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Registration For OPC(One Persone Company)
Before the Companies Act of 2013, a single person could not start a company since forming a private company required at least two directors and two members, but forming a public company required three directors and seven members. However, in the Company Act of 2013, a new provision was added in regard to the formation of One Person Company (OPC), which allows a single person to form a company and obtain all of the benefits of a private company, such as limited liability, legal protection, and access to bank loans and credits, without having to comply with all of the regulations that a private company must follow the rules Previously, if someone wanted to start a business, they only had one option: form a sole proprietorship. To encourage the formation of OPCs, the government has raised the threshold limits for paid up capital to Rs.2 crores from Rs.50 lakhs and turnover to Rs.20 crores from Rs.2 crores in the Union Budget 2021-22.
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