One Person Company (OPC) is a type of Private Company that is operated by only one person as director and another person is appointed as the nominee. OPC was a great initiative giving a company structure to a sole proprietorship, bearing its own benefits such as limited liability, a separate legal entity among other things. Compliances of OPC are similar to that of a private company, however, being one person the requirements vary.
- Financial Statements and Annual Returns: Form AOC-4 for Financial statements and form MGT-7 for annual returns are required to be filed for Annual returns. The financial statements of OPC are to be filed within 180 days from 31st March of the financial year and annual return within 60 days from the completion of AGM.
- Form INC-20A: Form in respect of the commencement of Business within 180 days of incorporation.
- Board Meeting: Minimum of Two Board Meetings, at least one Board Meeting in each half of the calendar year, and a gap between two meetings is not less than 90 days.
- Annual General Meeting: No such requirement to hold AGM as OPC is exempted from holding Annual General Meeting.
- MBP-1: Disclosure of interest is required to be given in the first Board Meeting or wherever there is any change by every Director of the Company.
- DIR-8: Declaration in form DIR-8 that the director is not disqualified is required to be given in every financial year.
- Statutory Registers, Minutes Books, and Records: Maintenance of mandatory statutory registers, minutes books, and other secretarial records are required to be done.
- Income Tax Return of Company: 30th of September of each financial year.
- DIR- 3 KYC (Directors KYC): 30th of September of next financial year.
- ADT-1 (Auditor’s Appointment): Auditor will be appointed for 5 years.
- Stamp duty on Share Certificates: Payment of stamp duty is to be made within 30 days from the issue of share certificates.
- E-Form MSME-I (Half Yearly Return): Every Company has outstanding payments dues to micro and small enterprises and in case the payment of the same is pending beyond 45 days, then the Company has to furnish details as per the following timeline: for April to September by 31st October and for October to March by 30th April.
- E-Form DPT-3 (Return of Deposits): All the Company having any outstanding loan/amount as on 31st March of every financial year has to furnish details and bifurcation of such outstanding amount irrespective of the fact whether such amount is falling under the definition of deposit or not by 30th June.
Big or small, companies must keep a close eye on various amendments in the laws to keep their business updated and keep their operations smooth and steady.