A company with only one member is referred to as a “One-Person company.” A shareholder is someone who is a member of a company. OPC Enlistment is done when there is just 1 member or promoter for the business. Businessman initially chooses OPC registration over sole proprietorship business due to the numerous benefits of OPCs.
A one-person company is one that is entirely managed and controlled by a single individual. OPC’s management also consists of only one individual, who owns all of the company’s shares. According to Section 2(62) of the Companies Act of 2013, OPC is a company with only one member.
OPC can only be registered as a Private Limited Company in India, so all of the laws that apply to Private Limited Companies also apply to OPC. OPC must adhere to certain annual compliance provisions each year.
Necessary to comply with Annual compliance in OPC
It’s not easy to run a company with just one employee. People who are thinking about starting a business often don’t know about the important compliances that must be done, and not doing so could cost the business a lot of money. The company and its directors may be subject to undertaking and additional investigation in addition to penalties.
As a result, it is important to note that a One-Person Company with OPC registration in Bangalore is eligible for annual compliance right after it is formed. Penalties and fines entail a variety of obstacles for the business as a result of noncompliance.
It is of the utmost importance to be aware of and adhere to the applicable compliances in order to avoid situations like these. A one-person business is required to inform shareholders and investors of its accurate financial situation.
Benefits of OPC compliances
For OPC with online OPC registration in Bangalore, the annual compliance requirement has been raised since 2018. Despite the ROC compliances, Organizations need to submit annual filing forms every year by 30th September. The OPC Companies’ standard fundamental has been expanded since 2018. The advantages of a one-person business performing annual compliances are listed below.
- A company’s proper annual compliances, including OPC, increase the confidence of financial speculators and make it simple to obtain their support.
- Appropriate and timely compliances helps in keeping up with the dynamic status of the organization.
- The One-Person Company conducts annual compliances to ensure that the data collected for compliances is true and accurate.
- Non-compliance frequently result in substantial fines and penalties. The substantial fines can be avoided with proper annual compliance.
What are the annual compliances of OPC?
Following are the annual compliances of OPC that has OPC registration in Bangalore.
- Conducting board meeting and annual general meeting
- Auditor’s appointment
- Filing of form ADT 1
- Preparation and filing of Annual return
- Disclosure of Director’s interest
- Filing DPT 3
- Filing MSME 1
- Preparing statutory register and Director’s report.
OPC registration
One online OPC registration in Bangalore is completely on the online. The shareholder of a company must use a Class-III Digital Signature Certificate (DSC) to digitally sign documents in order for the company to be registered.
We will use eMudhra or another online provider of digital signature certificates to apply for Class-III DSCs. We will sign your documents, submit them to eMudhra or another provider of digital signature certificates, get your DSCs approved, and download them for you to sign.
Incorporation
After the DSCs are approved, we will draft the Company’s Bylaws, Articles, and Company Incorporation documents (i.e. eSpice+ PartB, eSpice MOA, eSpice AOA, Form INC-3, Form DIR-2, Form INC-9, eAGILE Form, Director and Candidate KYC documents, NOC and different announcements as might be required) and when you give affirmation from your finish to transfer with the MCA, we will do that by paying essential challan amount through online.
The Registrar of Companies will review your application for OPC registration in Bangalore, approve it, and send you an online Certificate of Incorporation to your registered email address after we upload and pay the amount for the incorporation challan to MCA.
Benefits of OPC registration
Limited liability
The member of the Company has limited liability. The Company’s debts are not the responsibility of the Director or Shareholder. For instance, the Director’s or Shareholder’s personal assets are protected in the event that the Company defaults on a debt or loan. They can only get the loan amount back by selling the Company’s assets.
Control of ownership
Because there is only one member in a one-person company with online OPC registration in Bangalore, that member retains complete ownership control. In point of fact, the company is run by a single individual, and whatever action that individual takes is final. Because only one shareholder will be present in this company, he or she will not be required to discuss the matter with other shareholders.
Employee attraction
Talented employees are more interested in companies than partnerships or sole proprietorships. OPC that has OPC registration in Bangalore can hold talented workers by giving Employee Stock Options. Employees of reputable businesses can easily obtain low-interest loans from banks.
Director dual role
It is possible for the company’s director to be an employee. He can rent or lease his own space to the company and collect rent from it; he can loan the company and borrow money from it; he can supply the company with goods or services and get paid for them.
Separate entity
The fact that a member of the company can come and go but not the company itself indicates that the members and the company are distinct entities. The company can buy and own assets in its own name. It has the right to sue and can sue in court.
Can exit easily
The individual from the Organization may easily exit the Organization by just signing a Share Transfer form. Members of Listed Companies have simple access to the Stock Market to sell their shares. The transfer of shares by signing the Share Transfer forms is the simplest method for changing ownership in Private Limited Companies.
Conclusion
We offer OPC registration services at an affordable cost. We also do the GST registration services, other accounts related services at an affordable cost.