ADVANTAGES OF ONE PERSON COMPANY (OPC)

According to arrangement of segment 2(62) of the Companies Act, 2013 characterized (62) "one individual organization" implies an organization which has just a single individual as part. For the arrangement of OPC [Rule 3] the accompanying conditions must be taken after: 

Just a characteristic individual who is an Indian national and inhabitant in India­­- 

might be qualified to fuse a One Person Company; 

Might be a candidate for the sole individual from a One Person Company. 

The expression "occupant in India" implies a man who has remained in India for a time of not less 182 days instantly going before one logbook year. 

One Person organization can be enlisted just as a Private 

The paid up capital of the OPC can't surpass 50 Lakhs. 

Its normal yearly turnover can't surpass 2 crores. 

A man can join a most extreme of 5 OPCs. 

One Person Company can designate most extreme 15 Directors, however least ought to be one Director. 

An OPC is required to give a legitimate character by indicating a name under which the exercises of the business could be continued. The words 'One Person Company' ought to be said underneath the name of the organization, wherever the name is fastened, utilized or engraved. 

Part/Shareholder of the One Person Company goes about as first Director, until the point that the Company designates Director(s). 

Here are the 10 reasons why any business person or business ENTITY SHOULD choose OPC. The upsides of being an OPC are: 

A Separate legitimate element 

OPC is separate legitimate element and equipped for doing everything that a business person would do. 

Yearly broad gatherings 

In OPC there is no compelling reason to hold such gatherings just the determination which should be required to impart to the individuals. The date on which is marked by the individuals are considered as gatherings. One Person Company require not to hold any AGM (Annual General Meeting) in every year Holding Annual General Meetings. 

Exempted from playing out specific conventions 

Under OPC in the event that the Board comprises of just a single chief, at that point the OPC won't be required to direct a Board meeting also. There is no prerequisite of designating a first executive for OPC. Aside from this, OPC is likewise exempted from arrangements identifying with notification of the gatherings and some other such stipulation identified with meeting like Quorum for Meetings, Proxies and Appointment of Chairman for Meeting, and confinement on Voting Rights and so on. 

Income Statement 

One Person Company isn't required to set up this. 

Simple Funding 

OPC can raise its assets through funding, money related organizations, blessed messenger speculators, and so forth. It can raise stores from others like in this way graduating itself to a private restricted organization. 

Extra hazard, restricted obligation 

The obligation of the OPC is constrained to the degree of the estimation of the offer a man hold, the individual could go out on a limb in business without influencing loss of individual resources. 

Least controls 

OPC need to confront little consistence weight and control when contrasted with different organizations, subsequently OPC would more be able to concentrate on other practical regions. 

Advantages of being a Small Scale Industries (SSI) 

An OPC can profit the different advantages gave to Small Scale Industries like lower rate of Interest on credits, simple subsidizing from bank without storing any security to a specific point of confinement, complex advantages under Foreign Trade strategy and others. 

Advantages under Income Tax Law 

Any compensation paid to the chief will be permitted as conclusion according to salary charge law dissimilar to proprietorship. Different advantages of possible tax collection are likewise accessible subject to salary impose act. 

Get enthusiasm on any late Payment 

OPC profits every one of the advantages under Enterprises improvement Act, 2006. The recently start up OPC is smaller scale, little, or medium; henceforth they are secured under this demonstration. According to the Act, if purchaser or beneficiary gets any late installment (gets installment after indicated period), at that point he is qualified for get premium which is three times the bank rate. 

Expanded Trust and glory 

Any business substance that keeps running as organization dependably appreciates an expanded trust and glory.