One person company is to develop business enterprises that are managed and owned by a single owner. Corporate entities like Private Limited Company, Public Limited Company and Limited Liability Partnership (LLP) need to more people to partner. However, an OPC authorizes for a single owner to manage a company. There are more company registration process are considered the important business in Bangalore. The private limited company registration is one of the most important registration.
Private Limited Company vs One Person Company
The (OPC) One person company useful option for those who considering to start an unregistered proprietorship. The one person company registration is also the emerging business entity in Bangalore. Here we can see about the comparison of private limited company vs one person company.
Cost of Registration
The private limited company registration cost is some high. One person company (OPC) registration cost is lower. In Solubilis Bangalore, the company registration cost is been considered as much lower than any other consultants.
Number of persons required to incorporate
Only two persons are required for One person company registration they are director of One Person Company and Nominee Director. The director is not able to implement the functions. The nominee director is manage for the company management. For private limited company registration minimum two are needed.
The one person company shares of 100% can be held by a single owner. A private limited company must have minimum of share holders. Hence, the 100% of shares cannot be managed by a single person in a private limited company.
Board of directors
In One person company, there is no concept of board of directors. The business entity can be managed by a single owner. The board meeting and annual general meeting is not related for One Person Company (OPC). A private limited company has minimum of two directors to a maximum of seven directors in the board of directors.
NRI of Foreign Nationals
The Private Limited Company can be managed and started by Foreign Nationals and NRIs.Only an Indian citizen to start a One Person Company.
The compliance needs of Private Limited Company and One Person Company are almost similar. Both, entities wants to register their annual returns with the (MOA) and Income Tax Department. Both companies are need to get their account audited in each year.
A one person company is compulsory converted into a private limited company. If the paid capital of the One Person Company exceeds Rs.50 lakhs and the annual turnover exceeds Rs. 2 crores. A private limited company has no requirement for mandatory conversion and no such limitations under any circumstances.
One Person Company is the new concept of India. Some banks and governmental departments have not updated their forms or systems and process to handle a one person company. So, there are some difficulties to getting registration and license. After incorporation of one person company.
Private Limited Company is one of the important business entity. The process for obtaining other registration and license, post incorporation of one person company will be easy.
We Solubilis register your Private Limited Company Registration and One Person Company Registration with an affordable cost in Bangalore.