ONE PERSON COMPANY REGISTRATION

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NOT SURE ABOUT HOW TO GET YOUR BUSINESS REGISTERED SOLELY?

With Mibook getting your one-person company registered in India has become very reliable and convenient.

Introduction

With the enactment of the Companies Act, 2013 small business entrepreneurs and traders got motivated to get their businesses registered legally and develop the identity for their business. All those who have the potential to do something on their own can now be a part of a registered company and get their one-person company registered in India with the help of Mibook.

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one person company registration in bangalore

UNDERSTANDING THE CONCEPT OF A ONE-PERSON COMPANY

partnership firm registration in bangalore

An OPC is a type of Private Limited Company where the minimum and a maximum number of members are one and you can get one person company registered in India without the need for any other individual. The One Person Company (OPC) was recently introduced as a strong improvement over the sole proprietorship.

One-person company registered in India has the limited liability of its members, unlike in a partnership firm. It gives a single promoter full control over the company while limiting his/her liability towards the contributions to the business. This person will be the only director and shareholder (there is a nominee director, but with no power until the original director is incapable of entering into a contract). The OPC is one of the most credible establishments and preferred kind of Proprietorship.

The major benefit of one-person company registration in Bangalore is that only one person is required to begin the business which leads to very less complications. An entrepreneur has the authority over their own domain in the case of One Person Company (OPC) whereas, in the case of a Private Limited Company or LLP a minimum of two members is needed to be incorporated.

One Person Company came into existence in order to create empowerment for the individual entrepreneurs where they can shape their own ideas into business. Keeping in view the progress and development in the usage of information technology services and growth in the service sector, the government of India has launched the concept of OPC.

FEATURES & RESTRICTIONS OF ONE-PERSON COMPANY REGISTRATION

To be able to get the one-person company registered in Bangalore, India with the service of Mibook an individual needs to observe some important features and restrictions set by our constitution.

Only an Indian Citizen (Resident) can become a member and nominee of the OPC

A natural person cannot become a member of 2 OPC at a time

Minor cannot become a member or nominee of OPC and he cannot even hold share with the beneficial interest in OPC

OPC cannot be formed to carry out NBFC activities including investment in securities of any other body corporate

The company shall put the words (OPC) with the name of the company like XYZ (OPC) Private Limited

It can have more than 1 director but not more than 1 shareholder

OPC, like a private or public limited company, also has a distinct identity from its shareholder or directors

ROC Compliances for meetings & other e-filings are lesser as compared to Private Limited Company

one person company registration in bangalore

ELIGIBILITY CRITERIA

one person company registration in bangalore

In order to maintain the authenticity of one-person company registration in Bangalore the govt. of India has set the eligibility criteria that need to be met by you. Mibook provides services to register the company successfully and conveniently to those who are able to meet the following eligibility criteria:

Minimum 1 director

Maximum 1 shareholder/1 nominee

Director and Shareholder may or may not be the same persons

The shareholder & nominee must be an Indian Resident Citizen

Minimum capital requirement is NIL

DIN of the directors

Digital Signature of shareholders and directors.

DOCUMENTS REQUIRED FOR OPC REGISTRATION

Mibook assists with one-person company registration in Bangalore once the applicant submits the following documents:

PAN Card

Aadhar Card

Photo ( Of Director and Nominee)

Latest Bank statement or any bill that bears the name of the Director or the nominee

one person company registration in bangalore

THE PROCESS AT MIBOOK FOR ONE-PERSON COMPANY REGISTRATION IN BANGALORE

Day 1 - 2:

1. Review of documents and information provided
2. Application for Digital Signature Certificate

Day 3 - 6:

1. Checking Name availability
2. Drafting of MOA, AOA& other required documents

Day 7 - 9:

1. Name reservation application under SPICe
2. Filing company registration application
3. DIN allotment applications
4. Application for PAN and TAN of company

Day 10 - 12:

1. Government processing time

HOW ONE PERSON COMPANY REGISTRATION IN BANGALORE CAN BENEFIT YOUR BUSINESS?

Status of a separate legal entity:

A one-person registered firm in Bangalore receives the status of a separate legal entity. Here the liability of the member is limited to his or her shares and he or she is not personally liable for all the losses and profits that are incurring.

Easy to obtain funds:

The company is a separate legal entity; it is easy to raise funds through venture capitals, angel investors, incubators, etc. one-person companies registered in Bangalore get loans more easily than a proprietorship firm. It is very easy to obtain funds.

Easier to manage:

The company is a separate legal entity which makes it easy to raise funds through venture capitals, angel investors, incubators, etc. One-person companies registered in Bangalore get loans more easily than a proprietorship firm. Thus it is very easy to obtain funds for OPC companies.

Conveniently managed:

The one-person company registered in Bangalore is easier to manage as it can be established as well as run by one single person. The decision-making is easy and quick. Thus managing a company is easy as there won't be any conflict or delay in a response within the company.

Fewer Compliances:

There are certain exemptions to the OPC when it comes to compliances under the Companies Act 2013. Such as there is no need for the Company Secretary to sign the books of accounts and annual returns as these can be signed only by the director.

Comparision

one person company registration in bangalore

Learn more according to needs

Frequently Asked Questions

A person can organise a company as a sole promoter and enjoy the advantages of restricted liability and a distinct legal entity. A partner or co-founder is not necessary with an OPC. One-person company registration in Bangalore is subject to limitations not applicable to private limited companies. Therefore, it's crucial to comprehend the limitations and confirm that the promoter is qualified to register an OPC under the Companies Act before beginning an OPC registration.

OPC can only be incorporated by a natural person who is an Indian citizen and a resident of India. An OPC cannot be incorporated by a legal entity such as a company or LLP. During incorporation, the promoter must appoint a nominee.

Depending on the number of Directors, members, authorized share capital, and professional expenses, the cost of one-person company registration in Bangalore could range from INR 6,000 to INR 30,000. The task's intricacy may affect the cost of hiring a professional. Different types of registration have various expenses, including government and professional fees. However, running a business is work that requires a significant investment of time and money even after the company has been registered.

A one-person corporation (OPC) is a business that has only one owner. Before the Companies Act of 2013 went into effect, only two people may form a corporation. If a person wished to start a business, he or she could only choose a sole proprietorship because a company could only be founded with a minimum of two directors and two members.

Eligibility for one-person company registration in Bangalore
OPC can only be incorporated by a natural person who is an Indian citizen and resides in India.
OPCs cannot be incorporated by legal bodies like companies or LLPs. The required minimum capital is Rs. 1,000,000.
During incorporation, the promoter must appoint a nominee.

The following individuals are eligible to form a company for a legitimate reason:
For a public limited company, seven or more people are required.
When a private limited corporation is involved, two or more people are required. One individual, in the case of a one-person business.

People make bad decisions because they are unsure of the difference between a Private Limited Company and a One Person Company, which leads to loss. The latest amendments to the Firms Act provide numerous practical advantages to private companies. The hassle-free establishment and transferability of Private Limited Companies set them apart from One Person Companies, which have many characteristics with them. Since there are no specific tax rules provided for One Person Companies, the taxation process is the same for both companies.
In many ways, Private Limited Company is superior to OPC. People should choose a private limited company because they will eventually need to change their one-person business into a private limited company.

The first auditor, who must be a professional accountant, must be chosen within 30 days of the one-person company registration in Bangalore in order to audit the OPC's financial records and statements. Considering that an OPC must perform the statutory audit.

Within 15 days of the first Annual General Meeting, an OPC must also use form ADT-1 to nominate a statutory auditor who will serve a 5-year term.

Within 30 days of incorporation, every company must name the first Auditor of the Company, a licensed Chartered Accountant. The Director of the OPC must also designate an auditor in the case of OPC in order to audit the company's financial accounts.

OPCs are playing a significant role in the expansion of India's total economy. More and more people are starting their own businesses as entrepreneurs. The company can benefit from banking points and become eligible for banking loans and credits by incorporating them under OPC. Therefore, if you want to launch your own firm, you don't need to be concerned about complicated networks and sluggish procedures.
Documents Needed for one-person company registration in Bangalore:

1. Copy of PAN Card of owner
2. Passport-size photograph of the owner
3. Copy of Aadhaar Card/ Voter identity card
4. Copy of Rent agreement (If rented property)
5. Electricity/ Water bill (Business Place)
6. Copy of Property papers (If owned property)
7. Landlord NOC (Format will be provided)

The DIN and DSC of the proposed directors will be available in less than a day. An OPC can acquire a Certificate of Incorporation in 3 to 5 days. For an OPC, the complete incorporation procedure lasts around ten days. Additionally, this component is dependent on departmental reviews and clearances from the relevant departments.
Checklist for one-person company registration in Bangalore :

Minimum and a maximum number of participants.
There should be a nominee before incorporation.
The nominee must consent to Form INC-3.
The Companies (Incorporation Regulations) 2014 impose strict limitations on the name of the OPC.
The Director's DSC capital minimum of Rs. 1 lakh is suggested.
It is necessary for the OPC to demonstrate that they have a registered office.

The following are some benefits of one-person company registration in Bangalore

An independent legal entity
OPC is a distinct legal body that is competent to carry out all business-related activities.

Simple Funding
OPC can raise money from venture capital, banking institutions, angel investors, etc. because it is a private corporation. When an OPC raises money, it becomes a private limited company and advances.

Additional opportunities, less liability
One of the benefits of an OPC is its increased opportunities and restricted liability, which allows the owner to take more business risks without worrying about losing personal assets. The OPC's liability is only up to the value of the shares you own. It serves to support fresh, young, and creative start-ups.

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