As the name suggests, One Person Company is a type of Private Company that can be formed only by a Natural Person who is a resident of India.
One person will act as the Director and shareholder of the Company.
As the concept of OPC is quite famous and prevailing in outside countries also, therefore, India has also provided a path for the registration of OPCs considering the ease of doing business.
Compared to a Private Company, a one-person company that is like a subdomain of a private company has lesser compliances like fewer Board Meetings, No Annual General Meeting, and specific other exemptions in compliances.
Compliance checklist for one person company-
|
Sl. No. |
Particulars |
Status |
|
1. |
Form INC-20A |
Form in respect of the commencement of Business within 180 days of incorporation |
|
2. |
Stamp duty on Share Certificates |
Payment of stamp duty is to be made within 30 days from the issue of share certificates. |
|
3. |
Board Meeting |
Minimum Two Board Meetings At least one Board Meeting in each half of the calendar year, and the gap between two meetings is not less than 90 days. |
|
4. |
Annual General Meeting |
No such requirement to hold AGM as OPC is exempted from holding Annual General Meeting |
|
5. |
MBP-1 |
Disclosure of interest is required to be given in the first Board Meeting or where ever there is any change by every Director of Company. |
|
6. |
DIR-8 |
Declaration in form DIR-8 that the director is not disqualified is required to be given in every financial year. |
|
7. |
Statutory Registers, Minutes Books and Records |
Maintenance of mandatory statutory registers, minutes Book and other secretarial records are required to be done. |
|
8. |
Form AOC-4 (Financial Statements) |
180 days from the end of the financial year, i.e. 31st March |
|
9. |
Form MGT-7 * (Annual Return) |
180 days from the end of the financial year, i.e. 31st March |
|
10. |
Income Tax Return of Company |
30th of September of each financial year |
|
11. |
DIR- 3 KYC (Directors KYC) |
30th of September of next financial year |
|
12. |
ADT-1 (Auditor’s Appointment) |
The auditor will be appointed for 5 years |
|
13. |
E-Form MSME-I (Half Yearly Return) |
Every Company having outstanding payments dues to micro and small enterprises, and in case the payment of the same is pending beyond 45 days, then the Company has to furnish details as per the following timeline: For April to September by 31st October For October to March by 30th April |
|
14. |
E-Form DPT-3 (Return of Deposits) |
All the Company having any outstanding loan/amount as on 31st March of every financial year has to furnish details and bifurcation of such outstanding amount irrespective of the fact whether such amount is falling under the definition of deposit or not by 30th June |
*In respect of filing of Annual Return of OPC, unlike other companies, there is no such requirement of filing Annual Return within sixty days of AGM as the provisions of AGM doesn’t apply to One Person Company.
Created & Posted by Pooja
Income Tax Expert at TAXAJ
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