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Annual Filings – OPC

Annual Filings – OPC

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    OVERVIEW

    For One Person Companies (OPCs) in India, certain compliances are mandatory to be met every year. This page provides an overview of these compliances, their statutory timelines, and the required forms to be submitted. Additionally, the page provides tax consultancy services for OPCs in India, along with GST consultancy services.

    Salient features of OPC:-

    One Person Company's (OPC) key characteristics are:

    1. Separate Legal Entity: Just like any other registered corporation, OPCs are separate legal entity.
    2. Private Limited Company: In accordance with the Companies Act of 2013, an OPC is incorporated as a private limited company.
    3. Single Member and Director: An OPC may only have a single member at any given time who also serves as the company's sole director.
    4. The member and nominees of the firm must be natural people, citizens of India, and residents of India.
    5. An individual is only allowed to incorporate one OPC or act as the nominee for one OPC at a time.
    6. No Minor Involvement: No minor may join or serve as a nominee for an OPC or possess shares in which they have a beneficial interest.

    No Section 8 Company: Under Section 8 of the 2013 Companies Act, an OPC cannot be established or converted into a company.

    Compliances Applicable to One Person Companies:-

    You must abide by a number of rules under the 2013 Companies Act as a One Person Company (OPC). The OPC compliance requirements are listed below:

    1. OPCs must submit the declaration of the start of their operations using Form INC-20A within 180 days of the date of their establishment.
    2. OPCs must use Form MGT-6 to submit an intimation of a declaration received under Section 89 within 30 days of the company receiving it.
    3. Within 30 days of the firm receiving the declaration, OPCs must submit the intimation of the declaration obtained under Section 90 using Form BEN-2.
    4. Directors' KYC by every person with a DIN: OPCs are required to complete Form DIR-3 KYC, Directors' KYC by every person with a DIN, within six months of the fiscal year's end.
    5. OPCs must use Form ADT-1 to provide this notification of the appointment of a statutory auditor within 15 days after the appointment of the auditor.
    6. First appointment of a Statutory Auditor OPCs must notify the registrar of the appointment of a statutory auditor by utilising Form ADT-1 within 30 days of the date of incorporation.
    7. OPCs shall provide this notification of the Statutory Auditor's resignation using Form ADT-3 within 30 days of the resignation date.
    8. Resolutions and agreements that must be filed in accordance with Section 117(3) must be submitted using Form MGT-14 within 30 days of passage or signing.
    9. Within 30 days of an address change, OPCs must use Form INC-22 to notify the change in the registered office.
    10. Return with regard to Unpaid Payments to Micro or Small Enterprise: OPCs are required to submit this return on Form MSME-1 within one month of the end of each half-year.
    11. Statement of unclaimed and unpaid funds as described in section 125: OPCs are required to provide this statement using Form IEPF-2 within 60 days of the holding of the AGM.
    12. Return of deposit, information regarding a transaction that is not deemed to be a deposit, or both: OPCs must file this return using Form DPT-3 by June 30th of each year, at the latest.
    13. Annual accounts must be filed using Form AOC-4/AOC-4 CFS/AOC-4 XBRL within 30 days of the date of the AGM by OPCs.
    14. Annual returns must be submitted using E-Form MGT- 7A within 60 days of the end of the AGM by OPCs.
    15. OPCs are required to declare a director's interest at the first board meeting of the fiscal year and any time there is a change to the disclosures previously made using Form MBP-1.

    FAQs

    Yes, For One Person Companies, filing annual compliance is required.

    The nominee of an OPC must be a natural person who is an Indian citizen and a resident of India in accordance with Rule 3 of the 2014 Companies (Incorporation) Rules. Minors are not permitted to serve as an OPC nominee.

    Yes, in accordance with the Companies Act of 2013, an OPC may have more than one director, but at any given time, it may only have one member.

    According to the 2013 Companies Act, an OPC can only ever have one member. It is a private limited corporation with just one person who serves as both a member and a director. As a result, it can only have one member.