One Person Company (OPC): A Comparative

Study on South Asian Countries

Md. Mahadi Hasan

Assistant Professor
Department of Accounting & Information Systems
University of Dhaka
Email:mahadi.ais@du.ac.bd

Abstract
One Person Company (OPC) is a new concept in Bangladesh which is introduced through the amendment of the
Companies Act 1994 through an official gadget published on 26th of November 2020. One Person Company
(OPC) means a company which has only one natural person as shareholder*. Previously a single person was
not able to form a company in Bangladesh. This opened an entryway of opportunity for those who are not
interested in doing business with others or who are unable to form public or private limited companies because
of a lack of like-minded investors. One Person Company (OPC) is introduced by the government of Bangladesh
for creating an investor friendly environment to attract both national and international investment. This study is
conducted to show a comparative picture of the One Person Companies(OPC) act and rules among Bangladesh,
India and Pakistan. Data were collected from the secondary data sources. The study found several similarities
and dissimilarities in One Person Company (OPC) in compared countries. If proper actions are taken by the
government to make the provision clearer, and tax benefits are given in the initial stage after formation, then OPC
will get its momentum. The governance issue of OPC need to be addressed properly so that it cannot be used
as a tool for tax evasion and money laundering in Bangladesh.
Keyword: One Person Company (OPC), Single Member Company (SMC), South Asian Countries.
[*Sect-2(1) bb of the Companies Act 1994.]

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1.0 Introduction
One Person Company (OPC) opened a new epoch
for the entrepreneur of Bangladesh to get benefit of
company without sharing the ownership to others.
One Person Company (OPC) is new in Bangladesh
but the concept is not new to the world. OPC exists
in several countries like the UK, USA, Singapore,
France, Pakistan, Sri Lanka, Saudi Arabia, China,
India and several other countries of the world. In
Bangladesh before the amendment of 2020 for private
limited company minimum 2 (two) persons and for
public limited company minimum 7 (seven) persons
were required. Now any natural person can form a
One Person Company (OPC) after fulfilling certain
conditions in Bangladesh. The Person starting an OPC
is the sole owner of the company and will enjoy the
advantages of a registered company. One Person
Company (OPC) will provide entrepreneurs legal
protection along with a chance to get incorporated
as a legal entity to get several advantages which
were previously not possible as a sole proprietorship
business entrepreneur. Unlimited liability was one of
the main concerns of entrepreneurs who wanted to
start a business alone. One Person Company makes
it possible to put the legal and monetary liabilities only
to the company not to the individual starting OPC.
In sole proprietorship legal liability of individual is
unlimited where personal assets can be make liable for
the business operation which was the big barrier for
the entrepreneur to start a business entity. OPC give
relief on this issue allowing a single person to form a
registered company.
Bangladesh is not doing satisfactorily in the Ease of
Doing Business rank published by the World Bank
for a long time. The recent score of Bangladesh
is 168 just immediate before the introduction of
OPC in 2020 through the second amendment of
the Companies Act 2020. Our neighboring country
India ranked 62 which is far more ahead of us. Even
Pakistan ranked 108 in 2019 ahead of Bangladesh in
many aspects. The government of Bangladesh is trying
to improve the business environment of Bangladesh
through many initiatives. One Person Company is
one of them. The limited liability provision of OPC
will give entrepreneurs the freedom to take extra
risks. In addition to legal protection and tax flexibility,
the One Person Company helps entrepreneurs
obtain financial relief from banks who are far more
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interested in investing in incorporated institutions. For
smaller businesses looking to break new ground as an
alternative to sole proprietorship, the term OPC also
seems to be the one of the best options. Additionally,
it helps entrepreneurs obtain exclusive ownership
of their institution as a registered business. This is
important for the growth of present and potential
entrepreneurs in Bangladesh.
This study is a critical analysis of the present provisions
of OPC introduced through the 2nd amendment
of the Companies Act of Bangladesh in 2020. A
comparative analysis is done in South Asian countries
focusing on Bangladesh, India and Pakistan. The study
is based on secondary data and divided into four
sections. The first section covers the salient feature
of the One Person Company (OPC), rules and
regulation of Bangladesh. The second part covers a
comparative analysis of the OPC rules and regulations
of Bangladesh, India and Pakistan and in the final part,
some recommendations are provided based on the
findings and finally conclusion is drawn.
2.0 Literature Review
The One Person Company (OPC) is not a new
idea from the global context. Several studies were
conducted from different countries points of
view. Verma (2021) critically assesses the basic
understanding of OPC along with his historical and
legal perspectives, looking at OPC advantages. The
author looked back on his development journey
through multiple lenses and committed to addressing
the specific legal and regulatory requirements of OPC
that will affect the substantive implementation of OPC
rules in India. The study found that despite of having
flaws, OPC has made a remarkable contribution from
2014 to 2021 in the Indian economy. The high tax rate
compared to the sole proprietorship business is one
of the major limitations. A different tax rate based on
OPC size was suggested by the author in response.
Government initiative for facilitating banks’ support is
recommended for further expansion of OPC to full
fledge.
Dang and Sharma (2015) studied the opportunities
and challenges of One Person Company in India.
The main advantages they found are greater
opportunities for small entrepreneurs, low risk,
helpful to young entrepreneurs, combines feature
of sole proprietorship and company, less formalities
for formation. The main challenges are one person
cannot form more than one OPC, it cannot carry non-
banking financial activities, compliance cost is high in
comparison to sole proprietorship, and exiting private
limited company cannot be converted to OPC.
Several studies were done showing the formation
procedure advantages and disadvantages. Dey (2018)
shows a comparative study of sole proprietorship, a
private company, the basic steps of the formation of
OPC and its industry wise incorporation progress.
Total eleven steps required to form One Person
Company in India. Sector wise growth shows that
business service firms represent 61.36% of the OPC
and Community, Personal & Social Services represent
10.98% of the incorporated firm. Manufacturing
companies represents only 8.11% and the lowest one
is Mining & Quarrying companies represent 0.31% of
the total incorporated OPC.
OPC is also studied from different dimensions. Ali
(2015) studied to see whether the idea of Single
Member Company (SMC), is a way to exploit and
to averse the company liability by the Capitalist. The
study was conducted based on the Pakistan Company
Ordinance 1984. The study argues that there is no
provision in Pakistani law to effectively establish a
mechanism of checks and balances to mitigate the risk
of Pakistani SMCs evading corporate liability. In the
same context, the study found shortcomings of the
SMC Act related to the concept of corporate social,
economic and environmental responsibility.
Studies were conducted to compare the different
country’s legal framework on OPC. Badri et al. (2014)
conducted a study comparing the Single Member
Company Act of England, Germany, France and Iran.
Chen (2008) tried to show a comparative view of
China and Singapore One Person Company (OPC).
The authors found that special treatment given to
single member companies in China contrasts with the
indifferent treatment given in Singapore. Singapore’s
indifference to formal OPC ensures that one man
company is indeed an attractive and viable alternative
to the sole proprietorship. This is precisely the blemish
of China’s pragmatic approach, where the fear of
the lack of an independent foundation puts an extra
burden on official one member firms and undermines
the effectiveness of China’s One Member firms and
severely limit its viability.
Miao (2012) shows a comparative study of the
legal framework of Single Member Company in the
European Union and China. The study explores
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the peculiarities and similarities between the two
legal systems. Single member companies in Europe
and China by analyzing and comparing several key
provisions in each jurisdiction to uncover the strengths
and weaknesses of current jurisdictions and to inspire
future legislators. Both legal systems of the EU and
China recognize the legal status of single member
company by law. In both case company law has a
major role in Single Member Company. In China,
one natural person is allowed to have only one single
member company, but the case is different in Europe.
In some European region, personal disclosure of
property is required while in China, it not required
to disclose in OPC. Piercing the corporate veil is not
shown in Chinese company law yet where it is found
in many cases in European countries.
Tessema (2012) focuses on the meaning of single
member company and its details, developments,
problems, legal remedies, and objectives. It also
covers the formation, management and general
regulation of private companies in Germany, France
and the United Kingdom. The final part is devoted
to Ethiopian company law and recommendations.
Although there was no law in Germany specifically
authorizing the formation single member company but
a single shareholder acquiring all shares in a company
after incorporation has been legal in Germany since
last century. On the other side, in 1985 single member
company was approved in France. The management
of single member company can be done by single
shareholder or other in German, French and English
Law. Ethiopia’s legal system is different from the one-
man company law. Allowing a single member company
in Ethiopia will promote equality and facilitate the right
to engage in economic activities through creation of a
good environment for business.
As the concepts of OPC is very recent development
in Bangladesh very few studied found on it.
Shakibuzzaman (2021) assesses the prospects of One
Person Company in Bangladesh. The most attractive
feature of the OPC is the liability of the owner is
limited up to his investment in the OPC. A separate
legal entity can be formed under the umbrella of
the legal system of Bangladesh having many facilities
like taking support from the Banks and financial
institutions. OPC will be the best option to the small
and medium entrepreneurs with small investments
in Bangladesh. Considering the above literature, a
clear gap found in the area of OPC in Bangladesh.
Previously no study found that compare OPC in south
Asian countries like Bangladesh, India and Pakistan.
This study focuses addressing several issues of OPC
in Bangladesh showing a comparative picture of India
and Pakistan. This study will open a new arena for
future researchers to study One Person Company
(OPC) from different dimensions.
3.0 Objectives of this Study
The main focus of this study is to depict a comparative
view of the legal framework of One Person Company
(OPC) from South Asian perspective. The other
specific objectives are-
i) To see the salient feature of the One Person
Company (OPC) rules of Bangladesh.
ii) To find out the lacking of the present legal
framework OPC of Bangladesh based on the
comparison.
iii) To give some recommendations for further
improvement of OPC in Bangladesh.
4.0 Methodology
This study is descriptive in nature and based on
secondary data. Data were collected from various
secondary sources, Journals. The main sources were
the rules and acts of the three South Asian Countries
related to OPC. Companies Act 1994 of Bangladesh
(with its 2nd Amendment of 2020) of Bangladesh,
the Companies Act, 2013 of India and Single Member
Companies Rules, 2003 Pakistan were the main
sources of data for this study.
5.0 Salient Features of One Person
Company(OPC) in Bangladesh
• Only one person can form a One Person
Company (OPC) for any lawful purpose. A single
person can form only one OPC in Bangladesh.
• There will be only one member or shareholder
for One Person Company(OPC)
• The company need to mention a nominee as a
legal requirement of formation. The nominee will
become the company’s sole shareholder in case of
the original shareholder’s death or incapacitation
or insanity.
• Registration procedure will be similar like a private
limited company with necessary adaptation.
• An OPC will have only one person as its member,
who will be its sole director. But he may appoint
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a manager, secretary and other employees for the
company’s management
• The minimum paid up capital of an OPC will be Tk
25 lakh and maximum Tk 5 crore, and its annual
turnover in the previous year must be minimum
Tk 1 crore and maximum Tk 50 crore. If these
amounts exceed the maximum limit, an OPC
may be converted to a private or a public limited
company complying with other requirements of
the Act.
• The company needs to put OPC at the end of its
name to indicate it as One Person Company.
• The director of the OPC must hold at least one
director’s meeting in six months.
• An OPC must keep proper accounting records as
per the provisions of the Companies Act 1994.
The existing provisions relating to auditors and
audit reports will apply to an OPC with necessary
adaptations. Its financial statements (every
balance sheet and profit-loss account) and must
be signed by the sole shareholder and submitted
to the Registrar within 180 days of the completion
of the financial year.
• All shares of a One Person Company may be
transferred to another natural person only.
• OPC may borrow and make payment of loan
from bank or financial institution subject to
the provisions of section 159 to 175 of the
Companies Act, 1994 with necessary adjustments
as required.
• The One Person Company (OPC) may be winded
up voluntarily following the existing provisions
of winding up in the Companies Act, 1994 with
necessary adjustments as required.
6.0 Comparison of OPC Legal
Framework in South Asian
Countries
The comparison of One Person Company related
rules regulation in south Asian Countries consisting of
Bangladesh, India and Pakistan are summarized below-
6.1 Relevant Act/Rules: OPC was introduced in
Bangladesh through the Companies Act second
amendment 2020. Where in India, it was introduced
in 2013 through the Indian Company Act 2013. In
Pakistan, it was introduced in 2003 through the Single
Member Companies Rules 2003. The company will be
named as One Person Company (OPC) in Bangladesh
and India but Single Member Company(SMC) in
Pakistan.
6.2 Formation: Any natural person can form OPC in
Bangladesh. In India, to form OPC, the natural person
must be a resident of India. In Pakistan, natural person
and body corporate can incorporate SMC. The
pattern of name during the formation will be like XYZ
OPC in Bangladesh, XYZ (OPC) Private Limited in
India and XYZ (SMC-Private) Limited in Pakistan. No
restriction is found in the law regarding the foreigner
to incorporate OPC in Bangladesh. But information
procedure and NID number is required. That may
make it difficult to a foreigner to incorporate OPC
in Bangladesh. A foreigner can incorporate SMC in
Pakistan if he/she is resident. In India, no foreigners
are allowed to form OPC. OPC will be a limited
company in Bangladesh and Pakistan but in India, OPC
may be limited by share, guarantee and unlimited
company. In Bangladesh and Pakistan, OPC and SMC
can be formed for any lawful purpose but in India,
OPC not allowed to form for non-banking financial
investment activities.
6.3 Turnover Requirement: There is a turnover
requirement to form OPC in Bangladesh and India.
Minimum 1 crore and maximum 50 crore turnover
is required in Bangladesh and in India. It is maximum
2 crore per year. No such requirement is found in
Pakistan.
6.4 Capital Requirements: Al least Tk 25 lakh
authorized and paid up capital required to form OPC
in Bangladesh. Where in India authorized capital of 1
lakh rupee is required to form OPC. No requirement
is set for paid up capital. In Pakistan, authorize share
capital of 1 lakh rupee is required. Minimum paid up
capital as set by the company. No OPC/SMC can
issue share to the general public in all three countries
compared.
6.5 Books of Accounts: An OPC must keep proper
accounting records as per the provisions of the
Companies Act, 1994 in Bangladesh. Its financial
statements (every balance sheet and profit-loss
account) and must be signed by the sole shareholder
and submitted to the Registrar within 180 days
of completion of the financial year. In India, OPC
financial statements need to be approved by the
Board and needs to be signed by only one director
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for submission to the auditor. OPC is exempted from
preparing cash flow statement in India. SMC must
keep proper accounting records as per the law to
file the audited accounts with SEC of Pakistan if the
paid-up capital is 7.5 million or more. The director(s)
shall ensure that proper books of account are kept
and prepared so that such profit and loss accounts
or income and expenditure accounts, balance sheets,
and reports may be brought before the company in
general meeting. Authentication of books of accounts
shall be done by the sole shareholder director for all
of the three countries compared.
6.6 Nominee: Need to mention a single person name
as nominee in Bangladesh and India as per the law.
One person can be nominee in more than one OPC
at a time. In Pakistan there is no provision in the
SMC rules of 2003 regarding selecting a person as
nominee but there is a provision for nominee director
and alternative nominee director. This provision is
exempted through the recent amendment in Pakistan.
In formation process, legal heirs need to be mentioned
in Pakistan as per the SMC rules.
6.7 Administration: Sole shareholder will be the
director of the company in Bangladesh. In India,
minimum 1 maximum 15 director can be appointed
by OPC. In Pakistan, as per section 174, the sole
shareholder director may appoint additional director
as required. Minimum one but maximum limit not
mentioned. In Pakistan, directors are classified as
member director and non-member director where
no such classification found for Bangladesh and India.
The board cannot remove the member director or
the non-member director but the single member can
remove any director, chief executive or secretary in
Pakistan.
6.8 Conversion: If annual turnover exceeds Tk
50 crore, an OPC may be converted to a private
or a public limited company complying with other
requirements of the Act in Bangladesh. In India,
after two years of registration, conversion to Private
Limited Company possible. Conversion must be done
in case of increase in turnover over certain amount.
In Pakistan, Single Member Company (SMC) may be
converted to Private Limited Company by increasing
member or by the death of the sole shareholder.
Private company limited by share may be converted
to Single Member Company (SMC) after complying
the rules. No such provision is found in India and
Bangladesh.
6.9 Meetings and Proceedings: In Bangladesh, as per
section 392F, the Director of OPC will call at least one
board of directors meeting in every half year. In India,
director of OPC will call at least one board meeting
in every half year, the difference between two board
meeting shall be not less than 90 days. In Pakistan, the
company need to hold meeting when required subject
to the provision of rule 5. No provision regarding the
notice of the meetings is found in Bangladesh and
India. In Pakistan, notice of the meeting need to be
notified to the member and secretary and they need
to be present for fulfilling the requirement. For AGM,
auditor shall be given notice for not less than twenty-
one days. In Bangladesh, no provision is found in the
law for quorum of OPC meeting. In India, no quorum
for meeting is required if there is only one director. In
Pakistan, single member present in person or through
proxy shall be the quorum for the general meeting
provided that secretary shall not act as proxy of the
single member.
6.10 Company Secretary: In Bangladesh, single
member may appoint company secretary but no time
limit is given in the law. In Pakistan, Single Member
Company (SMC) shall appoint a company secretary
within 15 days of incorporation. For India, no clear-
cut provision is found regarding this issue.
6.11 Annual General Meeting(AGM): No requirement
of AGM found in Bangladesh for OPC. OPC are
exempted to hold AGM in India. AGM shall be held
as per the provisions of section 158 and rule 5 in
Pakistan. No provision is found regarding the dividend
declaration in Bangladesh and India. In SMC rules of
Pakistan, it is mentioned that the SMC may declare
dividend and pay in accordance with the provision of
the sections.
6.12 Taxation: Tax rate for OPC in Bangladesh for
2022-23 is 22.5%, where in India, no specific tax
rate found for OPC. It is mentioned that domestic
Company in India whose turnover is less than 400
crores will have a tax rate of 25%. In Pakistan, except
Banking and Public limited company tax rate is 29% for
small company tax rate is 20%. No specific tax rate is
found for SMC.
6.13 Disputes: In Pakistan in case disputes arise
between the company and its management or
between the directors inter se, dispute shall be
resolved through mediator before going for formal
dispute resolution such as arbitration or litigation. No
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such provision is found for Bangladesh and India.
6.14 Contract with the Single Member: No such
provisions is found in Bangladesh companies act.
In India, if OPC enters into a contract with its sole
member (who is also a director), company must
incorporate the terms of the contract/offer in the
Memorandum, unless the contract is in writing or
record in first board meeting after the contract. In
case of contract in ordinary course of business above
rules do not apply. In Pakistan if SMC enters into a
contract with its sole member (who is also a director),
company must incorporate the terms of the contract/
offer in the Memorandum, unless the contract is
in writing or record in first board meeting after the
contract. In case of contract in ordinary course of
business above rules do not apply.
6.15 Death of Single Member: In Bangladesh and
India, in case of death of the single member of the
OPC, nominee will be shareholder in run the OPC
taking assets and liabilities. In Pakistan, in case of death
of single shareholder of Single Member Company
(SMC) , either be wound up or be converted into
private company.
6.16 Transfer and Transmission of Share: In
Bangladesh, law allows OPC to transfer all share at
once to a single person only. In Pakistan, share transfer
is possible through passing ordinary resolution by the
member. Relevant provision will have to be used to
transfer the share in India. In Pakistan transmission
of shares to the legal heirs shall be recorded in the
register of members by the secretary. No such
provision is found in Bangladesh.
6.17 Winding-Up: In Bangladesh, OPC may wind up
voluntarily subject to the provision of the Companies
Act 1994. In India, if any OPC remains inactive for
more than one year from the date of incorporation,
owner may apply for winding up of the company under
the normal procedure or Fast Track Exit scheme of the
Ministry of Corporate Affairs of India. In other case,
the OPC may be wound up voluntarily or by the order
of the Tribunal. In Pakistan, SMC may be wound-up by
the relevance provision of the Companies Ordinance
of 1984.
7.0 Issues to be addressed in
Bangladesh
Several issues need to be addressed in Bangladesh for
further enhancement of OPC growth. The turnover
requirement is very high in Bangladesh, whereas there
is no requirement in Pakistan. The high turnover
requirement may slow down the ability of potential
entrepreneurs to start OPC in Bangladesh. Provision
for appointment of more directors shall be introduced
so that flexibly for the owner remains for appointing
directors in case of necessary. No minimum paid up
capital requirement may also act as an impediment
for the flourishment of OPC in Bangladesh. Some
issues need to be addressed clearly, such as contract
with the member and OPC, Meeting notices, quorum
of meetings, disputes between the company and
management. The tax rate of OPC is 22.5% in
Bangladesh. It was 25% in previous assessment year.
The government of Bangladesh may give some tax
benefit for OPC for the initial years after registration.
Government should also address the governance
issue so that OPC cannot be used as a vehicle for tax
evasion and money laundering.
8.0 Conclusion
One Person Company is initiated in Bangladesh
through the 2nd amendment 2020 under the
Companies Act 1994. Through this, the government
of Bangladesh are trying to attract many investors to
invest more and more where they were frightened
by the liability of sole proprietorship business.
OPC has to less compliance burden in comparison
to others companies. After introduction of OPC
2020, company registered as OPC in Bangladesh till
December 2022 is very low in number. If tax rate is
reduced to an optimum level with more clarification in
law introduced, then OPC will be a good option for
local and international investors in Bangladesh.
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