During every financial year, the company must hold board meetings in case of more than 1 director. Furthermore, the accounts and financial statements must be audited by an independent auditor. Subsequently, it shall file form AOC – 4 and MGT – 7A as a part of Annual Compliance within the given time.

Only a natural person who is an Indian citizen and resident in India shall be eligible to act as a member and nominee of an OPC.
For the above purpose, the term “resident in India” means a person who has stayed in India for a period of not less than one hundred and eighty-two days during the immediately preceding one financial year.

The requirement to appoint a nominee is prescribed in order to retain the character of Perpetual Existence i.e. Uninterrupted Existence of the One Person Company. A nominee shall be an individual and is to be appointed at the time of incorporation of OPC. In the event of death or incapacity to enter into any contract by existing member, the nominee will become the member of one person company.

For filing an Annual Compliance, the required documents are – Directors’ Board Meeting minutes, profit & loss balance sheet, conclusions from Annual General Meeting, Audit report, DSC of the Director, and incorporation documents (PAN Card, Certificate of Incorporation).

A company can opt to appoint a statutory auditor either for a period of five consecutive years or till the conclusion of next AGM. Therefore, an appointment of the statutory auditor cannot be considered as a part of annual compliance.

Every Company needs to file an annual return. The annual return is also available for public inspection once payment of prescribed fees is made to the Registrar.

All the Company’s registered with MCA is required to file ‘Balance Sheet and Profit & Loss Statement with Directors’ Report and Auditors’ Report’ in an appropriate format of Company which should contain declaration on the state of solvency of the Company. This is to be done by the director.