Deciding to start a business can be one of the most thrilling decisions in a person’s life, but let’s be real, it is also a little frightening! The sheer volume of legal documents, the business structure that is best to choose, and compliance can be overwhelming. If, like many growing entrepreneurs in India, you want to create a legitimate business without having a partner, there is one option for you: a One Person Company (OPC) Registration.
This article will explain what an OPC is, why it may be right for you, and how to register a One-Person Company step by step.
What Is a One Person Company or OPC?
A one-person company is defined in India through the Companies Act, 2013. Until the introduction of an OPC, if you wanted to incorporate a company, you needed two directors and two shareholders. This meant that, if you are a solo entrepreneur, your only option to start a legitimate business was a sole proprietorship.