Flexible Tax and More Savings
OPC, it is necessary to pay taxes at a flat rate of 30% on profits+ec+sc. You need to pay Dividend Distribution Tax and Minimum Alternate Tax. This will save your profit and it can be Manage by the single person.
Privileges of OPC Company
Easy Funding
OPC can provide fund through institutions and investors. It allows the transaction between the private companies. It can easily avail loan without any security deposits like small scale industries.
Complete Control with Single Owner
The Complete Control allows the Owner to easily manage his/her profits. He/she is responsible to run a business. He has full power to make any decision or changes in the Company .He can start business other than nonfinancial banking investments.
Meetings
According to norms, there is no need to conduct annual meeting and need to conduct two board meetings in 6 months and the gap between two meetings should be less than ninety days.
Financial Statement
The OPC must include balance sheet, profit and loss and statements in equity. It is required to submit a copy of financial statement within 180 days from the closure of the financial year. Cash flow statement is excluded.
Requirements
OPC must have 1 shareholder, one director and shareholder can be a director and there should be 1 Nominee. The nominee must be appointed by the promoter.