As name states OPC is a private ltd company owned by single individual. Even though OPC pvt company is owned by single person, a nomination is must to register OPC company.
Only an Indian individual can register OPC company. An individual can only register single OPC company. An opc company needs to have minimum one director and maximum 15 directors. It does not require mandatory AGM requirement and there are less compliance requirement for OPC company.
This type of company is suitable for small business with limited budget. It does not require. It is suitable for individuals who don’t intend to grow business at very large scale or don’t expect to raise funds but still want to take advantages of private ltd company features eg. limited liability etc.