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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.
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.
These are the process for one person company registration in Bengaluru.
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.
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.
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.
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.
Section 2(62) of the Companies Act, 2013 defines OPC to mean a Company which has only one person as a member.
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.
The OPC must have a minimum of one director.
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.
As per the Companies Act, only Indian citizens can form a One Person Company.
No, FDI is not allowed for One Person Company. OPC will lose its status in case it does so.
Yes, as the Companies Act has not made any restriction for a One Person Company to become a member of another Private Limited Company.
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.
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.
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.