The document summarizes key changes and additions to the Companies Act of Bangladesh from the 2nd amendment in 2020. It introduces the concept of a One Person Company (OPC) which allows a single natural person to incorporate a company. An OPC must have a minimum paid-up capital of 25 lakh taka, and the shareholder will also be the sole director. Standard company procedures around meetings, financial statements, audits, and winding up apply to an OPC. The amendment aims to ease business regulations in Bangladesh.
The document summarizes key changes and additions to the Companies Act of Bangladesh from the 2nd amendment in 2020. It introduces the concept of a One Person Company (OPC) which allows a single natural person to incorporate a company. An OPC must have a minimum paid-up capital of 25 lakh taka, and the shareholder will also be the sole director. Standard company procedures around meetings, financial statements, audits, and winding up apply to an OPC. The amendment aims to ease business regulations in Bangladesh.
The document summarizes key changes and additions to the Companies Act of Bangladesh from the 2nd amendment in 2020. It introduces the concept of a One Person Company (OPC) which allows a single natural person to incorporate a company. An OPC must have a minimum paid-up capital of 25 lakh taka, and the shareholder will also be the sole director. Standard company procedures around meetings, financial statements, audits, and winding up apply to an OPC. The amendment aims to ease business regulations in Bangladesh.
The document summarizes key changes and additions to the Companies Act of Bangladesh from the 2nd amendment in 2020. It introduces the concept of a One Person Company (OPC) which allows a single natural person to incorporate a company. An OPC must have a minimum paid-up capital of 25 lakh taka, and the shareholder will also be the sole director. Standard company procedures around meetings, financial statements, audits, and winding up apply to an OPC. The amendment aims to ease business regulations in Bangladesh.
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Chapter 1 Overview on the Companies Act, 1994 ***[Note: All of you who want to pass the Business Laws at first attempt must read the topic given below as well as manual of ICAB before practicing the MCQ. As in the manual, 37 pages are given to gain basic knowledge regarding companies act, here those information are given which are not given in the manual of CL but are very much important.]***
2nd amendment of the Companies act happened on 26 November, 2020.
In this amendment excellent decisions were taken by the Government for ease of doing business in Bangladesh.
Inserted section 11(ka) Indication of limited company:***
Public limited company – PLC Private limited company – LTD One Person Company - OPC
One Person Company (OPC) --- U/S 2(Kha Kha)***
Shareholder – Only one natural person MOA & AOA of OPC U/S 392(ka) - As per Schedule 9(ka) and 9(kha) Incorporation U/S 392(kha) - Only one company can be incorporated by a natural person. Name of Nominee and written consent of nominee incorporated in the MOA – Nominee will be the shareholder if the only shareholder (1) death (2) Incapacity or (3) Unsound. Share Capital of OPC U/S 392(Ga) – minimum 25 Lakh and maximum 5 Crore. Preceding one year Turnover minimum 1 crore maximum 50 crore. Can be converted into Private Limited Company or Public limited Company. 5 Frustration: As per Companies Act 1994 u/s 6, each subscriber of the memorandum shall take at least 01 (One) share. Incorporation process U/S 392(Gha) – Like private limited Company. Director U/S 392(Oma) – Only one share holder will be the director. Meeting U/S 392(Cha) – Minimum one Board meeting in one calendar year. Change of MOA & AOA U/S (ChCha)– Section 12 applicable. Share transfer U/S 392(BJa) – Whole share can transfer to another natural person and section 38 applicable. Balance Sheet U/S 392(Jha) – Balance sheet should be submitted to the Registrar within 180 of ending the financial year. Authentication of FS by the only shareholder director. Audit U/S 392(Eno) – Section 210 applicable. Loan taken and repayment U/S 392(Ta) – Section 159 to 175 applicable. Voluntary winding up U/S 392(Tha) - Section 234 of companies Act 1994 applicable.
