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As part of the Ministry of Corporate Affairs (MCA) streamlined registration process, the traditional Form INC-29 has been replaced by the new and improved SPICe+ (SPICe Plus) form.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