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Overview
Registrar of Companies is an office under the Ministry of Corporate Affairs which deals with the administration of the company.
You have to comply with the ROC filings. If you are running a One Person Company (OPC), then you have to comply with ROC filings like Annual return, financial statements, etc. Some annual filing is required for OPC which is mentioned below.
Deposition of the Annual Return filing of OPC is important because the law requires it. For filing an annual return, you have to submit the form no. MGT7. It must be filled by all OPC registered in India every year. Annual return consists of information and documents that include a compliance certificate, Registered Office Address, Register of Member, Shares and
Debentures details, Debt details and information about the Management of the Company. The annual return would also disclose the shareholding structure of the Company, changes in Directorship and details of transfers of securities.
Benefits
01
EASY TO OBTAIN FUNDS
As OPC is a private company, it is simple to raise funds from venture capitalists, angel investors, incubators, and other sources.
02
LEGAL STATUS
The OPC is granted its own legal entity status by the member. The OPC is a separate legal body that protects the single person who has incorporated it.
03
LESS COMPLIANCES
The Companies Act of 2013 exempts the OPC from certain compliance requirements. The cash flow statement does not have to be prepared by the OPC.
04
EASY MANAGEMENT
Since a single person can establish and run the OPC, it becomes easy to manage its affairs.
05
PERPETUAL EXISTENCE
The OPC has the feature of perpetual succession even when there is only one member.
Features
A natural person cannot become member of 2 OPC at a time
Minor cannot become member or nominee of OPC and even cannot hold share with beneficial interest in OPC
Only a natural person who is an Indian citizen whether resident in India or otherwise shall be eligible to form OPC.
Company shall put the word (OPC) with name of the company like ABC (OPC) Private Limited
OPC, like a private or public limited company, also have a distinct identity from its shareholder or directors
Voluntary conversion to private limited is now possible at any time.
Eligibility criteria
Minimum 1 Director
Maximum 1 shareholder/ 1 Nominee
Director and Shareholder may or may not be the same persons
DIN of the directors
Digital Signature of shareholder and directors
Documents required by 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
Documents required by aoc 4
Balance sheet
Profit and loss account
Director's Report
Auditor's Report
Notice of AGM
Filing of financial statements
As per section 137 of the Companies Act, Every OPC needs to file its financial statements and necessary attachments, via e-form AOC 4 within the prescribed time limit.
You have to submit all of your financial statements like Profit and loss, balance sheet and other audit accounts to the ROC. Cash flow is not a mandatory part for OPC during filing. And these states should be signed by the CS.
Company law says that every One Person Company shall file a copy of the financial statements duly adopted by its member, along with all the documents which are required to be attached to such financial statements, within one hundred eighty days from the closure of the financial year.
Process of e filing
01
You can file your application online for AOC4 and MGT7. The first step is to visit the MCA website
02
Download the E form
03
Then you have to fill out the form
04
Then you have to click on the upload E form button
05
After uploading of E form, the system will show you a fee to be paid
You can pay your fee online
Compliance
One person company need to file their income tax return in Form ITR 6 for the financial year on or earlier than 30th September of the following financial year with the tax department. In other words, for the financial year 2018-19, income tax return in Form ITR 6 has to be filed on or before 30th September 2019. Furthermore, if the due date has been extended by CBDT, such extended date will be considered as the last date of filing income tax return instead of 30th September.
Additionally, along with the annual tax return filing, every OPC is required to get their accounts audited under income tax act 1961 if turnover exceeds the limit as specified in section 44AB. In addition to above compliance, a One Person Company may also require complying with TDS regulations, GST regulations, PF and ESI regulations and others based on the requirements.
Annual compliance
The annual return of an OPC shall be filed with ROC as an attachment with Form MGT-7. Furthermore, such annual return has to be signed by the company secretary or where there is no CS, by the director of the company.
Section & Rules
Forms
Particulars
164(2), 143(3)(g)
DIR-8
Disclosure of non-disqualification every financial year by each director.
184(1)
MBP-1
At each financial year for disclosure of director interest in other entity at the First Meeting of the Board of Director It is mandatory to submit Fresh MBP-1 whenever there is change in director interest.
Rule 12A
DIR-3
All the Directors of the company shall file DIR-3 on or before 30th September every year.
Section 405
MSME-1
Company to file MSME-1, every half yearly with respect of pending payments to MSME vendors. April to Sep: 30th October October to March: 30th April
Section 73, Rule 16
DPT-3
To be filed on or before 30 June every year with respect to the return of Deposit and particulars that are not considered Deposits as on 31st March.
Section 139
ADT-1
Auditor shall be appointed within 15days of Annual General Meeting for 5 years in form ADT-1
Section 92
MGT-7
OPC file its annual return within 180 days from the financial year closure.
Section 137
AOC-4
It is requisite for the company to file its Balance sheet together with Statement of Profit and Loss Account, Auditor report and Director Report within 180 days from the financial year closure.
Other compliance
Board Meeting (Section 173): One Director Board meeting at least to be held in every half of the calendar year and the space between the two meetings shall not be less than 90 days.
Statutory Register (Section 88 and other): The One Person Company will maintain these mandatory registers:
Director Register
Director Shareholding Register
Related Party Transaction Register+
Director's Report: Director Report shall be made and it shall mention all the information under the Rule 8A of Section 134.
Why Companies Trust Finaccle
Finaccle provides one-stop integrated Financial-Accounting-Legal solutions to its clients.
You get all Financial, taxation, Accounting, and legal solution under one roof.
We provide End-to-End Support for the compliance procedure.
We ensure seamless paperwork.
Quality is what we pursue.
We are always Accessible, Approachable and Accountable.
You can connect with us through mail, what's app, call or personal visit.
We shall provide you the result that will move you.
Got a question?
We've got answers.
Is Annual General Meeting (AGM) required for OPC annual filing?
No, OPCs are not required to hold an AGM. The sole member can approve financial statements directly, making the compliance process simpler.
What is the time limit for filing financial statements in an OPC?
Why does OPC have fewer compliance requirements than other companies?
What compliances are required apart from ROC filing for OPC?
Can Finaccle handle complete annual filing for OPC?
Why should I choose Finaccle for OPC annual compliance?