OPC Registration in Bangalore

One Person Company or OPC is introduced by the Companies Act 2013 to allow single ownership of a business. This act has replaced the previous norm that mandated private companies to appoint at least 2 Members and Directors, while public companies needed 7 Members and 3 Directors. OPC registration in India enables businesses to function with just 1 Member and 1 Director and has fewer compliances to follow. Only Indian residents as well as citizens are eligible to serve as a nominee and member of an OPC. Companies registered as OPC have their company names ending with “(OPC) Private Limited”.

You can opt for OPC registration in Bangalore only if you hold Indian citizenship, or if you have been residing in the country for at least 182 days of the last financial year. A minor cannot be a nominee or member of OPC.

One Person Company registration allows you to form a business with 1 Member and acquire a share of the business. You can have a nominee who would share the capital along with sharing the company liabilities in crisis or your absence. But do remember that a person can only be the nominee of a single OPC.

One Person Company is restricted from obtaining financial investments from outside people; only the member can invest in a one person company.  You can change your company registration after two years of registering as Private Limited Company. It can also get converted compulsorily if the annual turnover is more than Rs 2 Crores, or if the paid-up share capital exceeds Rs 50 lakhs.

• Pan Card of the promoter and the Nominee
• Photograph
• Identity proof such as driving license, voter ID, and passport of the promoter and the Nominee
• Address proof such as electricity bill, telephone bill, gas bill, and bank statement of the promoter and the Nominee
• Proof of company address such as water bill, electricity bill, and telephone bill
• No Objection Certificate from the building owner

• Separate legal entity: OPC registration enables your business to act as an individual legal entity that is free from its promoters.
• Easy funding: OPCs can run on any amount of investment as it does not need to fulfill any specific amount requirement. You can use venture capital or financial institutions to raise funds.
• Limited liability: OPC allows you to operate with minimum liabilities. This is especially beneficial during a financial crisis.
• Benefits of being a small scale industry: opting for OPC registration is advisable when you have a small business. It allows you to focus on your business without involving in the hassles of a large-scale project.
• Taxation benefits- OPC registration in India allows the payments made to the Director to get deducted from tax.
• Increased trust- One Person Company Registration draws the interest and trust of the investors.
• Compliance requirement- OPCs have fewer compliances to follow such as those applied for meetings, annual returns, and financial statements.

BSJ & Associates is a firm packed with experienced and skilled Chartered Accountants. It has its headquarters in Kochi and is guided by a vision of providing knowledge-based legal and accounting services to the clients. With BSJ & Associates, you can seek OPC registration in Bangalore swiftly and efficiently.

Obtain OPC registration in Bangalore and experience a smooth launch of your business. Give your business what it needs to grow in the initial phases.