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Annual Compliance of One Person Company

OPC has its own share of compliances to be met. But now you don’t have to get bothered about them at all. Contact Us now to get answer to all your questions.

    one person company

    One Person Company

    One Person Companies (OPC) are a simpler form of private limited companies with only 1 director. All the provisions applicable to Private limited companies will be applicable to OPCs. However, certain relaxation is given in the case of holding board meetings. As there is one and only person on the Board, it is not mandatorily required to hold at least 4 board meeting during the year. Instead, it has to hold at least 1 board meeting in each half of the calendar year with a gap of minimum 90 days between both the meetings.

    MBP-1

    Every director shall

    • At the first meeting of the board in his capacity as a director and
    • At the first meeting of the board held during each financial year or
    • At the first meeting held after there is a change in the disclosures disclose his concern/ interest in any company/body corporate/firm/association of individuals,
    Give a disclosure in Form MBP-1 about his interest in any companies, bodies corporate, firms or other association of individuals, along with shareholding.

    DIR-8

    It is an intimation given by every Director confirming that he is not disqualified of being appointed as a director in that company.

    Annual Return

    Every One Person company registered under The Companies Act, 2013 has to mandatorily file its annual return in Form MGT-7within 60 days of entry of ordinary resolution in Minute Book. Failure to file MGT-7 attracts a penalty of Rs.200 per day of for every day of default or delay.

    Annual General Meeting

    One-person company (OPC) is exempt from holding the annual general meeting (AGM) and making rotation of the auditors. The hassles related with the board meeting are also substantially reduced if the OPC has only one director/shareholder.

    Income tax Return

    Every company must file its Income Tax return irrespective of turnover. Even the dormant companies have to file their income tax returns annually. The due date for filing income tax return for a company is on or before the 30th of September. A Company has to electronically file its Income Tax Return using ITR 6 at the income tax website. Such form needs to be digitally signed by the authorized director.

    Financial Statements

    Every One Person company registered under The Companies Act, 2013 has to mandatorily file its Financial Statements in Form AOC-4 within 180 days from the close of the Financial Year every year. Failure to file AOC-4 attracts a penalty of Rs.200 per day of for every day of default or delay.

    DIR-3 eKYC

    DIR-3 eKYC form must be filed for the Director of the OPC. In DIR-3 eKYC filing, the Director must provide and verify a unique personal mobile number and personal email address. Failure to file DIN eKYC attracts a penalty of Rs.5000 per DIN.