BUILD ON AMBITION - DELEVERING ON BELIEF
Overview
As per section 2(62) of the Companies Act, 2013, “One Person Company” means a company which has only one person as a member
Salient features of OPC
The salient features of OPC are:
• It is run by individuals yet OPCs are a separate legal entity similar to that of any registered corporate.
• A One Person Company is incorporated as a private limited company.
• It must have only one member at any point of time and may have only one director.
• The member and nominee should be natural persons, Indian Citizens and resident in India.
• One person cannot incorporate more than one OPC or become nominee in more than one OPC.
• No minor shall become member or nominee of the One Person Company or hold share with beneficial interest.
• Such Company cannot be incorporated or converted into a company under section 8 of the Companies Act, 2013.
Compliances applicable to One Person Company
| Provision | Compliance | Statutory Timeline | Due Date | Required Form |
| Section 10A | Declaration of commencement of business | Within 180 Days from the incorporation date | Within 180 Days from the incorporation date | INC- 20A |
| Section 89(6) | Intimation of declaration received under Section 89 | Within 30 days from the receipt of declaration by the company | Within 30 days from the receipt of declaration by the company | MGT-6 |
| Section 90(4) | Intimation of declaration received under Section 90 | Within 30 days from the receipt of declaration by the company | Within 30 days from the receipt of declaration by the company | BEN- 2 |
| Rule 12A of Companies (Appointment and Qualification of Directors) Rules 2014 | Directors’ KYC by every Individual who holds a DIN | Within 6 months from end of the financial year | 30th September | DIR – 3 KYC |
| Section 139 | Intimation regarding appointment of Statutory Auditor. | Within 15 days of appointment of an auditor | Within 15 days of appointment of an auditor | ADT – 1 |
| Section 139(6) | Notice to the Registrar for appointment of First Statutory Auditor | Appoint within 30 days from the incorporation date | Within 30 days from the incorporation date | ADT – 1 |
| Section 140 | Intimation regarding resignation of Statutory Auditor | Within 30 days from the date of the resignation | Within 30 days from the date of the resignation | ADT – 3 |
| Section 117
|
Filing of Resolution and agreements as specified in Section 117 (3) | Within 30 days of the passing of resolution/entering into agreement | Within 30 days of the passing of resolution/entering into agreement | MGT – 14 |
| Section 12 | Intimation of Change in the Registered Office | Within 30 days of the change of the address | Within 30 days of the change of the address | INC-22 |
| Order dated 22 January, 2019 issue under Section 405 | Return in respect of outstanding payments to Micro or Small Enterprise | Within 1 month from the conclusion of each half year | 31st October (For April-Sep)
30th April (For Oct-Mar) |
E-Form MSME-1 |
| Rule 5 (8) of IEPF Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 | Statement of unclaimed and unpaid amounts as specified in section 125 | Within a period of 60 days after the holding of AGM | Within a period of 60 days after the holding of AGM | IEPF -2 |
| Rule 16 of Companies (Acceptance of Deposits) Rules, 2014 | Return of deposit or particulars of transaction not considered as deposit or both | On or before 30th June of every year | 30th June | DPT-3 |
| Section 137 | Filing of annual accounts | 30 days from the date of AGM | Within 30 days from the date of AGM | Form AOC-4/AOC-4 CFS/AOC-4 XBRL |
| Section 92 | Filing of annual return | To be filed within 60 days from the conclusion of AGM | Within 60 days from the date of AGM | E – Form MGT – 7A |
| Section 184
|
Disclosure of Interest by Director
|
In the First Board Meeting of the Financial Year AND whenever there is a change in the disclosures already made | 1st Board Meeting of the F.Y.
AND Whenever there is change the disclosures already made |
MBP-1 |
Frequently Asked Question
Yes, the it is mandatory
Rule 3 of Companies (Incorporation) Rules 2014 provides that:
1. Only a natural person; (should not be minor)
2. Indian citizen;
3. Person Resident in India
Yes, OPC can have more than 1 director
No, OPC can have only one member