One Person Company registration in Bangalore
It is a combined package of company and a sole proprietorship; it takes the advantages from both the worlds and launched in order to give more beneficiary elements to the entrepreneurs. As the name implies, only one person is enough to start a one person company. There is no requirement for another director or the subscriber. It is a separate legal entity and the entrepreneur can do what he wishes to do. OPC provides more opportunities and the liability will be limited as per the extent of value of shares you hold. The risks of the business would not affect the individual’s personal assets. It is a kind of encouragement to the new, young and for innovative start-ups.
Advantages of one Person Company
Funding is easy: This company is a private company; OPC can raise funds through financial institutions, angel investors, venture capital, etc.
Minimum requirements: Minimum of one shareholder and director must be there. Shareholder and director can be the same person.
The “OPC” has to be suffixed with the name of the company which should be distinguished from other form of companies. OPC have very little compliance when compared with other private limited companies.
Single owner: Being a single owner, it is very helpful in quick decision making, managing and controlling the business without any methodologies as adopted in other companies. The sense of belonging inspires to grow the business more.
Benefit of being a small scale industry:OPC can avail so many benefits as like small scale industries. Easy funding from the bank without any security to a certain limit, and lower rate of interests on loans these benefits are the biggest boon to any business.
No requirement to hold AGM:Unlike other companies, there is no requirement to hold annual general meeting.
Documents required for one Person Company:
For Director/Shareholder and Nominee:
- PAN card is mandatory.
- ID card could be driving license, voter ID, passport or Aadhar card.
- Address proof need to be produced which could be bank statement (not older than two months), electricity bill, or telephone bill.
- Passport-sized photographs.
Documents related to registered office:
- Rental agreement need to be submitted if the office is a rented one or otherwise provide ownership agreement.
- NOC (No Objection Certificate) from the landlord.