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One Person Company Annual Compliances
The concept of One Person Company (OPC) was introduced very first time by the Companies Act, 2013. It is one of the easiest forms of corporate entities to manage. Company is a corporate entity and is operated by legal rules and procedures given under the Companies Act 2013. Every Registered Company irrespective of its size, turnover or quantum of transaction undertaken has to file annual return and audited financial statements to comply with the legal requirements given in the Act. Filing of returns is mandatory and, if not complied, attracts severe penalty and other consequences under the law. It is obligation of all Companies to maintain the annual accounts which should reflect genuine and authentic information/views of its state and affairs.
As compared to a Private Company, one-person company which is like sub domain of private company having lesser compliances like less Board Meetings, No Annual General Meeting and certain other exemption in compliances.
ComplianceIndia can help you understand how to register and maintain Annual Compliances of OPC Companies in India quickly and hassle-free
Forms required to file for Annual Compliance
|Forms||Purpose of filing|
|AOC – 4/ AOC-4 XBRL||:||Financial Statement Filing|
|MGT – 7||:||Annual Return Filing|
|ADT – 1||:||Auditor Appointment|
|DIR – 3 KYC||:||KYC of the Company Director|
|INC – 20A||:||Declaration for the commencement of business|
|DPT-3||:||Return of Deposits|
|MSME||:||Furnishing return with ROC in respect of outstanding payments to Micro or Small Enterprises|
Advantages of OPC Annual Compliance
– In case an organization take after every single lawful arrangement of the Act in a moral way, it implies it keeps up straightforwardness among open and makes a picture of moral organization in brains of open, administrative and government.
– As these reports are recorded with Government specialists and ensured by experts, it can make more certainty to the general population about the Company and builds up a decent picture according to other stakeholders.
– With Compliance of Annual filings the Credibility of Company Increases.
– Investors tend to favour the companies with regular compliance records.
– It avoids lawful results of extra expenses, penalties, punishment and detainment.
How we Work?
Rs. 14,499/- only
- – Filing of Form AOC-4
- – Filing of Form MGT-7
- – Filing of Form ADT-1
- – Filing of DIR-3KYC
- – Filing of DPT-3 & MSME
- – Expert advice from Experts/ Legal Professionals
Frequently Asked Questions
1. What are the Annual Compliance requirements to be fulfilled by a One Person Company?
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.
2. Who is eligible to act as a member of an OPC?
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.
3. Who is the nominee in One Person Company?
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.
4. What are the required documents in the Annual Compliance process?
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).
5. Is appointment of statutory auditor falls under annual compliance?
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.
6. Is Annual Return needed to be filed by a Company?
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.
7. What do you mean by Financial Statement?
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.