WHAT ARE THE FORM FILLING IS REQUIREMENT IN OPC?
INTODUCTION
The Companies Act, 2013 (the “Act”) introduced the concept of One Person Company (OPC). An OPC is a company that has only one member and one director, who can be the same person. The Act specifies certain form-filling requirements for OPCs.
The form-filling requirements for OPCs are relatively simple, but it is important to ensure that all the required forms are filed correctly and on time. Failure to do so could result in penalties being imposed by the Registrar of Companies (ROC).
REQUIREMENT
Incorporation of an OPC
The first step in incorporating an OPC is to file the SPICe (INC-32) form with the ROC. The SPICe form is a combined form that contains all the information that is required for the incorporation of an OPC. The form must be filed within 20 days of the approval of the name of the OPC.
The following information must be included in the SPICe form:
following information must be included in the SPICe form:
- The name of the OPC
- The address of the registered office of the OPC
- The details of the member and director of the OPC
- The authorized capital of the OPC
- The paid-up capital of the OPC
Change of address of correspondence
If the OPC changes its address of correspondence, it must file the INC-22 form with the ROC within 30 days of the change of address. The INC-22 form is a simple form that contains the new address of the OPC.
Annual return
OPCs are required to file an annual return with the ROC every year. The annual return must be filed within 60 days of the close of the financial year of the OPC. The annual return contains information about the activities of the OPC during the financial year, such as the profit and loss statement, the balance sheet, and the directors’ report.
Annual financial statements
OPCs are also required to file their annual financial statements with the ROC every year. The annual financial statements must be filed within 180 days of the close of the financial year of the OPC. The annual financial statements contain information about the financial position of the OPC, such as the assets, liabilities, and equity.
Conversion of an OPC
An OPC can be converted into a private company or a public company by filing the INC-6 form with the ROC. The INC-6 form is a simple form that contains the details of the conversion.
Other forms
In addition to the above, there are certain other forms that may need to be filed by OPCs, depending on the specific circumstances of the company. For example, if an OPC makes a change to its constitution, it will need to file a copy of the amended constitution with the ROC.
The form-filling requirements for OPCs are relatively simple. However, it is important to ensure that all the required forms are filed correctly and on time. Failure to do so could result in penalties being imposed by the ROC.
addition to the above, there are certain other forms that may need to be filed by OPCs, depending on the specific circumstances of the company. These forms include:
- INC-12A – Form for filing a prospectus for an OPC
- INC-18 – Form for filing a notice of alteration of the constitution of an OPC
- INC-33 – Form for filing an application for change of name of an OPC
- INC-34 – Form for filing an application for striking off the name of an OPC
Conclusion
- The form-filling requirements for OPCs are relatively simple. However, it is important to ensure that all the required forms are filed correctly and on time.
