One Person Company Compliances

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OPC compliances

As the name suggests the one person company (OPC) is the company registered in India with single shareholder holding 100% shares and is the sole decision making authority in the company. Although OPC has been granted certain exemptions under companies act, 2013 for annual compliances, yet the overall one person company annual compliances are same as compared to the private company.

OPC compliances are prescribed under the companies act, 2013 and the rules made there under. A one person company has to mandatorily do all the ROC compliance for OPC irrespective of its business operations in their respective due dates, else can be penalized under the law.

At Unilex Business Consultants we provide you a hassle free OPC compliance which would be dealt by our professionals within a short time frame. Our team takes care of the documentation and aids in provide you the realistic estimation of One person company compliance cost.

Documentation for ROC filing of OPC

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MOA/AOA

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Requirements for one person company compliances

    - Appointment of Auditor : A one person company would need to appoint a individual auditor or an firm take care of all the financial filings annually, Who shall hold office until Board of Directors specifically remove him.
    - Registers to be Maintained : All the companies belonging to the OPC category are expected to have statutory records maintained update for the following members, charges, loans and investments. The above would give an overview of how active the company has been on yearly basis.
    - Statutory audit of the Accounts : Every OPC company has to prepare its records on annual financial records, once the financial records and statements they must be produced to the registrar and is done to stay legal. Preparation of Cash flow is exempted in case of OPC.
    - Preparation of Board's Report : A report by Board of Directors prepared required to be laid before members in Annual General Meeting. The meetings need to be logged and the signed minutes need to be maintained at the Registered Office.
    - Copy of the Annual Return to be filed with Registrar : Every company shall file with the registrar a copy of the annual return Within sixty days from the date on which the annual general meeting is held Where no annual general meeting is held in any year within sixty days from the date on which the annual general meeting should have been held (i.e.30th September) together with the statement specifying the reasons for not holding the annual general meeting.
    - Copy of financial statement to be filed with Registrar : All OPC companies shall file a copy of the financial statements in E-form AOC-4 within 30 days from the date on which the annual general meeting is held.
    - Holding Board Meeting : Every company should hold meeting with the board members at least twice an year and the gap between both the meetings should not be more than 90 days.
Event Based Compliances

    These are triggered based on happening of certain events.
  • Receipt of share application money.
  • Allotment of shares.
  • Transfer of shares.
  • Appointment/Resignation of directors.
  • Appointment of Managing Director/ Whole Time Director.
  • Executing agreement with related parties.
  • Change in the Bank signatories.
  • Change in the statutory auditor.

    • Failing to stay complaint

      The actual regulations are followed by the Companies Act 2013 and any company failing to stay complaint would result in the company being induced to payable fines based on the type of failure to the law the company had or at certain cases it could even lead to imprisonment.

    Unique Features of MCA filing

      - Event Based Compliances : These are triggered based on happening of certain events.
      - Receipt of share application money.
      - Allotment of shares.
      - Transfer of shares.
      - Appointment/Resignation of directors.
      - Appointment of Managing Director/ Whole Time Director.
      - Executing agreement with related parties.
      - Change in the Bank signatories.
      - Change in the statutory auditor.

    FAQs About OPC compliances

    Is an Auditor appointment important ?
    Yes, all incorporated OPC companies must have an auditor appointed within 30 days of incorporation and it does not matter if its a individual or a firm.
    What are the mandatory Annual Compliances for a One Person Company?
    Filing of financial statement Filing of annual return Filing of income tax return Conduct board meetings
    Is a compulsory to conduct an Annual General Meeting(AGM) or Extraordinary General Meeting(EGM) in an OPC?
    No, the provisions of the AGM or EGM does not apply to an OPC.
    Is it mandatory to conduct a Board Meeting in an OPC having one director?
    No, by entering the required resolutions in a duly signed minute book, you can fulfill the compliance.
    Is there any threshold limits for an OPC to mandatory get converted into either private or public company?
    In case the paid up share capital of an OPC exceeds fifty lakh rupees or its average annual turnover exceeds during the relevant period exceeds two crore rupees, then the OPC has to mandatory convert into private or public company.
    Does ADT-1 need to be filed every year?
    No, ADT-1 will be for first time appointment. After that every year shareholder will ratify the auditor up to 5 years (or less, as the case may be) subject to ratification.
    What does the register of company should contain ?
    All the companies belonging to the company category are expected to have statutory records maintained update for the following members, charges, loans and investments.

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