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ANNUAL COMPLIANCE filling OF (OPC) ONE PERSON COMPANY.

Annual compliance requirements for a partnership can vary depending on the specific laws and regulations of the country or jurisdiction in which the partnership is registered. Partnerships are generally less regulated than companies, but they still have certain obligations to meet. With “India’s BEST TAX CONSULTANT.” Connect with our Experts.

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Why Should I Use Auriga Accounting For COMPLIANCE FILLING OF (OPC) ONE PERSON COMPANY ?

Auriga Accounting has a team of registration experts who can provide complete guidance to COMPLIANCE FILLING OF (OPC) ONE PERSON COMPANY.

book appointment

Our team of experts will get in touch with you and collect all necessary documents and details

Resolve all your queries

We fill out and file your application for registration

Complete your COMPLIANCE FILLING

Your COMPLIANCE FILLING IS DONE .

OVERVIEW - ANNUAL COMPLIANCE OF (OPC) ONE PERSON COMPANY.

Annual compliances for an OPC (One Person Company) in India refer to the set of legal and regulatory obligations that an OPC must fulfill on an annual basis to remain in good standing and comply with the relevant laws and regulations. OPCs are a specific type of company structure introduced under the Companies Act, 2013, to enable single entrepreneurs to run a limited liability company.

Here are some of the key annual compliances for OPCs in India:

  • Annual General Meeting (AGM): OPCs are required to hold an AGM within six months from the end of the financial year. However, OPCs are exempted from holding AGMs if the company has only one shareholder.
  • Financial Statements: OPCs must prepare and present financial statements, including the balance sheet, profit and loss account, cash flow statement, and notes to accounts, at the AGM. These financial statements must comply with the accounting standards prescribed by the Institute of Chartered Accountants of India (ICAI).
  • Board Meetings: OPCs are required to hold a minimum number of board meetings during the year. The exact number of meetings may vary based on the company’s Articles of Association, but it is typically at least one meeting in each half of the calendar year.
  • Auditor Appointment: OPCs must appoint an auditor or auditors at the AGM to examine and report on the company’s financial statements. However, this requirement does not apply if the company has a paid-up share capital and reserves not exceeding Rs. 50 lakhs, and its average annual turnover does not exceed Rs. 2 crores in the immediately preceding financial year.
  • Income Tax Return (ITR): OPCs must file their income tax returns with the Income Tax Department. The due date for filing income tax returns varies based on the company’s turnover and income.
  • Annual Return (Form MGT-7): OPCs are required to prepare and file an annual return (Form MGT-7) with the Registrar of Companies (RoC). The annual return contains information about the company’s shareholders, directors, share capital, and other key details.
  • Director’s Report: OPCs must prepare a director’s report, which provides an overview of the company’s performance, operations, financial results, and future plans. The report should be presented at the AGM.
  • Statutory Registers: OPCs must maintain various statutory registers, including the register of members, register of directors and key managerial personnel, register of loans and investments, etc. These registers must be updated regularly.
  • Compliance with Other Laws: Depending on the industry and activities of the OPC, additional compliance requirements under other laws and regulations may apply, such as environmental compliance, labor laws, and industry-specific regulations.

ELIGIBILITY for ANNUAL COMPLIANCE OF (OPC) ONE PERSON COMPANY.

Eligibility for annual compliances of a One Person Company (OPC) in India is primarily determined by the status and structure of the OPC, as per the provisions of the Companies Act, 2013. Here are the key eligibility criteria and conditions for annual compliances of an OPC:

  • OPC Status: To be eligible for annual compliances, a company must be registered as an OPC under the Companies Act, 2013. An OPC is a company that has only one shareholder.
  • Number of Shareholders: OPCs are typically formed with a single shareholder, making them distinct from other company structures where a minimum of two shareholders is required (e.g., private limited companies).
  • Paid-up Capital and Turnover: The eligibility for certain annual compliance exemptions is based on the paid-up share capital and turnover of the OPC. As per Section 2(62) of the Companies Act, 2013, an OPC is eligible for the following exemptions if it meets the specified criteria:
      • The company has a paid-up share capital and reserves not exceeding Rs. 50 lakhs.
      • The average annual turnover of the company during the immediately preceding three financial years does not exceed Rs. 2 crores.
  • Auditor Appointment: OPCs that meet the specified criteria regarding paid-up capital and turnover are exempt from appointing an auditor to examine the financial statements. However, this exemption does not apply if the OPC chooses to appoint an auditor voluntarily or if it exceeds the specified thresholds in the future.
  • AGM Exemption: OPCs are required to hold an Annual General Meeting (AGM) within six months from the end of the financial year. However, if the OPC has only one shareholder, it is exempt from holding AGMs.
  • Director and Shareholder: An OPC must have a minimum of one director and one shareholder. The same person can hold both positions.
  • Annual Return (Form MGT-7): OPCs are required to file an annual return (Form MGT-7) with the Registrar of Companies (RoC) within 60 days from the date of the Annual General Meeting, if applicable.
  • Income Tax Return (ITR): OPCs must file their income tax returns (ITR) with the Income Tax Department, following the due dates specified by the tax authorities.
  • Board Meetings: While there is no specific requirement for the number of board meetings for OPCs, they must hold at least one board meeting in each half of the calendar year. The exact number and dates may vary based on the company’s Articles of Association.

ADVATNAGES OF FILLING ANNUAL COMPLIANCE OF (OPC) ONE PERSON COMPANY.

  • Legal Compliance: Fulfilling annual compliance requirements ensures that the OPC operates within the framework of the law. This helps prevent legal issues, fines, and penalties that can arise from non-compliance with statutory requirements.
  • Business Credibility: Maintaining proper records, filing annual returns, and holding AGMs enhance the OPC’s credibility and reputation. This can be especially important for attracting investors, lenders, and business partners.
  • Transparency: Annual compliances involve the preparation and disclosure of financial statements and other essential information. This transparency builds trust among stakeholders, including shareholders, directors, and employees.
  • Shareholder Protection: Annual compliances protect the interests of shareholders by ensuring that the financial health of the OPC is accurately reflected in the financial statements. This helps prevent fraudulent activities and misappropriation of funds.
  • Access to Finance: Banks and financial institutions often require audited financial statements and compliance with legal requirements before extending loans or credit to an OPC. Meeting annual compliance obligations can facilitate access to financing.
  • Risk Mitigation: Regular audits and compliance checks help identify and address financial irregularities, operational inefficiencies, and potential risks early, reducing the likelihood of significant financial losses.
  • Board Accountability: Annual compliances, including AGMs, provide a platform for the board of directors to be accountable to shareholders. They can discuss the company’s performance, strategy, and key decisions during these meetings.
  • Investor Confidence: Compliance with annual reporting and disclosure requirements instills confidence in existing and potential investors. It demonstrates that the OPC is committed to transparency and good corporate governance.
  • Statutory Benefits: Compliant OPCs enjoy statutory benefits and protections, such as limited liability for shareholders. Compliance helps maintain the separate legal identity of the company, protecting personal assets of directors and shareholders.
  • Access to New Markets: Compliance with legal requirements is often a prerequisite for entering new markets, bidding for government contracts, or participating in tenders.
  • Employee Trust: Employees are likely to have more trust in an OPC that complies with legal and regulatory requirements. This can boost morale and employee retention.
  • Efficient Operations: Regular compliance checks and audits can uncover operational inefficiencies and areas for improvement. Correcting these issues can lead to cost savings and improved productivity.
  • Avoiding Penalties: Non-compliance can result in fines, penalties, and legal actions. By meeting annual compliance requirements, an OPC avoids these financial and legal repercussions.
  • Stakeholder Communication: Annual compliances provide a structured way to communicate with stakeholders. It allows the OPC to update them on its financial performance, future plans, and challenges.
  • Long-Term Sustainability: OPCs that prioritize annual compliances are more likely to achieve long-term sustainability and growth, as they operate with a focus on governance and legal adherence.

Documents for FILLING ANNUAL COMPLIANCE OF (OPC) ONE PERSON COMPANY.

  • Financial Statements:
      • Balance Sheet: A statement of the company’s financial position, including assets, liabilities, and equity, as of the end of the financial year.
      • Profit and Loss Account: A statement of the company’s income, expenses, and net profit or loss for the financial year.
      • Cash Flow Statement: A statement that shows the cash inflows and outflows of the company during the financial year.
      • Notes to Accounts: Explanatory notes providing additional information about the financial statements.
  • Annual Return (Form MGT-7):
      • The annual return contains details about the company’s registered office, shareholders, directors, and changes in share capital. It should be filed with the Registrar of Companies (RoC) within 60 days from the date of the Annual General Meeting (AGM).
  • Auditor’s Report (Form ADT-1):
      • The auditor’s report is prepared by the company’s statutory auditor and includes their findings on the accuracy of the financial statements and compliance with accounting standards. It should be filed with the RoC within 30 days from the date of the AGM.
  • Director’s Report:
      • This report includes information on the company’s performance, operations, financial results, and future plans. It is typically prepared by the board of directors.
  • Board Resolutions and Minutes:
      • Copies of board resolutions and minutes of board meetings held during the financial year.
  • Shareholder Resolutions and Minutes:
      • Copies of shareholder resolutions and minutes of the AGM and any extraordinary general meetings (EGMs) held during the financial year.
  • Income Tax Return (ITR):
    • Copies of the income tax returns filed by the company for the relevant financial year.
  • Statutory Registers:
      • Registers maintained as per the Companies Act, including the register of members, register of directors and key managerial personnel, register of loans and investments, etc. These registers must be updated regularly.
  • GST Returns (if applicable):
      • Copies of Goods and Services Tax (GST) returns filed by the company for the relevant financial year, if applicable.
  • Trademark and Intellectual Property Registrations (if applicable):
      • Details of trademark registrations and other intellectual property assets owned by the company, if applicable.
  • Environmental Compliance Reports (if applicable):
      • Reports related to environmental compliance and initiatives undertaken by the company, if applicable.
  • Any Other Relevant Documents:
      • Any documents or reports required under specific industry regulations or as per the company’s activities.

PROCESS OF FILLING ANNUAL COMPLIANCE OF (OPC) ONE PERSON COMPANY.

Step 1: Preparation and Documentation

    1. Financial Statements: Prepare financial statements, including the balance sheet, profit and loss account, cash flow statement, and notes to accounts, as per the prescribed format and accounting standards.
    2. Audit: Engage a qualified auditor to conduct an audit of the OPC’s financial statements for the financial year.
    3. Board Meetings: Hold board meetings to approve the financial statements, appoint auditors, and discuss other compliance-related matters.
    4. AGM Notice: Issue notice to convene the Annual General Meeting (AGM) of the OPC. The AGM should be held within six months from the end of the financial year.
    5. Director’s Report: Prepare the director’s report, which provides an overview of the OPC’s performance, operations, and future plans.

Step 2: Annual General Meeting (AGM)

    • AGM Conduct: Conduct the AGM as per the notice. During the AGM, shareholders approve financial statements, appoint auditors, and discuss other business matters.

Step 3: Auditor’s Report and Financial Statements

    1. Auditor’s Report: After the audit, the auditor prepares an audit report (Form ADT-1) with their findings on the financial statements. The report should be submitted to the board.
    2. Financial Statements Approval: Once the AGM approves the financial statements, they are considered final.

Step 4: Filing of Documents

    1. Income Tax Return (ITR): File the OPC’s income tax return (ITR) with the Income Tax Department before the due date, providing details of income, deductions, and taxes paid.
    2. Annual Return (Form MGT-7): File the annual return in Form MGT-7 with the Registrar of Companies (RoC) within 60 days from the date of the AGM. The return should include information about shareholders, directors, and changes in share capital.
    3. Auditor’s Report (Form ADT-1): File the auditor’s report (Form ADT-1) with the RoC within 30 days from the date of the AGM.
    4. Board Resolutions and Minutes: Maintain copies of board resolutions and minutes of board meetings and shareholder meetings, making them available for inspection.

Step 5: Compliance with Additional Requirements (if applicable)

    1. Corporate Governance Compliance: If the OPC falls under the prescribed thresholds, comply with corporate governance requirements, including appointing independent directors and maintaining governance-related records.
    2. GST and Other Regulatory Filings: Ensure compliance with Goods and Services Tax (GST) laws and any other industry-specific regulations. File GST returns and other reports as required.

Step 6: Record-Keeping

    • Maintain Records: Keep copies of all documents and records related to annual compliances, including financial statements, audit reports, board resolutions, and annual returns, for a minimum of eight years.

Step 7: Compliance Review

    • Regular Compliance Checks: Continuously monitor and review the OPC’s compliance with all statutory and regulatory requirements throughout the year.

Step 8: Professional Assistance

    • Consult Professionals: Consider seeking guidance and assistance from qualified professionals, such as chartered accountants, company secretaries, and legal advisors, to ensure accurate compliance with all legal and regulatory obligations.

COMPLIANCES FOR ANNUAL FILLING OF (OPC) ONE PERSON COMPANY.

  • Conducting an Annual General Meeting (AGM):
      • OPCs are required to hold an AGM within six months from the end of the financial year. However, if there is only one shareholder, an AGM is not mandatory.
  • Preparation and Adoption of Financial Statements:
      • Prepare financial statements, including the balance sheet, profit and loss account, cash flow statement, and notes to accounts, in compliance with accounting standards.
  • Appointment of Auditor:
      • OPCs must appoint a qualified auditor to conduct an audit of the company’s financial statements. However, there are exemptions based on the paid-up share capital and turnover criteria.
  • Auditor’s Report (Form ADT-1):
      • File the auditor’s report (Form ADT-1) with the Registrar of Companies (RoC) within 30 days from the date of the AGM.
  • Annual Return (Form MGT-7):
      • File the annual return in Form MGT-7 with the RoC within 60 days from the date of the AGM. This return includes information about the company’s shareholders, directors, and changes in share capital.
  • Income Tax Return (ITR):
      • File the OPC’s income tax return (ITR) with the Income Tax Department as per the prescribed deadlines. This includes reporting details of income, deductions, and taxes paid.
  • Director’s Report:
      • Prepare and present the director’s report during the AGM, which provides an overview of the company’s performance, operations, financial results, and future plans.
  • Statutory Registers:
      • Maintain various statutory registers as required by the Companies Act, including the register of members, register of directors and key managerial personnel, register of loans and investments, etc.
  • Board Meetings:
      • Hold at least one board meeting in each half of the calendar year. The exact number and dates may vary based on the company’s Articles of Association.
  • Compliance with Other Laws:
      • Depending on the industry and activities of the OPC, additional compliance requirements under other laws and regulations may apply, such as environmental compliance, labor laws, and industry-specific regulations.
  • GST Returns (if applicable):
      • Comply with Goods and Services Tax (GST) laws by filing GST returns and other reports as required, if the OPC is registered for GST.
  • Trademark and Intellectual Property Compliance (if applicable):
      • Ensure compliance with trademark and intellectual property registration and protection requirements if the OPC owns intellectual property assets.
  • Corporate Governance Compliance (if applicable):
      • Comply with corporate governance requirements if the OPC falls under the prescribed thresholds, including the appointment of independent directors and governance-related disclosures.
  • Communication with Regulatory Authorities:
      • Respond to any communication or queries from regulatory authorities promptly and provide the necessary documentation and information as required.
  • Record-Keeping:
      • Maintain organized records of all documents and reports related to annual compliances, including financial statements, audit reports, board resolutions, and annual returns, for a minimum of eight years.

WHY AURIGA ACCOUNTING ?

Auriga Accounting can provide valuable assistance to One Person Companies (OPCs) in India to ensure the smooth and accurate completion of their annual compliances. Here’s how Auriga Accounting can help OPCs with annual compliances:

  • Financial Statement Preparation:
      • Auriga Accounting can assist in preparing accurate and compliant financial statements, including the balance sheet, profit and loss account, cash flow statement, and notes to accounts, following the prescribed format and accounting standards.
  • Auditor Engagement:
      • They can help you engage a qualified auditor and coordinate the audit process, ensuring that the auditor examines the financial statements thoroughly and prepares the audit report (Form ADT-1).
  • AGM Preparation:
      • Auriga Accounting can help in drafting AGM notices, resolutions, and minutes of meetings, ensuring that the AGM is conducted in compliance with legal requirements.
  • Annual Return Filing (Form MGT-7):
      • They can assist in preparing and filing the annual return (Form MGT-7) with the Registrar of Companies (RoC), including the compilation of information about shareholders, directors, and share capital changes.
  • Tax Compliance (ITR):
      • Auriga Accounting can help in the preparation and filing of the company’s income tax return (ITR) with the Income Tax Department, ensuring accurate reporting of income, deductions, and tax liabilities.
  • Auditor’s Report (Form ADT-1):
      • They can facilitate the filing of the auditor’s report (Form ADT-1) with the RoC, ensuring compliance with the timeline for submission.
  • Corporate Governance Compliance (if applicable):
      • For OPCs subject to corporate governance requirements, Auriga Accounting can assist in complying with governance standards, including the appointment of independent directors and governance-related disclosures.
  • GST and Other Regulatory Filings:
      • They can provide guidance and support for Goods and Services Tax (GST) compliance and any other industry-specific regulatory filings.
  • Record Maintenance:
      • Auriga Accounting can help in maintaining organized records of all compliance-related documents, ensuring easy access for future audits or reference.
  • Compliance Review:
      • They can conduct periodic compliance checks to identify and address any potential issues or discrepancies, helping to maintain continuous compliance throughout the year.
  • Professional Guidance:
      • As financial experts, Auriga Accounting can provide expert advice on financial and compliance matters, ensuring that your company adheres to best practices and remains in good legal standing.
  • Timely Reminders:
      • Auriga Accounting can help you stay informed about compliance deadlines and ensure that all filings and submissions are made within the prescribed timelines.
  • Communication with Authorities:
      • In case of any communications or queries from regulatory authorities related to compliance, Auriga Accounting can represent your company and provide the necessary documentation and responses.

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