One Person Company (OPC) Registration is a business entity in which there is only one owner with limited liabilities who can act both as a shareholder as well as the director. In India One Person Company (OPC) was introduced through the Companies Act, 2013 to support entrepreneurs who on their own are capable of starting a venture by allowing them to create a single person economic entity.
If an OPC exceeds a turnover of over Rs. 2 crore or has a paid-up capital above Rs. 50 lakhs, it must be turned into a private or public limited company within six months. In a Private Company, a minimum of two Directors and Members are required whereas during a Public Company, a minimum of three Directors and a minimum of seven members. one person couldn’t incorporate a corporation previously. Incorporate your Business Now: Fast, Easy, and 100% Online Process with Pricetoservice. Get Expert Support But now as per Section 2(62) of the Company’s Act 2013, a corporation is often formed with just 1 Director and 1 member. it’s a sort of a corporation where the compliance requirements are lesser than that of a personal company.