One Person Company Annual Compliances
A One Person Company (OPC) is a legal business structure that allows a single individual to establish a company and run it as the sole owner and director. OPCs offer limited liability protection to the owner, meaning personal assets are safeguarded in case of business debts or losses. This format combines the flexibility of a sole proprietorship with the legal advantages of a private limited company, making it an attractive option for solo entrepreneurs and small business owners.
The annual filing process for a One Person Company (OPC) in India involves several steps to ensure compliance with the regulatory requirements set forth by the Ministry of Corporate Affairs (MCA). The compliance requirements and due dates for One Person Companies (OPCs) in India were governed by the Companies Act, 2013, and the rules made thereunder.
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Annual Compliance of Company Starting From Rs. 9,999/-
Annual Compliance of One Person Company :
If we think to commence our new business in the form of a company (whether public or private), the first step is to incorporate a company as per the Companies Act, 2013 and it is really an exhilarating moment for business startup journey to obtain a Certificate of Incorporation. Once the company has incorporated, it has to be adhered with timely compliances under various applicable laws, after incorporation and till it dissolution.
Just to incorporate a company and start business is not enough, to run a successful business one has to take care about regular and timely compliances for smooth functioning of the business and avoidance of penalty & fine for non- compliances.
Following are the various compliances under the Companies Act, 2013 and other laws which are required to be comply by the private company on timely basis:
Annual compliances and mandatory compliances of one person company
Compliance for a One Person Company (OPC) in India involves adhering to various legal and regulatory requirements specified under the Companies Act, 2013. Here are some key compliance events and requirements for an OPC:
- Annual Filings:
Form MGT-7: OPCs need to file their annual return (Form MGT-7) within 60 days of the Annual General Meeting (AGM). The AGM should be held within six months from the end of the financial year.
Form AOC-4: OPCs are required to file financial statements (Form AOC-4) with the Registrar of Companies (RoC) within 30 days of the AGM.
- Form DIR-3 KYC WEB:
DIN holder is require to perform annual of KYC by assessing e-form DIR-3 KYC WEB. In case a director who is required to file the e-Form DIR-3 KYC does not file it within due date on MCA 21 portal, the department will mark the DIN of such director as ‘Deactivated due to Non-filing of DIR-3 KYC’.
- ADT-1 (Form for Appointment of Auditor):
Due Date: Within 15 days from the conclusion of the AGM.
Purpose: This form is used to intimate the RoC about the appointment of an auditor for the company.
- Income Tax Returns (ITR):
File income tax returns by the specified due date each year.
- Statutory Audit:
Conduct an annual statutory audit of the company’s financial statements by a qualified chartered accountant.
- GST Filing:
An OPC (One Person Company) registered under GST (Goods and Services Tax) is required to adhere to specific filing requirements to comply with GST regulations. These requirements are determined based on the OPC’s turnover.
For OPCs with an annual turnover up to Rs. 5 crores, GST returns are filed on a quarterly basis. OPCs with a turnover exceeding Rs. 5 crores are required to file GST returns monthly. These returns include details of sales, purchases, and the taxes paid and collected. It’s crucial to file these returns by the deadlines specified under GST law to avoid any penalties or interest charges.
Additionally, OPCs must file an annual return. If an OPC’s annual turnover exceeds Rs. 2 crores, it must also undergo an audit of its accounts. Maintaining accurate and up-to-date records is essential for timely and correct GST compliance. Consulting a qualified GST professional can provide valuable assistance in navigating these requirements and ensuring adherence to the GST laws.
• Prepare the financial statements, including the balance sheet, profit and loss statement, and cash flow statement for the financial year.
• Ensure that the financial statements are compliant with the Accounting Standards issued by the Institute of Chartered Accountants of India (ICAI).
• Hold a board meeting to approve the financial statements as per provision of Companies Act,2013.
• Approve the director’s report, auditor’s report, and other documents required to be submitted along with the annual return.
Get the financial statements audited by a practicing chartered accountant.
• Prepare and file Form AOC-4 (for filing financial statements) with the Registrar of Companies (RoC) within 180 days from the end of the financial year. File Form MGT-7 (Form for filing annual return) with the RoC within 180 days from the closure of the financial year. This form includes details like the company’s activities, shareholding pattern, and other statutory information.
• Attach the required documents, including the compliance certificate obtained from a professional.Ensure all required details such as financial statements, director’s report, and auditor’s report are attached to the forms.
File the income tax return with the Income Tax Department. Ensure that the tax audit, if applicable, has been conducted by a chartered accountant.
Pay the requisite annual compliance fees to the MCA within the due date to avoid penalties and maintain compliance.
Depending on the specific activities and changes in the company during the financial year, file any additional forms as required by the MCA.
Obtain a compliance certificate from a professional (such as a company secretary) and attach it with the annual return form.
Ensure that all necessary filings and compliance requirements are met with the RoC.
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Basic Features to Read before starting private limited company
Private company is required to add the word “Private limited” or “Pvt. Ltd.” to end of its name. Private company should have at least two member and two directors. Private company have right to issue debentures to any number of persons.
Features of Public Limited Company
MCA provides the facility for incorporation of public limited company. For incorporation, firstly apply for name through RUN (Reserve Unique Name) on MCA portal. After availability of name from ROC we should file incorporation form i.e. Spice 32, INC 33(for eMOA), INC 34(for eAOA), .
Annual Compliances Package For Private Limited Company
₹10,000/-
- Annual Filing Form AOC-4
- Annual Filing Form MGT-7A
- DIR-3 KYC of 2 director
₹21,000/-
- Annual Filing Form AOC-4
- Annual Filing Form MGT-7A
- DIR-3 KYC of 2 director
- Income Tax Filing
- GST Annual Return filing
₹35,000/-
- Financial Statements
- Annual Filing Form AOC-4
- Annual Filing Form MGT-7A
- DIR-3 KYC of 2 director
- Income Tax Filing
- GST Annual Return filing
- TDS Return Filing
- Return of Deposit DPT-3
- MSME Return Form MSME-1
- Declaration of Significant Beneficial Ownership Form BEN-2