A fresh concept of the One Person Company was introduced by the Company's Act of 2013. (OPC). A public corporation requires a minimum of three directors and seven members, but a private company just needs two directors and two members. A firm could only be incorporated by a group of persons until recently.
One-person corporations (OPCs) are companies with just one proprietor. Before the Companies Act of 2013 took effect, corporations could only be formed by two people. A person could only establish a sole proprietorship if they wanted to open a business because a company could only be established with a minimum of two directors and two members.
According to Section 2(62) of the Company's Act 2013, a company can be incorporated with just 1 Director and 1 Member. Compared to a private business, this sort of corporation has fewer compliance requirements.
A person may form a business with just one member and one director in accordance with the Companies Act of 2013. The director and a member can both be the same individual. As a result, a one-person company is a company that can be founded by a single person, who may be a resident or an NRI, and that combines the advantages of a sole proprietorship with the qualities of a corporation.
Get more info: Click on: One Person Company Registration