Annual Compliances For OPC

A One Person Company can be formed with just 1 person who can act as both the director as well as the shareholder. An OPC is required to adhere to the annual compliances stated under the Income Tax Act, the Companies Act and other regulations, as applicable. Such compliances include holding at least one board meeting in each half of the year, appointing a Statutory Auditor, adopt its financial statements that include the balance sheet, profit and loss account, auditor's report and notes of accounts.

One Person Company is not required to prepare cash flow statements. The annual return of an OPC must be filed with the Registrar of Companies as Form MGT-7. The ITR of OPC  and annual return must be filed before September 30 each year.

ROC Compliances For One Person Company

Documents required for ROC filing for OPC

  1. Notice of Annual General Meeting
  2. Board of Directors Report
  3. Financial Statement with schedules.
  4. Independent Auditor Report
  5. Form MGT - 8 and Form MGT - 9
  6. Class 2 Digital Signature

Process of ROC filing for One Person Company

After all the requisite documents are collected, the balance sheet and books of accounts are prepared and filed, notices, board resolution and minutes of Annual General Meeting are prepared and accounts are audited. The annual compliances are filed in form of ADT-1, AOC-4 and MGT-7 with the ROC. The income tax return (ITR) is filed with the Income Tax Department before September 30.

FAQs

Are ROC compliances for an OPC same as Private Limited?
Yes, all kinds of companies registered under the Companies Act, 2013 have the same annual compliances.
If the OPC has not done any business, do I need to file ROC Return?
Yes, even if the company has not done any business, ROC filing is a must. ROC return lays down the information of changes taken place in the company during the year and need to be filed with the ROC.
What are the ROC Compliances for One Person Company?
The primary ROC compliances for an OPC is Annual return filing, ITR filing, issue of Share certificate, maintenance of Statutory registers and minutes book.
What forms are filed for ROC Return of an OPC?
The annual compliances are filed in form of ADT-1, AOC-4 and MGT-7 with the ROC.
What is due date for OPC Annual Filing?
The first annual ROC filing of a company must be done by December 30 of the next year from the date of incorporation and the subsequent annual filing must be done by September 30 each year.
Who is responsible to file OPC ROC Return?
The director of the OPC is responsible for ROC compliance of the company.
What is Penalty for late filing of Annual Filing for OPC?
The penalty for delay of up to 30 days is 2 times of normal fees. If the delay is for more than 30 days and up to 60 days, the penalty is 4 times of normal fees. If the delay is more than 60 days and up to 90 days, the penalty is 6 times of normal fees. If the delay is for more than 90 days and up to 180 days, the penalty is 10 times of normal fees. If the delay is for more than 180 days, the penalty is 12 times of normal fees.
Can the penalty for non-filing of OPC Return be waived off?
No, there is no provision for waiver of penalty.
Is there a need to hold a Board of Directors Meeting?
A company can hold a board meeting one board meeting in each half of the year.
Is it mandatory to appoint an Auditor for OPC?
An Auditor must be appointed by the Director of the OPC for auditing of financial statements of the company.