Inc 29 One Person Company Registration

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. This article looks at the process for Inc 29 One Person Company Registration.

Note: As part of the Ministry of Corporate Affairs (MCA) streamlined registration process, the traditional Form INC-29 has been replaced by the new and improved SPICe+ (SPICe Plus) form.

One Person Company

One Person Company is a new 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

Obtain the digital signature certificate for the principal Director of the One Person Company. A digital signature certificate can be obtained by submitting the signed digital signature application form along with self-attested copies of a PAN card and address proof like a driver's license, Aadhaar card, electricity bill, etc.; a digital signature certificate can be obtained in 1 to 2 working days.

Note: Foreign Citizens or Non-Resident Indians cannot start a One Person Company in India.

Step 2: Prepare Incorporation Documents

It requires the following documents to file for incorporation of One Person Company. The Entrepreneur can prepare the same with the help of IndiaFilings.com. List of documents required for filing Form INC-29:

Memorandum of Association
Articles of Association
Declaration
Affidavit
Proof of registered office address
Copies of utility bills of registered office address not more than two months old
Identity and address proof of the principal Director
Identify and address proof of the nominee Director

Prepare INC-29

A Financial Professional or IndiaFilings can prepare the form INC-29 by completing the above documents. Now, submit the INC-29 to the MCA with the Digital Signature of a Chartered Accountant Company Secretary or Cost Accountant Advocate. Therefore, it is essential to get professional help.

Remember that the name approval process is integrated with the incorporation process using the INC-29 form. Therefore, only one name can be provided during the incorporation process. It is essential that the proposed name is not similar to that of an existing company or LLP name and also any trademark. You can learn more about choosing the right name for your company from the following articles in the IndiaFilings Learning Center:

Company Naming Guidelines as per Companies Act, 2013
Acceptable Name for Company or LLP

The procedure for doing a trademark search and understanding trademark status can be found in the following articles. There is no cost for doing a trademark search in India.

How to do a trademark search in India.
Understanding trademark status

Further, there is no requirement to obtain DIN for the nominee Director. However, a letter from the proposed nominee Director expressing his/her consent to act as a nominee director for the One Person Company must be attached.

Step 3: File for Incorporation

Upon preparing the above documents and form INC-29, it is compulsory to affix the digital signature of a financial professional (CA/CS/CWA/Lawyer) 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 Form INC-29 and the attached documents conform with the Companies Act 2013, then the One Person Company would be registered, and the Registrar would issue a Certificate of Incorporation. If there are errors with the INC-29 filing, the Registrar will request a re-submission of form INC-29 with changes. Submit the form within 15 days for reprocessing by the Registrar.

Comparison: Form INC-29 vs. SPICe+ for OPC Incorporation

Form INC-29, and SPICe+ are registration forms used in India to incorporate companies. Ministry of Corporate Affairs has introduced Form INC-29 as an integrated form to simplify the company incorporation process. It consolidated multiple registration processes into one form, including the application for Director Identification Number (DIN), name reservation, and incorporation. SPICe+ (SPICe Plus is a new and updated version of the SPICe form. SPICe+ has been introduced as a comprehensive form that combines multiple services, including name reservation, DIN allotment, company incorporation, and other related services. SPICe+ has replaced the form INC-29 for OPC incorporation purposes. Therefore, currently, SPICe+ is the form used for One Person Company (OPC) incorporation in India. For more details on One Person Company Registration in India, visit IndiaFilings.com

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Frequently Asked Questions

Common questions about One Person Company Registration India: Legal Incorporation.

A One Person Company (OPC) is a new type of business entity introduced in India under the Companies Act 2013. It allows a single individual to incorporate a company and be the sole shareholder and director. This provides entrepreneurs the benefits of a corporate structure without the need for multiple shareholders or directors.

According to the article, only Indian citizens and resident individuals can register a One Person Company in India. Foreign citizens and non-resident Indians are not eligible to start an OPC.

Form INC-29 was introduced by the Ministry of Corporate Affairs (MCA) to streamline and fast-track the company registration process, including for One Person Companies. It consolidates multiple registration processes into a single form, such as DIN application, name reservation, and incorporation.

Yes, the article mentions that the traditional Form INC-29 has been replaced by the new and improved SPICe+ (SPICe Plus) form for OPC registration. SPICe+ is a comprehensive form that combines various services required for company incorporation.

The key documents required for OPC registration using INC-29 include Memorandum of Association, Articles of Association, Declaration Affidavit, proof of registered office address, identity and address proof of the principal director and nominee director, and a consent letter from the nominee director.

Yes, the article clearly states that it is essential to get professional help from a Chartered Accountant, Company Secretary, Cost Accountant, or Advocate for preparing and filing Form INC-29. This is because the digital signature of a financial professional is mandatory on the form.

No, the article mentions that only one proposed name can be provided during the incorporation process using INC-29 or SPICe+. It is crucial to ensure the proposed name is not similar to any existing company, LLP, or trademark.

While not explicitly stated as a requirement, the article recommends conducting a trademark search to ensure the proposed company name does not infringe on any existing trademarks. It also provides links to learn about the process and understand trademark status in India.

If the form and documents conform to the Companies Act 2013, the Registrar will issue a Certificate of Incorporation, and the One Person Company will be registered. If there are errors, the Registrar may request a resubmission of the form with changes within 15 days.

Form INC-29 was an earlier integrated form introduced by MCA to simplify company incorporation, including OPCs. SPICe+ (SPICe Plus) is a newer and more comprehensive form that has replaced INC-29 for OPC registration. It combines multiple services like name reservation, DIN allotment, and incorporation into a single form.