Overview of OPC Registration
A one-person corporation (OPC) is a business that has only one owner. Before the Companies Act of 2013 went into effect, only two people may form a corporation. If a person wished to start a business, he or she could only choose a sole proprietorship because a company could only be founded with a minimum of two directors and two members.
A business can be incorporated under Section 2(62) of the Company’s Act 2013 with just 1 Director and 1 Member. It is a type of corporation with fewer compliance obligations than a private corporation.
According to the Companies Act of 2013, a person can establish a business with just one member and one director. One person may serve as both the director and a member. Hence, a one-person company is a business that has the characteristics of a corporation and the advantages of a sole proprietorship and can be incorporated by a single person, who may be a resident or an NRI.