Difference Between OPC vs Pvt Ltd
| Aspects | Private Ltd Company | One-person Company(OPC) |
|---|---|---|
| Governed by | Companies Act 2013 | Companies Act 2013 |
| Minimum No of Members | Min.2 members (Can be body corporate also) | 1 member who is resident of India, and 1 nominee should be present. |
| Minimum No of Directors | Min.2 Directors out of which 1 Director has to be present in India. | 1 Director who has to be a resident of India. |
| Name shall include | Name of the Private Company to end with “Private Limited”. | “One-person Company” shall be mentioned in brackets below the name of such company. |
| Minimum Capital | No minimum requirement | No minimum requirement |
| Taxation | Taxed at 30% + Surcharge + Cess. | Taxed at 30% + Surcharge + Cess. |
| Annual filings | Annual accounts and annual returns to be filed with ROC. | Financial Statements and Annual return to be filed with ROC. |
| Statutory Audit | Compulsory | Compulsory |
| Time taken for Registration | 5-7 days | 7-10 days |
| Conversion | Can be converted into LLP. | Can be converted only after the expiry of 2 years from the date of incorporation. |
| Minimum Number of Meeting (Including Board & AGM) |
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| Suitability | More suitable for businesses, trade, manufactures, large industrial establishments etc. | Suitable for Individuals whose Capital requirements are less than 50 lakhs or Turnover is less than 2 Cr. |
| Procedure for Incorporation |
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| Liability | Limited Liability | Limited Liability |