One Person Company (OPC) means a company which has only one person as a member as defined under Section 2(62) of Companies Act, 2013.
Furthermore, members of a company are subscribers to its memorandum of association and often called as shareholders. So, an OPC is effectively a company that has only one shareholder as its member.
According to Section 96(1) of the Companies Act, 2013 AGM requirement for an OPC is not there but as per Section 139 Auditor of any company can only be appointed in an AGM, so for appointment of auditor AGM is neccessary.
Mandatory Forms required to file:
- Form ADT-1 for appointment of Auditor within 15 days of conclusion of Annual General Meeting.
- Form AOC-4 for filling Financial Statements (i.e. Balance Sheet and Statement of P&L) and Abridged Board’s Report within 30 days of conclusion of Annual General Meeting.
- Form MGT-7 for filling Annual Return within 60 days of conclusion of Annual General Meeting.
Annual Compliance regarding Holding Board Meetings:
- According to Section 174(5) of the Companies Act, 2013 OPC shall hold at least one meeting of the Board of Directors has been conducted in each half of a calendar year (i.e. January to June and July to December).
- The gap between the two meetings should not be less than ninety days.
Mandatory Attachments :
| Forms | Attachments |
| Form ADT-1 | Copy of written consent given by auditor, Copy of the intimation sent by company, Any other optional attachments. |
| Form AOC-4 | Signed Auditor’s Report, Signed Financial Statements, Signed Abridged Board’s Report, Any other optional attachments. |
| Form MGT-7 | List of Shareholders and Debenture holders, Any other optional attachments. |
| Form DIR-3 KYC | Pan Card, Aadhar Card |
An abridged list of disclosures have been given for OPC, which are as follows:
- The web address of the company, where the annual return has been placed;
- Number of meetings of the Boards;
- Director’s Responsibility Statement;
- Details of frauds as reported by auditors to Central Government;
- Explanations or comments by Board on every observation made by the auditor in his report;
- The state of the Company’s affairs;
- The financial summary or highlights;
- The material changes in the nature of business and its effect on the financial position of the Company;
- The details of appointment/resignation of directors;
- Details of material orders passed by regulators/courts/tribunals which can impact the going concern status of the company and its operations in future;
- The Board’s Report shall also include the particulars of the contract or arrangements entered with related parties in the Form AOC-2.
For any requirements or queries contact
Divya Vats
Co-founder Compliance Arena
info@compliancearena.in
8447773833, 9205080043