OPC Registration Bangalore

  One Person Company in Bangalore is a new concept of corporate legal entity that is perfectly suite for entrepreneurs who want to have fully liable benefits and still have a trust legal entity.

The registration and compliance of the OPC / One Person Company in Bangalore is govern by the Ministry of Corporate Affairs in accordance with the provisions of the Companies Act, 2013 and the Companies Incorporation Rules, 2014. Simply put, a one-person company is a private limited corporation, which is fully (shareholder) and fully control (director) by a single person. The single shareholder holds 100 per cent stake. Meaning, only 1 person is require to set up an OPC, he can be a shareholder and a director.

History of One Person Company

One Person Company in Bangalore states that the United Kingdom is the first country to introduce the concept One Person Company. After that more countries began to adopt the model of the OPC as in UK. The United States of America as begun to develop LLC- single member Limited liability Company, then began this concept in Singapore. In 2005, United Arab Emirates began this form of the company under Turkish Commercial Code since 2012. Then Finally Pakistan approved this type of business under Single Member Company’s Rule in 2003. Then here comes the second largest democratic country India adopted this concept of One Person Company through Dr. JJ. Irani Committee, in the report.

The classification of One Person Company in Bangalore is based upon the following:

On the basis of size, Small companies, other companies based on number of members, private companies, public companies, on the basis of control, holding companies, subsidiary companies, associate companies, on the basis of liability limited by shares, limited by guarantee, unlimited, based on the access to capital, listed and unlisted companies.

Impact of One Person Company in Bangalore

The One Person Company has become most wanted and favourable form of the business for most of the entrepreneurs. The reasons are list below. There are minimal paper work, compliances also it has ability to structure separate legal entity with just one member.

The Memorandum of Association has various amendments so that the OPC model can be converted into various other forms by adding the members. Many small traders with low risk taking capacity hold bright future with the OPC. 

Pre-requisites to form the One Person Company in Bangalore

Only a natural person who is being the citizen of India can start the OPC

More than one OPC cannot be incorporate

There is threshold of paid up capital Rs.50 lakh and the average annual turnover is 2 crore

Non- banking financial institutions are not allow in the rules of the OPC.

Features of One Person Company in Bangalore

One Person company is a revolutionary concept in this business world. All the provisions including the legal procedures relate to the private limited company is also applicable for the one person company. The only exception provided is only a naturally born India can begin the one person company. Also it is worth mentioning that a naturally born citizen of India cannot form more than 5 One Person Company in India.

Legal provisions that are exemptions available for the One Person Company

Holding Annual general meeting

One Person Company in Bangalore states that Section 122(1), of the companies Act, 2013, states that provisions of S98, 100,111 are not applicable to the one person company. However, in order to fulfil the benefits of S.114 of the Companies Act, 2013, any business is require to make transactions by annual general or special resolution at the annual general meeting or other general meeting of the organization.

The resolution shall be communicate by the member of the organization, record in the minute’s book to be maintain by U / s 118, sign and date by the member and such date shall be deem to be the date of the meeting under the Benefits. Companies Act, 2013. 

Signature of financial statements

The One Person Company in Bangalore must file with the ROC a copy of the financial statements duly received by its members, along with all documents require to be attach to such financial statement, and cash flow statements within 180 days of the end of the financial year.

The financial statement must be signed by one director only and the annual return must be sign by the company secretary and director and if not the company secretary the director only.

Contracts by One Person Company in Bangalore

The New Companies Act, 2013 pays special attention to contracts to be introduce by a one-person company. If the company fails to comply with the rules for providing information to Rosie, it is liable to a fine of not less than twenty thousand rupees and imprisonment for a period of one lakh rupees and for a term. Up to 6 months.

Impact of One Person Company in Bangalore in Indian start-ups

Although the concept of OPC in Indian entrepreneurship is still very new and very revolutionary, it will take time to incorporate such a new concept at full capacity, but over time, an OPC will have a bright future and will be embraced as the most successful business concept.

The reason behind this is less paper work, an individual can set up a company without an additional shareholder, and if the member is willing to include shareholders, all he has to do is amend the association memorandum and file it before Rock.

As small entrepreneurs thrive in Indian entrepreneurship, be it weavers, traders, artisans, small to medium scale entrepreneurs, OPC has a bright future for them to grow and gain worldwide recognition.

Any foreign company who has wishes to establish in India through investment will have to lock deal with membership. In the upcoming years OPC will be remarkable in the Indian entrepreneurship. Also the OPC is doing well in European countries. The OPC is also favourable, for boosting the foreign funding into the business where India is known for dedicate and hard working.