One Person Company Overview On One Person Company(OPC) Annual Compliances

Overview On One Person Company(OPC) Annual Compliances

Overview On One Person Company(OPC) Annual Compliances

One Person Company Annual Compliances

BRIEF INTRODUCTION

One Person Company is all about a revolutionary idea, being introduced under the Companies Act 2013. In the previous Companies Act, being in force, companies can be formed, with a minimum of two directors and shareholders, which we call as Private Limited Company. However, under the new Companies Act, 2013, a single can also form a company. Where any person forms a One Person Company and registers the same with MCA, there are certain compliances that are required to be complied with by the OPC. So in this article, we would be discussing about the mandatory compliances, which an OPC is required to undertake after its incorporation. 

MEANING

According to Section 2(62) of Companies Act, 2013, OPC is basically company incorporated with only one member. Apart from this, members of a company have been termed as the shareholders, since they are the subscribers to MOA.

Read More about kind-of-business-structurescan be made in India   

DOCUMENTS FOR COMPLIANCE OF OPC ANNUAL COMPLIANCES

  1. MGT 7 Filing:
  • Details of the securities, being held by OPC
  • List of debentures and loans
  • List of main business activities
  • CIN/PAN
  • Details of shares and shareholding
  1. AOC 4 Filing:
  • Auditor’s Report
  • Director’s Report
  • Notice of Annual General Meeting.
  • Balance Sheet
  • Profit and Loss Account
  1. ITR 6 Filing:
  • Copy of VAT/Service Tax Returns
  • Bank Statement for the relevant year
  • Copy of TDS Challans/deposits
  • Copy of Purchase and Sale invoice.
  • Copy of Expense invoice.
  • Copy of PAN of the company
  • Copy of Credit Card Statement

COMPLIANCE MANAGER

It is provided under the act, that all the returns are required to be signed by the Company Secretary of the OPC and where the OPC is not required to appoint a CS, the same be signed by the Director of the company.

ANNUAL FILING WITH MCA& AGM

MGT 7

  • The OPC is required to filed their Annual Return Filing with the Registrar of Companies.
  • The said return be filed as an attachment with Form MGT 7.
  • The annual return be signed by the Company Secretary of the OPC.
  • In case, the OPC is not required to appoint a CS, the return be signed by the director.
  • The said return be filed by OPC, once in every financial year.
  • Documents for filing of MGT 7:
    • CIN/PAN
    • List of main business activities
    • Details of shares and shareholding
    • List of debentures and loans
    • Details of other securities held by the company

INFORMATION PROVIDED UNDER ANNUAL RETURN

  • The annual return must disclose the information and documents in respect of compliance certificate, address of the registered office, register of members, details of shares and debentures holders, information in respect of management of company, details of debt owned by the company.
  • The annual return shall also disclose the shareholding pattern of the Company, along with the changes in directorship in a particular FY and details of securities transferred.

AOC4

  • As pe the Companies Act 2013, OPC is required to file their Audited Financial Statements in E-Form AOC 4.
  • The said form shall be signed by the Board of Directors of the company.
  • AOC-4 form must be filed within 180 days from the end of the relevant financial year and the same be filed with ROC.
  • The financial statement should consist of Balance Sheet, Profit and Loss Account, Audit report, and notes to the accounts.
  • Also, the OPC is required to appoint a practicing Chartered Accountant as the auditor of their company and such an appointment be made within 30 days from the date of incorporation. 

FORM ADT-1

  • Where the OPC appoints an auditor for their company, the same is required to file Form ADT-1 within 15 days from the date of conclusion of first AGM.
  •  In the First AGM, the OPC is required to appoint a CA as the auditor of the said OPC, and the auditor shall hold the office as an auditor, till the conclusion of 6th AGM.
  • It is to be noted that form ADT 1 shall not be filed, in respect of appointment of First Auditor.
  • However, where any subsequent Auditor is appointed, the OPC would be required to file Form ADT-1 at every appointment of auditor.

PROCESS OF E FILING OF FORMS

The forms AOC4 , MGT7 and ADT-1 can be filed online by following the given procedure -

  1. The first step is to visit the MCA website
  2. Download the relevant E form from the website.
  3. Then you have to fill out the form
  4. Then you have to click on the upload E form button
  5. Then you have to upload your E form.
  6. After uploading of E form, the system will show you a fee to be paid
  7. You can pay your fee online

Apart from filing of different forms, an OPC shall conduct at least 2 board meetings in each Financial year. Also, unlike other companies, OPC is not required to hold or conduct compulsary Annual General Meeting in each of the FY.

 Filing of IT returns, Financial statement, and annual return are mandatory for every OPC. Every year, OPC is required to comply with the compliances, as provided under various laws. For the ease of compliance, all these filings have been provided with an online platform; where the applicant can file the requisite forms online itself.

So if you have incorporated an OPC, you would be liable to comply with all the above-mentioned compliances. Otherwise, you might face certain legal problems, along with hefty fines. Apart from annual filings, OPC is also required to comply with regulations of TDS, GST, PF and ESI and some others event based compliances.

Disclaimer: The content of this post isn't considered to be professional or legal advice, We aren't responsible for any damages arising from your access to the location content & must not be relied on or used as a substitute for legal advice from a lawyer professional in your jurisdiction. CARajput is among India's big digital compliance services platform which committed to helping people have started & developed their businesses. We had started with the goal of creating it easier for start-ups to start out their business. Our main aim is to assist the businessman with applicable laws & regulations compliance and providing support at each & every level to make sure the business stays compliant and growing continuously. For any query, help or feedback you may in touch on singh@carajput.com or Call or what’s-up on 9-555-555-480

Share This Post

Related Articles

Related Videos


One Person Company: Meaning of One Person Company (OPC) | How to register OPC

One Person Company: Meaning of One Person Company (OPC) | How to register OPC

Published On: Nov 24, 2021 | By: RJA


One Person Company And Limited Liability Partnership : Difference between LLP and One Person Company

One Person Company And Limited Liability Partnership: Difference between LLP and One Person Company 

Published On: Nov 25, 2021 | By: RJA

Need help?

Request a call
from a RJA
Business Advisor.

LET'S TALK

Private Limited Company

Popular Categories

Browse Blogs

Recent Posts

How to Handling negative IGST liability under the GST System in India

How to Handling negative IGST liability under the GST System in India

More than 8 lakhs ITR (income tax returns) for AY 24–25 have been filed so far.

More than 8 lakhs ITR (income tax returns) for AY 24–25 have been filed so far.

MCA : PAS Rules -Pvt Ltd Co. to issue shares etc in Demat form only

MCA : PAS Rules -Pvt Ltd Co. to issue shares etc in Demat form only

Complete Guide on ROC Filing of Form MSME- 1

Complete Guide on ROC Filing of Form MSME- 1

Goods and Services Tax Collection Hits Record High in April 2024

Goods and Services Tax Collection Hits Record High in April 2024

Connect with a RJA Advisor

Fields marked with an * are required

Enquire Us

Please send us your query and we feel very happy helping you

Testimonials

  • Thank you very much for all your help in setting up my new company and clearing up all outstanding business in my sole trader accounts. For the first time in years I have peace of mind regards my business accounts. Your workforce are a credit to you, the girls at reception are so helpful and Chris has been brilliant. It is very much appreciated.

    A US consultancy group

  • Rajput Jain & Associates. are a tremendous value added to me as an executive and a busy parent. It just makes sense to delegate my tax file to them -- they are proactive, extremely service oriented, and most importantly, I am completely confident they are finding every dollar of tax savings available to me.

    A Leading Service Provider

  • We use Rajput Jain & Associates for all our accounting, Corporation tax, VAT and other compliance needs. The service is professional, courteous and prompt. I would recommend Rajput Jain & Associates to any company requiring a comprehensive accounting and tax service.

    A Leading Consultancy Firm in Dubai

Money Back Guarantee

Not happy with the service? You can request a refund at anytime within 30 days!

24/7 Support

Get support through phone, email, mobile app or live chat - 24/7, 365 days.

EMI Payment

Easily pay online with EMI payments, credit or debit card, net banking, PayPal and more.

Get In Touch--

Rajput Jain & Associates

Add: P-60, Connaught Circus, Connaught Place, New Delhi-110001

Email: singh@carajput.com

Phone: 9555555480

Legal Disclaimer--

The information contained on this website merely provides details of our firm to persons who have shown interest in knowing more about us and is not intended to solicit work or advertise our capabilities in any manner. The information provided on this website is general in nature and should not be used as a basis of decision-making without further professional advice. The third party site links are only provided for ready reference of the users and CA Rajput Jain & Associates neither controls their content nor undertakes any responsibility regarding them.

© 2016 Rajput Jain & Associates. All Rights Reserved | Sitemap

Call Email