One Person Company Registration in Bangalore
A company that is being owned by a single person is registered under the legal form called the OPC (One Person Company) in India as per the company Act. We Corproots acts as the leading consultant for the business services in Bangalore for very valuable investors. In order to start a company with a single person there are some norms that can be matched with the rules and regulations. Initial phase of any company will have their struggling towards the stability of business in the right path. Once a company is started to get registered under a particular legal form can approach a perfect business consultant in Bangalore for an efficient service satisfaction.
So far we have discussed about the business in Bangalore and the registration, but the single person owning company can be registered into One Person Company as per the Indian government rules. In previous days there was no rule to start a company with a single shareholder or director, later the rule is updated as OPC on 2013 based on Company’s Act.
For an OPC company the business have their added advantage on the limited liability as the other companies in Bangalore practices. Such a company incorporation can able to protect the personal assets. If the business may affect any situation on future does not reflect the personal assets of the individual person in business rather affects the business assets.
5 steps for the One Person Company Registration
- Get Director Identification Number (DIN) and digital signature
- Apply for the company name
- Get the consent of nominee as per the required format
- Filing of Consent nominee form along with the Memorandum and Articles of Association of the company also the supporting documents
- Obtain the final incorporation certificate
An outlook of OPC
1. Shareholder and Single Director
The person who owns the company will have the complete shareholding for 100 percent. An Indian citizen can incorporate the company with registration process. If a person is already started a company in any part of India is again have a thought to start a company as OPC type in India is not allowed for the time being. So simply any other entity or corporate is not supposed to start OPC company. Foreigners in India is also not allowed to start a company.
The name of the legal type as OPC does not mean about adding more directors to the business is allowed. The person heading all the business activities is the main director of the company and the rest of the people will act as the supporting persons. As per the company’s Act the one person company can allow 15 directors as the maximum count.
The company’s head controlling and monitoring the activities can be referred to any other person if suppose any reason that happens to the main director due to death reasons or any unavoidable issues. So that such case enable the role of nominee to start involving in the business without any interruption. It is the law defining the role of nominee in the cases of absence of the shareholder. There is a written consent is availed for the nominee who is being selected for the company. Once a nominee is selected and then if any requirement for the change of nominee is also allowed. A person who is working in any other company can be a nominee to an OPC company. If there happens any case of death events or any other unavoidable cases for the present nominee can be avoided with another selection of future nominee at any instant.
3. Tax in OPC
The tax rates is the same norms as in the private limited companies
4. Related Party Transactions
Whatever the transactions processing in the company need to be recorded for the future reference from the legal perspective. There is a contract signing up between the head of the OPC ie, the sole owner of the company with the first meeting of Board of Directors.
For every new contract the company have to inform the registrar in the meeting of the Board of Directors to get an approval for 15 days.