Nearly 2,000 one-person firms come up in 11 months
The Ministry is implementing the Companies Act, 2013, whose most of the provisions came into force from April 1, 2014.
Reflecting an increased interest among individuals to float firms, nearly 2,000 one-person companies have been set up in the country in 11 months since relevant norms came into effect last April.
The concept of one person companies (OPCs), introduced in the Companies Act, 2013, is expected to primarily benefit entrepreneurs and facilitate easier access to funding sources through an institutional establishment.
During the period from April 2014 to February this year, an average of 177 OPCs were set up every month with majority of them into business services, according to the latest data compiled by the Corporate Affairs Ministry.
The Ministry is implementing the Companies Act, 2013, whose most of the provisions came into force from April 1, 2014.
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