Nowadays people have several kinds of opportunities in front of them from which they can choose accordingly and can run these businesses successfully. Earlier people had the only opportunity of sole proprietorship if there was only a single businessman but nowadays with the advancements in technology and improvement of rules and regulations, people also have the complete opportunity of registering an OPC which stands for one person company.
This particular company is very well suited for all the people who are sole entrepreneurs and want to avail the complete advantages of being sold. Hence, the following are some of the very basic advantages why people should indulge in the registration of OPC by involving in paying one person company incorporation fees:
- All such companies after the registration process will avail the advantages of a higher level of success because it will be based upon a person who has been dominated by a stakeholder to take over the reins of the company even in the event of said stakeholder. This will always allow the one person company to have a continuous life even after the death of the founding director. Hence, this once was not possible in the case of sole proprietorship which is an advantage of the one person company and one of the most important reasons why people prefer this particular type of ownership.
- This particular type of company comes with a great amount of market value because it will be registered under the act and will always enjoy the same kinds of privileges that come with a firm that is listed as a private limited company. Hence, everybody will be at the same playing level field which will provide everybody with complete advantages of running a company.
- The legality of this particular type of business will be very much legitimate which will further provide them with complete advantages of the perpetual succession clause and will make sure that everything will be very much popular among the market as well as business and financial institutions. Hence, in such ways, the easy credit facilities will be easily available for the people in all such types of ownership systems.
- Apart from this, it is also very much mandatory for the one person company to get the accounts audited and file the requisite annual returns properly. So, whenever the company will be registered properly it will be based upon the signature of the director and there will also be a need for professionals in this particular area which will further make sure that everything will be very much streamlined and every operation of the company will be very much efficient. Hence, it will further make sure the company will be taking all the advantages of all the compliances and will be very much reputed in the whole industry.
Hence, the tax slab of 30% will also apply to this particular company as a private limited company and the biggest advantage of one person company is the limited liability. Hence, the registration of one person company in India is a great idea on the behalf of people so that the above-mentioned advantages are easily enjoyed by them.