How Can You Set Up A One Person Company?

Bangalore: Till now it was mandatory to have two partners if one wished to set up a private company. Therefore the only option left for a person wanting to solely venture was to opt for proprietorship, an onerous task since it is not legally recognized as a separate entity.

However, the new Companies’ Bill 2013 has brought in new hopes for many as bill will allow individuals to set up companies alone with any partner, reports Sakina Babwani of Economic Times. The bill is expected to bring sweeping changes in the corporate world, which will create new possibilities for the entrepreneur looking to set up a company all by himself. The idea is inspired from the concept of One Person Company (OPC).

Though introduced for the first time in India, the compact is pretty famed in abroad, including in Singapore, USA, even Europe. "Currently, it is a grey area, and only time will tell how well this works in India," says Neerav Mainkar, founder of law firm, M Neerav & Associates.

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