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Friday, February 1, 2013

18 Important features of the One Person Company in the Companies Bill, 2012

One Person Company (OPC) is the Concept introduced by the Government of India in Companies Law, 2009.

The Companies Law, 2012 has been passed by Lok Sabha on 18th December 2012. This may move to Rajya Sabha in the coming budget sessions of Parliament. The bill, will be come into force on the date on which the Central Government may, by notification in the Official Gazette.

As per the Companies Law 2012, One Person Company is a Company which has only one person as a member.

The following are the important features of One Person Company
1. One Person Company is one of the type of Company on the basis of number of members
 
2. One Person Company has only one person as a member/shareholder.
 
3. One Person Company is a Private Company
 
4. Minimum paid up share capital of One Person Company is one lakh rupees (Rs. 1,00,000)
 
5. One Person Company may be either a Company limited by share / a Company limited by guarantee / an unlimited Company
 
6. The words "One Person Company" should be mentioned in brackets below the name of the One Person Company
 
7. One Person Company shall indicate the name of the nominee/other person in the memorandum, with his prior written consent
 
8. The written consent above, shall be filed with the Registrar at the time of incorporation of the One Person Company along with its M&A (Memorandum and Articles)
 
9. The nominee/ other person can withdraw his consent at any time
 
10. The member/Shareholder of One Person Company may change the nominee/other person at any time, by giving notice to the other person and intimate the same to Company. Then the Company should intimate the same to the Registrar
 
11. In case of the death of member/shareholder or his incapacity to contract, then nominee/other person become the member of the Company
 
12. Member/Shareholder of the One Person Company acts as first director, until the Company appoints director(s)
 
13. One Person Company can appoint maximum 15 directors, but minimum should be one director
 
14. One Person Company need not to hold any AGM (Annual General Meeting) in each year
 
15. Cash Flow Statement may not include in the financial statements of One Person Company
 
16. One Director is sufficient to sign the Financial Statements/Director's Report
 
17. Within 180 days from the closure of the Financial Year, One Person Company should file the copy of the Financial Statements with Registrar
 
18. One Person Company should inform to the Registrar about every contract entered and also should record in the minutes of the meeting with in 15days from the date of approval by the BOD (Board of Directors)

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