If you’re looking to start a business on your own, One Person Company Registration in Bangalore may be the perfect fit for you. According to the Companies Act of 2013, an OPC is a company that has only one shareholder as its member, meaning there can only be one member in the company. This is a major advantage over Private Limited Companies or Limited Liability Partnerships, which require a minimum of two members to form.
As a One Person Company, you’ll enjoy limited liability protection and continuity of business, just like any other company. You’ll also have the added benefit of being a separate legal entity from your personal finances, making it easier to manage your business finances. Plus, OPCs are relatively easy to incorporate, making it a straightforward process to get your business up and running.
Every One Person Company must nominate a nominee Director in the MOA or AOA who will become the owner of the OPC in case the promoter Director is disabled. It must file audited financial statements with the Ministry of Corporate Affairs at the end of each Financial Year. Therefore, it is important for the Entrepreneur to carefully consider the features of an OPC before incorporation. Legal Suvidha Providers can help incorporate a One Person Company online in Bangalore. So, before incorporating OPC following things must be kept in mind:
1. Only a Natural person who is a resident of India can form OPC but not AOP, Body corporate, Company, etc.
2. One can only be a member of one OPC or the nominee of one OPC only.
3. Conversion of One Person Company is necessary after paid-up share capital exceeds Rs. 50 L or the average annual turnover exceeds Rs. 2 Cr. in 3 immediately preceding financial year.
4. The rules of OPC do not permit Non-Banking Financial Institutions.
5. An OPC should not be confused with a Sole proprietorship i.e. promoter is not personally liable in the case of an OPC.
So, if you’re an aspiring entrepreneur in Bangalore looking to establish a business entity that combines the advantages of limited liability with the ease of solo operation, One Person Company Registration is the route to explore.
| Status of Private Company | As per S. 3 of the Companies Act, 2013, OPC is given the status of Private Companies. |
| Various Exemptions | An OPC enjoys various statutory exemptions from holding annual or extraordinary general meetings; signature on annual returns can be done by the Director himself, restriction on voting rights, demand for the poll, notice for the meeting, Signature on financial statements, etc. |
| Limited Liability | The owner of an OPC has limited liability, which means that their personal assets will not be at risk in case the company faces financial difficulties or gets into debt. |
| Single Owner | There is only one owner who can act both as a shareholder as well as a director. |
| Complete Control | This leads to fast decision-making and execution. Yet he/she can appoint as many as 15 directors in the OPC for administrative functions, without giving any share to them. |
| Legal Status & Social Recognition | One Person Company is a Private Limited Structure in the eyes of the law, which gives suppliers and customers a sense of confidence in business. |
| Separate Legal Entity | An OPC is treated as a separate legal entity from its owner, which means it can enter into contracts, own assets, and sue or be sued in its own name. |
| Easy Compliances | One Person Company registration is one of the easiest forms of corporate entities to manage. Very few ROC filing is to be filed with the Registrar of Companies (ROC). No need to conduct the Annual General Meeting (AGM), so lesser compliance cost. |
| Perpetual Succession | A company has ‘perpetual succession’, that is continued or uninterrupted existence until it is legally dissolved. A company, being a separate legal person, is unaffected by the death or other departure of any member but continues to be in existence irrespective of the changes in membership. |
| Easy Transferability | Shares of a company limited by shares are transferable by a shareholder to any other person. Filing and signing a share transfer form and handing over the buyer of the shares along with a share certificate can easily transfer shares. |
| Own property | A company being a juristic person, can acquire, own, enjoy and alienate, property in its name. No shareholder can make any claim upon the property of the company so long as the company is a going concern. |
Step 1: Obtaining DSC and DIN: Before you can begin the process of One Person Company registration, you need to obtain a Digital Signature Certificate (DSC) and a Director Identification Number (DIN) for the proposed Director. For this, you will only need to provide a few scanned documents and details; our representatives will fill out the form and submit it online. DIN and DSC can be obtained for the proposed Directors within 1 to 2 days.
Step 2: Name Approval: A minimum of one and a maximum of six proposed names must be submitted to the MCA. Subject to availability, naming guidelines and MCA processing time, Name Approval can be obtained in 2 to 3 working days.
Step 3: Drafting MOA and AOA Electronically: It takes 2 to 3 days to draft MOA and AOA Electronically in Spice MOA (INC-33) and Spice AOA (INC-34).
Step 4: Company Registration: After drafting the e-MOA and e-AOA, the incorporation Spice Form INC-32 is submitted along with a link form Spice MOA (INC-33) and Spice AOA (INC-34) to the MCA. MCA will usually approve the application for incorporation in 5 to 7 days, subject to their processing time. Please note that forms 49A and 49B have to be mandatorily applied with SPICe. If the same is not filed within 2 days of submitting SPICe (INC-32), the application for incorporation will be marked as ‘Invalid’.
1. Self Attested PAN Card copy
2. Self Attested copy of any one of the Identity Proof(Voter’s ID/Passport/Driver’s License)
3. Self Attested copy of Address Proof in the name of the director (Any utility bill i.e., mobile bill/water bill/ electricity bill, or bank statement which should not be older than two months)
4. Passport-sized photograph
1. Rent Agreement (Notarised: For rented property)
2. Sale Deed/Property Deed in English (in case of owned property)
3. No-objection Certificate from the property owner
4. Latest Electricity Bill / Mobile or Telephone Bill / Latest Bank Statement/Gas Bill
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