TaxadvisorIndia: We are One Person Company (OPC) Registration Consultants in Bangalore.
In One Person Company (OPC) company formation, a single member can act both as a shareholder and director of the company. The company is solely started and controlled by one person. It is a welcome move to spearhead the Startup movement in India as it eliminates unnecessary hurdles in the formation of a company.
The OPC firm has characteristics of a traditional proprietorship firm where a single member owns, controls and manage the affairs of the company. As per the Company Law guidelines, a OPC company shall be converted into a private limited company within six months upon reaching average three year turnover of 2 crore rupees, or when the paid capital of the company is increased to above 50 lakhs.