One Person Company Compliances

One Person Company Compliances

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.

Compliances

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

 

TAXAJ is a consortium of CA, CS, Advocates & Professionals from specific fields to provide you with a One-Stop Solution for all your Business, Financial, Taxation & Legal Matters under One Roof. Some of them are: Launch Your Start-Up Company/BusinessTrademark & Brand RegistrationDigital MarketingE-Stamp Paper OnlineClosure of BusinessLegal ServicesPayroll Services, etc. For any further queries related to this or anything else, visit TAXAJ

 

Watch all the Informational Videos here: YouTube Channel

 

TAXAJ Corporate Services LLP

Address: 1/11, 1st Floor, Sulahkul Vihar, Old Palam Road, Dwarka, Delhi-110078

Contact: 8961228919 ; 8802812345 | E-Mail: connect@taxaj.com

 


    • Related Articles

    • One Person Company Meaning

      A new concept has been introduced in the Company’s Act 2013, about the One Person Company (OPC). In a Private Company, a minimum of 2 Directors and 2 Members are required whereas in a Public Company, a minimum of 3 Directors and a minimum of 7 ...
    • One Person Company Liability

      Disadvantages of One Person Company There are a few disadvantages of a one-person company that are discussed below: 1. High Tax Rate As a corporate form, you cannot avail of the tax slab advantage. In proprietary, you are required to pay according to ...
    • One Person Company Features

      Features of One Person Company Member of the Company · First and foremost is that the company shall have only one member. Member is defined as a shareholder or a person who agrees in writing to become a shareholder or the subscriber of MoA who has ...
    • Producer company compliances

      Article Annual Company Law Compliance Calendar for Producer Companies under Companies Act, 2013 in Tabular Form stating Form or Return required to be filed, Section/Rules under which the same need to be filed, and nature of Compliance. The article ...
    • How To Register One Person Company

      A new concept has been introduced in the Company’s Act 2013, about the One Person Company (OPC). In a Private Company, a minimum of 2 Directors and 2 Members are required whereas in a Public Company, a minimum of 3 Directors and a minimum of 7 ...