The
meaning of OPC is One Person Company. Unlike the traditional manner of establishing
a company (having at least two members), there is only one person needed to
form an OPC company. Although the concept of OPC is not new in the business
world, it is legally recognized in the UK, USA, China, Singapore, Turkey, UAE,
and Pakistan. In 2005, India enacted a law and allowed OPC companies in the
country. The objective of enacting such law is to encourage young entrepreneurs
to start their ventures and give a significant contribution to the GDP growth
of the country. OPC under the Companies Act, 2013 is a separate legal entity
having perpetual succession, which is required to be registered as per the
provisions of the Companies Act, 2013.
