As technology continues to evolve at jet speed, it is not only making gadgets advanced but also creating tremendous amounts of data. Witnessing this rapid growth of data generation, companies across the globe are working day in and out to utilise data in every possible way. And for this job, every company needs someone — a data scientist — who has the skills to analyse and interpret complex digital data and provide ways to make use of that.
Over the years, data science has gained extreme popularity and today, it is one of the hottest job roles with a handsome paycheck. However, not everybody wants to have a 9-5 day job, there are people who want to work as a freelancer or start their own company to provide data science services.
A month ago, we published the story “Become A Freelance Data Scientist And Be Your Own Boss” and now for those who want to have their own company, a One Person Company (OPC) is a great option.
What is an OPC? It is a type of company that involves only one promoter or founder (or you can say someone who subscribes to Memorandum/has their name in the Register of members/holds shares of the company with their name in the records of depository) and one nominee. OPC was introduced through the Indian Companies Act 2013 and the mission behind this is to support entrepreneurs who want to run their own business in the Sole-Proprietor form with a Corporate Framework.
Things To Keep In Mind Before Setting Up A Data Science Company
Before you directly get into the process of registering your company, there are a few things that you should keep in mind the smooth up and running of your company.
- Planning: Starting a venture is easy but to maintain it, is tough. To make your company stand out, you need to plan ahead of time. From services to finance, you have to plan every single thing accordingly
- Knowledge: Knowledge is power and there is no denying to that. Nobody would work with someone doesn’t have proper knowledge about the industry it serves. So, before you start your company, make sure you have the know-how of all the data science verticals as well the know-how to serve your clients
- Idea: Another key factor is the IDEA. You will find numerous Data Science companies all across the internet, and to compete with them you have to have an idea that is unique. Many of the companies fail at an early stage because either they provide the same services as their competitors. You have to narrow it down, and choose and particular vertical you are exceptionally good at — be it data collection, data processing, or any other data science vertical
- Always remember developers are your friend: Making connection is good, but making the right connection is better. Always make sure that you are connected with some of the best developers in the industry who can not only help with the platform but also help you when you are trying to deliver value to a client
- Outsourcing can help you stay ahead in the game: When you start a One Person Company, it might get really hectic if you get a lot of customers to serve at a very short span of time. And just because you are running a one-person company, that doesn’t mean only you have to take care of everything, you can always outsource the best people and pay them accordingly from the money you make
- Online Presence: A company without an online presence is like a person without an identity. You might be present in the space, but nobody would know you. And talking about the data science space, it is a highly active industry, people with a good background and good history of work stand out here. So, make sure you have a great website that showcases all your services. Not only services but also showcase all your past works. Furthermore, make sure you are active in the social media space. Have a presence on all the popular social media platform and engage as much as you can with all your followers or audience
Word to the wise: Running a company is not always about just delivering services and making money out of it. When you start your company always make sure you deliver value to your customers; you have to take every possible step to sort things out for your customers/clients. A company with a huge profit margin, but less satisfied customer won’t be successful in the long run.
Challenges Back Then For Solopreneurs
There was a time when it wasn’t easy to start and register a company; it required a minimum of two directors and to take any major decision, a company would always require the consent of the directors. So, when a solopreneur used to go forward with the idea of starting a company, it had to go through a lot of hassle. That is not all, it also requires two shareholders to start a private limited company, which again is a hectic task to a lone entrepreneur. Also, compare to an OPC, a private limited company has got more compliances.
Things To Keep In Mind Before Incorporating A One Person Company
- Once you are done and satisfied with your website, it is time to register your company. So, before proceeding with the registration process, there are a few things you need to keep in mind.
- Only a person who is an Indian citizen and resident in India (who has stayed in India for not less than 182 days) is eligible to act as a member and nominee of an OPC.
- A person cannot incorporate more than one OPC or be the nominee of more than one OPC.
- If threshold paid-up capital increases beyond Rs. 50 lakh and average annual turnover exceed Rs. 2 crores in the three immediate preceding financial years then the status of OPC is lost and will have to be converted into a Private or Public Company.
Here Is The Process Of Registering An OPC
- Obtain Digital Signature Certificate [DSC] for the proposed Director: For the process of obtaining the DSC, you have to provide some documents that include Address Proof, Aadhaar card, PAN card and Photo
- Apply for Director Identification Number (DIN): The next step is to apply DIN of the proposed Director in SPICe form along with the name and the address proof of the director.
- Company name approval: Select the name of your company and make an application to the Ministry of Corporate Office for the availability of the name. This can also be done through RUN (Reserve Unique Name).
- Once you are done with all the above step you have to draft Memorandum of Association and Articles of Association
- Next step is to fill all the forms, sign and file including MOA & AOA with the Registrar of Companies and upload to the MCA site for approval.
- Once you are done with all the steps, the verification will be don and the Registrar of Companies (ROC) will issue a Certificate of Incorporation to start your business.
Talking about the data science vertical, it is booming with every passing year and a lot of data scientists are coming up to start their own company, and OPC is your key to entrepreneurship. whether you are a small entrepreneur or a big, OPC provides the opportunity to each and every entrepreneur to grow in the Indian entrepreneurship space as well get a recognition globally.