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PRIVATE LIMITED COMPANY(OPC)

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What is OPC Private Limited Company?

A Private Limited Company is a company which is privately held for small businesses. One Person Company means a Company which has only one person as its member. An OPC is effectively a company that has only one shareholder as its member.
According to Section 2 (62) of the Companies Act, 2013. One Person Company means a company consisting of only one person as a member. Generally, Entrepreneurs choose this type of company over sole proprietorship to forge their company and to overcome the difficulties faced in the sole proprietorship firms.

Characteristics of One Person Company

  • It is incorporated as a private company

  • It can consist of only one member and a director

  • Like in any other company a minor is not allowed to become nominee, shareholder, etc. of the company

  • The term One Person Company should be included in the name of the company under brackets

  • The member/nominee should be; a natural person, Indian citizen, or a person residing in India.

Advantages of OPC Private Limited Company:

  1. Perpetual Succession

  2. Simple to Get Loan from Banks

  3. No prerequisite to holding annual or Extra-ordinary General Meetings

  4. Less Legal Formalities

  5. Complete Rights of one person

  6. Lesser compliance

Disadvantages of One Person Company:

  1. High Tax Rate

  2. Consistency Cost

  3. OPC is included in Name

  4. One Person Management

  5. Not suitable for high turnover or large business



Documents

  • Telephone Bill / Mobile Bill
  • Electricity Bill / Water Bill
  • Bank Statement /Bank Passbook with latest transaction (Any one of the Document not older than 2 months)
  • Passport size Photographs 3 each
  • Address for Business

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