Religare Enterprises and Shriram Capital had also applied.

The approval comes a day after the Election Commission (EC) cleared the decks for RBI to announce approvals for new banking licences.

The RBI had sought permission of the EC before announcing the awardees, as the model code of conduct is in place in the run up to the elections.

The "in-principle" approval granted will be valid for a period of 18 months during which the applicants have to comply with the requirements under the banking licence guidelines and fulfil the other conditions as may be stipulated by the RBI.

On being satisfied that the applicants have complied with the requisite conditions, the RBI would consider granting of a licence for commencement of banking business. Until a regular licence is issued, the applicants would be barred from doing banking business.

In February, the Bimal Jalan panel, which scrutinized applications for new bank licences, submitted its report to RBI.

Source: 

http://profit.ndtv.com/news/industries/article-new-bank-licence-rbi-grants-in-principle-approval-to-idfc-bandhan-384539

39 new forms notified effective from 14/04/2014

39 new forms notified effective from 14/04/2014.
1.       INC-1 Application for reservation of name – old form  1A
2.       INC-2 OPC- Application for Incorporation - New form
3.       INC-3 OPC- Nominee consent form - New form
4.       INC-4 OPC- Change in Member/Nominee - New form
5.       INC-5 OPC- Intimation of cessation - New form
6.       INC-6 OPC- Application for Conversion - New form
7.       INC-7 Incorporation of Co. (Other than OPC) 1
8.       INC-18 Application to Regional director for conversion of section 8 co.
into any other kind of co. - New form
9.       INC-20 Intimation to Registrar of revocation/surrender of license issued u/s 8  - New form
10.   INC.21 Application for commencement of business old form  19, 20
11.   INC-22 Notice for situation or change of situation of registered office old form 18
12.   INC-23 Application to Regional director for approval to shift the registered office from one state to another state or from jurisdiction of one registrar to another within the state - old form 1AD,24AAA
13.   INC-24 Application for change of name old form -  1B

Features of One Person Company (OPC)

The following are the important features of the One Person Company (OPC)

• One Person Company is a Private Company
• One Person Company has only one person as a member/shareholder.
• Minimum paid up share capital of One Person Company is one lakh rupees (Rs. 1,00,000)
• One Person Company may be either a Company limited by share / a Company limited by guarantee / an unlimited Company
• The words "One Person Company" should be mentioned in brackets below the name of the One Person Company
• One Person Company shall indicate the name of the nominee/other person in the memorandum, with his prior written consent
• The written consent above, shall be filed with the Registrar at the time of incorporation of the One Person Company along with its M&A (Memorandum and Articles)
• The nominee/ other person can withdraw his consent at any time
• The member/Shareholder of One Person Company may change the nominee/other person at any time, by giving notice to the other person and intimate the same to Company. Then the Company should intimate the same to the Registrar
• One Person Company is one of the type of Company on the basis of number of members
• In case of the death of member/shareholder or his incapacity to contract, then nominee/other person become the member of the Company
• Member/Shareholder of the One Person Company acts as first director, until the Company appoints director(s)
• One Person Company can appoint maximum 15 directors, but minimum should be one director
• One Person Company need not to hold any AGM (Annual General Meeting) in each year
• One Person Company should inform to the Registrar about every contract entered and also should record in the minutes of the meeting with in 15days from the date of approval by the BOD (Board of Directors)
• Cash Flow Statement may not include in the financial statements of One Person Company
• One Director is sufficient to sign the Financial Statements/Director's Report
• Within 180 days from the closure of the Financial Year, One Person Company should file the copy of the Financial Statements with Registrar