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ANNUAL FILING OF OPC






Overview



Registrar of Companies is an office under the Ministry of Corporate Affairs which deals with the administration of the company.

You have to comply with the ROC filings. If you are running a One Person Company (OPC), then you have to comply with ROC filings like Annual return, financial statements, etc. Some annual filing is required for OPC which is mentioned below.

Deposition of the Annual Return filing of OPC is important because the law requires it. For filing an annual return, you have to submit the form no. MGT7. It must be filled by all OPC registered in India every year. Annual return consists of information and documents that include a compliance certificate, Registered Office Address, Register of Member, Shares and

Debentures details, Debt details and information about the Management of the Company. The annual return would also disclose the shareholding structure of the Company, changes in Directorship and details of transfers of securities.




Benefits



EASY TO OBTAIN FUNDS: As OPC is a private company, it is simple to raise funds from venture capitalists, angel investors, incubators, and other sources.

LEGAL STATUS: The OPC is granted its own legal entity status by the member. The OPC is a separate legal body that protects the single person who has incorporated it.

LESS COMPLIANCES: The Companies Act of 2013 exempts the OPC from certain compliance requirements. The cash flow statement does not have to be prepared by the OPC. 


benefits

EASY MANAGEMENT: Since a single person can establish and run the OPC, it becomes easy to manage its affairs.

PERPETUAL EXISTENCE: The OPC has the feature of perpetual succession even when there is only one member.


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Features



features
  • A natural person cannot become member of 2 OPC at a time
  • Minor cannot become member or nominee of OPC and even cannot hold share with beneficial interest in OPC
  • Only a natural person who is an Indian citizen whether resident in India or otherwise shall be eligible to form OPC.
  • Company shall put the word (OPC) with name of the company like ABC (OPC) Private Limited
  • OPC, like a private or public limited company, also have a distinct identity from its shareholder or directors
  • Voluntary conversion to private limited is now possible at any time.

Eligibility criteria




Eligibility
  •  Minimum 1 Director
  •  Maximum 1 shareholder/ 1 Nominee
  •  Director and Shareholder may or may not be the same persons
  •  DIN of the directors
  •  Digital Signature of shareholder and directors


Documents required by mgt 7




documents
  •  CIN/PAN
  •  List of main business activities
  •  Details of shares and shareholding
  •  List of debentures and loans
  •  Details of other securities held by the company


Documents required by aoc 4



  •  Balance sheet
  •  Profit and loss account
  •  Director's Report
  •  Auditor's Report
  •  Notice of AGM



Filing of financial statements



As per section 137 of the Companies Act, Every OPC needs to file its financial statements and necessary attachments, via e-form AOC 4 within the prescribed time limit.

Company law says that every One Person Company shall file a copy of the financial statements duly adopted by its member, along with all the documents which are required to be attached to such financial statements, within one hundred eighty days from the closure of the financial year.

You have to submit all of your financial statements like Profit and loss, balance sheet and other audit accounts to the ROC. Cash flow is not a mandatory part for OPC during filing. And these states should be signed by the CS.



Process of e filing



1

You can file your application online for AOC4 and MGT7. The first step is to visit the MCA website

2

Download the E form

3

Then you have to fill out the form

4

Then you have to click on the upload E form button

5

After uploading of E form, the system will show you a fee to be paid

6

You can pay your fee online


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Compliance



One person company need to file their income tax return in Form ITR 6 for the financial year on or earlier than 30th September of the following financial year with the tax department. In other words, for the financial year 2018-19, income tax return in Form ITR 6 has to be filed on or before 30th September 2019. Furthermore, if the due date has been extended by CBDT, such extended date will be considered as the last date of filing income tax return instead of 30th September. 

Additionally, along with the annual tax return filing, every OPC is required to get their accounts audited under income tax act 1961 if turnover exceeds the limit as specified in section 44AB. In addition to above compliance, a One Person Company may also require complying with TDS regulations, GST regulations, PF and ESI regulations and others based on the requirements.




Annual compliance



The annual return of an OPC shall be filed with ROC as an attachment with Form MGT-7. Furthermore, such annual return has to be signed by the company secretary or where there is no CS, by the director of the company.

Section & Rules Forms Particulars
164(2), 143(3)(g) DIR-8 Disclosure of non-disqualification every financial year by each director.
184(1) MBP-1 At each financial year for disclosure of director interest in other entity at the First Meeting of the Board of Director It is mandatory to submit Fresh MBP-1 whenever there is change in director interest.
Rule 12A DIR-3 All the Directors of the company shall file DIR-3 on or before 30th September every year.
Section 405 MSME-1 Company to file MSME-1, every half yearly with respect of pending payments to MSME vendors. April to Sep: 30th October October to March: 30th April
Section 73, Rule 16 DPT-3 To be filed on or before 30 June every year with respect to the return of Deposit and particulars that are not considered Deposits as on 31st March.
Section 139 ADT-1 Auditor shall be appointed within 15days of Annual General Meeting for 5 years in form ADT-1
Section 92 MGT-7 OPC file its annual return within 180 days from the financial year closure.
Section 137 AOC-4 It is requisite for the company to file its Balance sheet together with Statement of Profit and Loss Account, Auditor report and Director Report within 180 days from the financial year closure.



Other compliance



Board Meeting (Section 173): One Director Board meeting at least to be held in every half of the calendar year and the space between the two meetings shall not be less than 90 days.

Statutory Register (Section 88 and other): The One Person Company will maintain these mandatory registers:

  • Director Register
  • Director Shareholding Register
  • Related Party Transaction Register+

Director's Report: Director Report shall be made and it shall mention all the information under the Rule 8A of Section 134.




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