Annual Compliance for One Person Company

One Person Company (OPC) in India is a unique corporate structure that requires specific annual compliance to maintain its legal status.

Here are the key annual compliance requirements for OPCs:

1. Annual General Meeting (AGM):

• Not Mandatory: While not mandatory, conducting an AGM is recommended for better corporate governance practices.

2. Board Meetings:

• At Least One Meeting: The OPC must conduct at least one board meeting in a year.
• Meeting Minutes: Maintain detailed minutes of the board meeting.

3. Financial Statements:

• Preparation: Prepare financial statements (Balance Sheet, Profit and Loss Account, and Cash Flow Statement) for the financial year.
• Audit: If the OPC exceeds certain turnover or net worth thresholds, a statutory audit is mandatory.

4. Annual Return (Form MGT-7):

• Filing: File Form MGT-7 with the Registrar of Companies (RoC) within 180 days of the financial year-end.
• Details: This form includes details about the company's shareholders, directors, and financial information.

5. Statement of Account and Solvency (Form 8):

• Filing: File Form 8 with the RoC, providing details about the company's financial health, including assets, liabilities, income, expenditure, and solvency position.

6. Tax Compliance:

• Income Tax Return: File income tax returns for the financial year.
• GST Returns: File GST returns if applicable.
• TDS/TCS Returns: File TDS/TCS returns if applicable.

7. Other Compliance:

• DIR-3 KYC: The director of the OPC must file DIR-3 KYC with the RoC by September 30th of each financial year.
• Maintenance of Records: Maintain statutory records like the register of members, register of directors, etc.
• Compliance with Other Acts: Adhere to other applicable laws and regulations, such as the FEMA Act, SEBI regulations, etc.

Seeking Professional Help:

It is advisable to consult with a Chartered Accountant or a corporate law firm to ensure timely and accurate compliance. They can assist with:

• Understanding complex regulations:
• Preparing and filing necessary documents:
• Staying updated on regulatory changes:
• Managing audits and inspections: