One Person Company (OPC) Compliance
While an OPC enjoys a reduced compliance burden, it must still adhere to certain mandatory annual and event-based compliances to maintain its active status.
Key Annual Filings for an OPC:
- Form MGT-7 (Annual Return): Filed with the ROC within sixty days of the AGM.
- Form AOC-4 (Financial Statements): Filed with the ROC within 180 days from the end of the financial year.
- Form DIR-3 KYC: Filed annually by every director to update their details.
- Filing of Income Tax Return (ITR): An OPC must file its ITR on or before September 30th of the assessment year.
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Do You Have Any Questions?
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What are the main annual compliances for an OPC?
An OPC must file its annual financial statements (Form AOC-4) and its annual return (Form MGT-7A) with the ROC. It must also file its Income Tax Return.
Does an OPC need to hold an Annual General Meeting (AGM)?
No, an OPC is exempted from holding an AGM. The resolutions can be passed by the sole member and recorded in the minutes book.
Is auditing mandatory for an OPC?
Yes, just like a private limited company, an OPC must get its financial statements audited by a Chartered Accountant every financial year.
What if I miss a filing deadline?
Missing deadlines for ROC filings (AOC-4, MGT-7A) results in significant additional fees (penalties) for each day of delay. It’s crucial to file on time.