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OPC was introduced as one person company by companies act 2013. We discussed the 4 important reasons for not registering an OPC in India.
Many people think the registration and compliance of OPC are less costly than private limited company. This is the biggest myth as the registration fees, compliance after registration such as ITR filing, ROC filing and audit.
Once an OPC is registered then it can continue the business if any of the two conditions are satisfied
the turnover of the company crosses Rs 2 crore in a financial year or
the capital of the business reaches the level of Rs 50 lakh at any time during a financial year.
In such scenario the OPC will be required to be converted into Private Limited company or Public limited company.
A new pan card is required to be applied, new registration certificate shall be issued, bank accounts and all other registrations such as GST are required to be changed.
Being a one person company it cannot attract investors to raise funds.The only source of finance left is loan. Even banks while providing loan give much preference to the private limited company than opc.
The name of OPC ends with OPC Pvt Ltd. The word OPC actually downgrades the value of company as it gives the impression that it is a small business being carried by a single owner.
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