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ONE PERSON COMPANY TOTAL COST WITH BREAK DOWN
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ONE PERSON COMPANY BENGALURU
The concept of One Person Company was introduced in India through the Companies Act, 2013 to support entrepreneurs who want to start up a new venture. It allows them to create a single person economic entity. One of the advantages of a One Person Company (OPC) is that it can have only one member whereas a minimum of two members is retired for incorporating a Private Limited Company or a Limited Liability Partnership (LLP). A One Person Company is a separate legal entity from its promoter, offering limited liability and protection to its sole shareholder and having perpetual succession.
Though it allows a lone Entrepreneur to operate a corporate entity with limited liability protection, it also has some limitations. For instance, every One Person Company (OPC) must nominate a nominee Director in the MOA and AOA of the company - who will become the owner of the OPC in case the sole Director is disabled. Also, it must be converted into a Private Limited Company in case the annual turnover crosses Rs.2 crores Therefore, it is important for the Entrepreneur to carefully consider the features of a One Person Company prior to incorporation.
Bengaluru (Bangalore) is a city for individuals who want to have a successful career. The city is agglomerated with the people from different parts of the country for seeking a career and to lead a peaceful life. Having known for its various industrial opportunities, Bengaluru has become a place for enthusiasts who want to be entrepreneurs rather wanting to be an employee in a company. Therefore, many are coming to Bengaluru to start up their own companies for making their dream come true. As the law itself provides for an option to start up a one person company (OPC) under the Companies Act, 2013, OPC has become a trend in Bengaluru for the people who want to make a difference in their field of interest with their new venture. Thus, it is necessary for OPC registration in Bengaluru to be ensured of its efficacy. Get a consultation for OPC registration Bengaluru by arranging an appointment with Company Vakil.
REASONS FOR ONE PERSON COMPANY REGISTRATION IN BENGALURU
- A special feature of a One Person Company is that it can be started and operated by a single promoter with limited liability protection in India. The director will be liable only for the amount of investment made in the business.
- A one-pone-personally has 'perpetual succession' i.e., uninterrupted existence until it is legally dissolved. Death or departure of any member does not affect the existence of the company NY. It continues to be in existence irrespective of the changes in ownership.
- One person company enables helps directors in making a quick decision. It need not consult a number of people before making or implementing upon any decision.
- One Person Company is a popular and well-known structure. Many Corporate Customers, Vendors and Govt. Agencies prefer to deal with such OPC Private Limited Company instead of proprietorship firms.
- OPC Company is comparatively easy to sell as it involves very less documentation. The cost involved in selling a One Person company is also less.
- OPC is one of the easiest forms of corporate entities to manage. There is no requirement to conduct an Annual l General Meeting. Also, very few ROC filing is to be filed with the Registrar of Companies.
- A one-person company being an artificial person, can acquire, own, enjoy and alienate property in its name and the directors have no claim over the ownership of the company.
MINIMUM REQUIREMENTS FOR OPC REGISTRATION IN BENGALURU
- There should be minimum one shareholder, one director and one nominee; where the director and shareholder can be the same person.
- Only Indian residents can be a shareholder or a nominee of the OPC.
- Minimum 1 director must be a resident of India.
- Minimum Rs. 1 lakh of authorized capital must be there.
- All directors must have been allotted a Director Identification Number.
- The digital nature certificate must be obtained for one promoter and one witness.
- No person should be a part of more than one company.
DOCUMENTS REQUIRED FOR OPC REGISTRATION IN BANGALORE
- Identity proof and address proof is required from directors, shareholders and nominee.
- Identity proof may include a PAN card, Aadhaar card, driving license, voter ID card or passport.
- And, address proof may include telephone bill, electricity bill, and water bill or bank statement.
- Form DIR-2 which includes consent to act as directors, details of DIN and declaration of DIN is to be signed by all directors.
- Application for Digital Signature Certificate and an affidavit by subscribers and directors in the form INC-9 is to be signed by the shareholder.
- Details of nominee shareholder and consent by the nomination of a shareholder in the form INC-3 is to be signed by the nominee shareholder.
- No objection letter regarding the registered office of the company.
- Address proof of the registered company.
PROCESS FOR ONE PERSON COMPANY BANGALORE
The Ministry of Corporate Affairs (MCA) has introduced Form INC-29 which has simplified and fastened the process of company registration in Bengaluru
Company Vakil helps with affordable and hassle-free OPC registration Bengaluru online without stepping out of the house. Company Vakil also provides consultation for registration of one person company Bengaluru.
- The first step in the process of OPC registration in Bengaluru is to obtain a Digital Signature Certificate. For this, the director of the company has to submit a signed digital signature application form, self-attested copies of PAN card and address proof. The same is obtained within 1-2 days of filing for the same.
- The next step is to prepare for incorporation documents. The same is done by filing form INC-29. For this, the following documents are required-
- Declaration
- MOA
- AOA
- Proof of registered office address
- Copies of utility bills
- Affidavit
- Identity proof and address proof of the director and nominee.
- The directors have to obtain a Director Identification number. The same can be done by filing an application along with the following documents-
- Details of director
- Passport number
- Identity proof and address proof
- The incorporation documents have to be attached with form INC-29 and signed by the director or subscriber.
- The registrar of the company, after being satisfied that all the documents are as per the Companies Act, provides a certified case of incorporation. If there is any error in INC-29, re-submission of form can be filed with MCA with all necessary changes.
These are the process for one person company registration in Bengaluru.
ADVANTAGES OF ONE PERSON COMPANY BANGALORE
- Limited Liability Protection – OPC provides limited liability protection to its directors and shareholders. It helps secure the personal assets of the owner as the shareholder liability is limited to his shareholding and will not impact the personal assets of the shareholder.
- Legal Status and recognition to the business - One Person Company is one of the most popular business structures in the world. It gives suppliers and customers a sense of confidence in business. Also, large organizations prefer to deal with private limited companies instead of proprietorship firms. It also enjoys corporate status in society which helps the entrepreneur attract a quality workforce.
- Complete Control over the company - As OPC has a single owner, it leads to faster decision making. He need not go through the long process of consulting every member before taking or executing a decision.
- Tax Savings - OPC makes it is possible for a company to make valid contracts with its shareholder or directors. This means the director can receive remuneration, as a lessor can receive rent, as a creditor can lend money to own a company and earn interest. Directors’ remuneration, rent and interest are deductible expenses which reduce the profitability of the Company and ultimately bring down the taxable income of your business.
- Perpetual Succession - A one-person company has 'perpetual succession' i.e., uninterrupted existence until it is legally dissolved. Death or departure of any member does not affect the existence of the company. It continues to be in existence irrespective of the changes in ownership. This advantage of OPC also makes simpler for entrepreneurs to raise capital for business.
- Lesser compliance burden - The One Person Company incorporate states the meaning of “Private Limited Company” given under section 2(68) of the Companies Act, 2013. Hence it is required for private limited companies to conform to specific provisions. Whereas one person Company has been given various exclusions and in this way have lesser compliance related burden.
TIME TAKEN in registration process
DIGITAL SIGNATURE CERTIFICATE (DSC)
DSC is an electronic online signature issued by licensed certifying authorities. All the proposed directors of the company are required to apply for the digital signature (DSC), it is necessary for digitally signing the electronic incorporation documents.
DIRECTOR IDENTIFICATION NUMBER (DIN)
Directors Identification number is a unique eight-digit number which is a mandatory requirement for all the directors of the company. Ministry of corporate affairs allots a DIN to every director of the company with a lifetime validity without which one cannot be a director.
NAME APPROVAL
Once we obtain the DIN and DSC of the directors, a list of 1 to 6 proposed names of the company will be will be submitted to MCA for approval. We will conduct a prior search for your name availability through our unique search portal. We get your company name approved subject to availability and naming guidelines.
INCORPORATION DOCUMENTS
After the stage of Name Approval, we draft a Memorandum of association and Articles of association for your company. All the incorporation documents need to be submitted with the prescribed e-form SPICe 32 along with the AOA, MOA and subscription statement. Once all the documents are duly verified and approved by the government, the certificate of incorporation is emailed to you. During which, we will apply for PAN and TAN of your company.
FREQUENTLY ASKED QUESTIONS
1. What is a One Person Company (OPC)?
Section 2(62) of the Companies Act, 2013 defines OPC to mean a Company which has only one person as a member.
2. Who can form One Person Company in India?
As per the Companies Act 2013, only a natural person, who is a citizen as well as a resident of India, can incorporate a One Person Company.
3. What is a minimum number of directors required?
The OPC must have a minimum of one director.
4. What if a person becomes a member or nominee of two or more OPC’s?
In case a person becomes member or nominee of 2 or more than 2 OPC’s then he has to withdraw his membership from the OPC within 182 days.
5. Can an Indian citizen who is living abroad form a One Person Company?
As per the Companies Act, only Indian citizens can form a One Person Company.
6. Is Foreign Direct Investment allowed for One Person Company?
No, FDI is not allowed for One Person Company. OPC will lose its status in case it does so.
7. Can OPC become a member of another private Limited company?
Yes, as the Companies Act has not made any restriction for a One Person Company to become a member of another Private Limited Company.
8. Can an OPC invert to a Public Limited Company on not versa?
A One person company can be converted to a Public Limited Company; however a pub, the public limited company cannot be converted to an OPC.
9. Can OPC be preferred for small business?
Yes, One Person Company is preferred for small business as it eradicates the limitation of a sole proprietorship, which is actually the most popular form for small businesses, such as unlimited liability, no legal form etc. Also, one can register its business as OPC Registration in India if the paid-up capital exceeds 50 lakhs or average annual turnover exceeds Rs. 2 crores.
10. What is the correct minimum authorized capital for starting up a One Person Company?
The minimum paid-up and subscribed capital of the One Person Company should be Rs. 1, 00,000.
Company Vakil has really transparent and efficient system for OPC registration in Bengaluru in a minimum time span. One can easily connect with any of the associates of Company Vakil through their website.
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