One Person Company (OPC) are hybrid form of business of Sole proprietorship and body corporate. This form of business encourage public to start their business in form of a body corporates as compliances applicable on one person company are much lesser in comparison to a private or public limited company. Further the complete control of the company remain with one person. All Companies including One Person Company registered with the Registrar of Companies are required to file below given details mandatorily on annual basis: A. Annual Return of the Company B. Copy of Financial Statements of the Company
Annual Return of One Person Company
As per section 92 of the Companies Act, 2013, an OPC shall prepare an annual return in the Form MGT-7A abridged form of annual return containing the particulars as they stood on the close of the financial year.
E Form MGT 7A includes following details:
1. Registered office, principal business activities.
2. Shares, debentures and other securities and shareholding pattern
3. members and debenture-holders along with changes therein since the close of the previous financial year
4. promoters, directors, key managerial personnel along with changes therein since the close of the previous financial year
5. meetings of members or a class thereof, Board and its various committees along with attendance details
6. remuneration of directors and key managerial personnel
7. penalty or punishment imposed on the company, its directors or officers and details of compounding of offences and appeals made against such penalty or punishment
8. matters relating to certification of compliances, disclosures
Financial Statements of the Company
Provisions with respect to submission of financial statement of the OPC is given under section 129, 134, 137 of the Companies Act, 2013.
OPC are required to file financial Statement within 180 days from closure of financial year in Form AOC 4.
As per section 134 of the Companies Act, 2013, every Company has to prepare a detailed report called as Board Report of the Company and which is to be placed at the Annual General Meeting of the Members for their Adoption along with the Financial Statements of the Company.
Since OPC is managed by only one person liberty is provided by MCA to prepare abridged Board Report by The Companies (Accounts) Amendment Rules, 2018.
What is included in this
1. Preparation of documents;
2. Liasioning with the department;
3. 24/7 mail support to assist you;
4. Filing of AOC-4, MGT-7A;
5. Certification in AOC-4 and MGT-7A;
6. Future reminder in respect to annual compliance
1. Who will sign MGT 7 A and AOC 4 of OPC?
Only one Director of OPC will sign MGT 7A and AOC 4.
2. What is last date to submit annual return on OPC?
If Annual General Meeting of Company held: Annual Return within 60 days from the date on which Annual General Meeting was held.
If Annual General Meeting of Company NOT held in any year: Annual Return within 60 days from the date on which Annual General Meeting should have held and annual return should be filed with reason for not holding Annual General Meeting As per this section, in case of OPC ,Resolution which are required to be passed at General Meeting, will be communicated by the member to the OPC and it will be entered in the minutes-book required to be maintained under section 118 and signed and dated by the member and such date shall be deemed to be the date of the General Meeting for all the purposes under this Act.
3. What is the Penalty for Non Submission of Annual Return?
As per section 92(5) of the Act, penalty will be imposed as below: OPC & its Officer in Default: Penalty of Rs. 50,000 For continuing default: Further penalty of Rs. 100 per day subject to maximum Rs. 5 Lakh.
4. What is the Penalty for Non Submission of Financial Statement?
As per section 137(3) of the Act, penalty will be imposed as below: Company & its Officer in Default: Penalty of Rs. 1 lakh with per day Rs. 100 maximum upto Rs. 5 Lakh For continuing default: Further penalty of Rs. 1000 per day subject to maximum Rs. 10 Lakh.
5. What is annual return of the One Person Company?
An annual return is a document which is required to be filed by OPC with the Registrar of Companies within the stipulated time period. This document can the shareholding details, financials statement and other company operational working details which happened during a particular financial year.
6. Can the annual return be revised post filing?
No, once the online annual return is filed by the OPC with ROC, the same can not be revised or rectified.