Exemptions & Features of OPC
One Person Company
The concept of One Person Company was introduced by the companies’ act 2013. An OPC is a company incorporated with only one person as a member, who is a natural person having Indian citizenship and resident in India. OPC requires less compliance and paper works to minimum as compared to other public and private companies.
AGM not required
Preparation of cash flow statement is not required
At least one board meeting should be conducted in each half of a calendar year with a gap of at least 90 days between two board meetings.
OPC can only be incorporated as a private limited company
Member of OPC should nominate another person, who shall, in the event of the his death/incapacity to contract become the member of the company
The provisions of Section 98 and Sections 100 to 111 (both inclusive), shall not apply to a One Person Company.
- Power of Tribunal to call meetings of members. [Section 98].
- Calling of extraordinary general meeting. [Section 100].
- Notice of meeting. [Section 101].
- Statement to be annexed to notice. [Section 102].
- Quorum for meetings. [Section 103].
- Chairman of meetings. [Section 104].
- Proxies. [Section 105].
- Restriction on voting rights. [Section 106].
- Voting by show of hands. [Section 107].
- Voting through electronic means. [Section 108].
- Demand for poll. [Section 109].
- Postal ballot. [Section 110].
- Circulation of members’ resolution. [Section 111].