One Person Company Registration in Bangalore
Register your OPC with speed, ease and Value Savings
-We will draft and file your application to MCA
-You just need to fill a simple 10-minute Questionnaire
– Simplifying your business journey
What is a One Person Company?
The contemporary concept of a ‘One Person Company (OPC) has been introduced in the Companies Act, 2013 by the MCA to provide an entirely new bracket of opportunities for the budding entrepreneurs who are capable of starting a venture single-handedly by allowing them to create a single person economic entity. An OPC is a hybrid structure where the OPC owner will enjoy all the benefits of a private limited company which precisely means that the OPC owner will have the access to bank loans, credits, limited liability, access to market, legal protection, etc, all in the name of an independent entity.
An OPC can be formed in two under the following two categories:
- 1. Company limited by guarantee.
- 2. Company limited by shares
Benefits of OPC Registration in Bangalore
Bangalore is one of the largest IT services exporters in India. Famous tech companies such as Wipro and Infosys have Headquarters there. This city is the treasure of engineering and analytical talent which is essential for the startups. Leading educational institutes are also there.
If we say about the opportunities in Bangalore, there is largely young tech talent available there. Many big educational institutes such as IISc, IIMB, NID R&D campus, etc. are there. There are a rich atmosphere and social life. So, it brings out many opportunities to startups as well as a small business.
Many startups moved to Bangalore Due to its startup ecosystem in the city. Big companies such as Ola and Flipkart moved to this city although they have started business in Mumbai. The infrastructure of that city is very good as compared to other cities.
Just like a startup needs an idea to be born, it needs money to grow big. Venture capital is financing that investors provide to startups and small businesses that are believed to have long-term growth potential. For startups without access to capital markets, venture capital is an essential source of money. Accel Partners, ArtimanVentures, Ascent Capital Advisors, etc. are the active VC financers of the Bangalore.
Ease of doing business
According to India’s Business Reform Action Plan, 2017 – a joint initiative between the World Bank and the Department of Industrial Policy and Promotion (DIPP) – the state of Karnataka is the 6th best Indian state in terms of ease of doing business, up from ranking 13th in 2016.
At Company Registration our experts register your OPC Registration in Bangaloreand also help you in all matters of company registration. Starting from Selecting a Name for your company, searching availability of the name you have chosen, designing your logo, providing trademark registration of your brand name and free consultancy on any matter related to your company registration. Company Registration is just the first step of your journey with us. We also provide Bookkeeping, Taxation, Annual Filing, ROC Compliances (such as minutes, notices etc.) services too. We are a one stop shop for all your business related needs.
Requirements for OPC Registration in Bangalore
- Minimum of 1 Director
- Minimum of 1 Member
- Minimum Share Capital of at least 1 lakh
- PAN Card issued by the Income Tax Department is a mandatory requirement for the identity proof.
- Copy of Passport/ Voter ID/ Driving license/ Aadhaar card/ Any utility bill is required for the address proof. The address proof must be in the name of the “applicant” only and should not be older than 2 months from the date of filing of DIR-3.
- Passport size photograph of the Applicant and Nominee
- Current occupation of the applicant
- The E-mail address and the mobile number of the applicant.
- Verification Signed the Applicant
Procedure for One Person Company Registration
Advantages of One Person Company Registration
- Only One Shareholder – Only a natural person who is an Indian resident shall be eligible to incorporate an OPC. The person must have stayed in India for a period of at least 182 days in the preceding one year.
- Single Promoter – OPC is the only corporate entity that can be started and operated by a single promoter with limited liability protection in India and ensures the perpetual existence if the business along with easy ownership transferability.
- Nominee for the Shareholder – The only owner of the OPC shall nominate another person who shall become the director in case of incapacity/death of the original director. Only a natural person who is an Indian resident is eligible to become a nominee of the OPC.
- Uninterrupted Existence – The incorporated OPC has a ‘perpetual succession”, i.e., uninterrupted existence until it’s been legally dissolved. Since the company has a separate legal existence, it is unaffected by the death or departure of any member and continues to be in existence irrespective of the changes in its ownership.
- Easy Transferability –The ownership of an OPC can be transferred easily by transferring the company shares. The signing, filing, and transfer of share certificates and shares transfer forms are sufficient to transfer the ownership of the company. In OPC, ownership can be either transferred by altering the nominee director’s information, shareholding, or the directorship.
- Borrowing Capacity –It is very much noticeable that the banks and other financial institutions prefer to provide funding to a company rather than partnership firms or proprietary concerns. However, an OPC cannot issues multiple types of equity security as it is owned by one person at all times.
- Owning Property – A company enjoying the status if artificial person is eligible to acquire, own enjoy and alienate property in its name. The property that is owned by the company could be buildings, land, machinery, intangible assets, factory, residential property, etc. Additionally, the nominee director is prohibited to claim any ownership of the company while serving as the nominee director.
Post Incorporation Compliances of OPC
Though an OPC does permits an onliest entrepreneur to operate a corporate entity with protection of a limited liability, an OPC does accounts a few limitations. Following are the points to be kept in mind before prepping to incorporate an OPC:
- Only a natural person who is an Indian resident in the preceding year, i.e., has stayed in India for 182 days can form an OPC.
- Every OPC must nominate a Nominee Director in the MoA and the AoA of the company, who becomes the owner of the OPC in case the sole owner is disabled
- The OPC should be converted into a Private Limited Company if the annual turnover of the company crosses Rs. 2 crores
- It must file an audit of the financial statements with the MCA at the termination of each financial year.
- The inception of the paid-up capital of Rs. 50 lakh and an average annual turnover of Rs. 2 crores in 3 immediately preceding financial year is important beyond which the status of OPC is lost.
- The rules of the OPC do not permit Non-Banking Financial Institutions