Single Member Shareholder Company
An individual, can incorporate a private company limited by shares, which has only one shareholder. A single member company is required to have at least 1 director and a company secretary. The company must have a minimum of 2 officers. The company secretary can be one of the directors in the case of 2 directors or more.
The Companies Act provide that, all the provisions which apply to private companies limited by shares will apply to single member companies. The sole shareholder, can dispense with the holding of General Meetings, including the Annual General Meeting. The Report and Accounts that would normally be presented at the AGM of a company will still need to be prepared.
Formation of a Single Member Company
One person may, by subscribing his name to the Constitution and complying with the requirements of the Companies Act 2014, incorporate a private company limited by shares.
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