"One Person Company" means a company which has only one person as a member [Companies Act, 2013, section 2(63)]. Compliance requirements are low as compared to pvt ltd company.
In case the paid up share capital of an OPC exceeds fifty lakh rupees or its average annual turnover of immediately preceding three consecutive financial years exceeds two crore rupees, then the OPC has to mandatorily convert itself into private or public company.
